$120M NJ Project Gets Green Light
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The mixed-use development will feature the first office construction on the Hudson River Gold Coast in more than a decade.
JDA Group LLC is positioned to move forward with the development of The Boundary, a mixed-use vertical community that will sit astride the Hoboken-Jersey City border in New Jersey, now that the Hoboken Zoning Board of Adjustment has signed off on the 500,000-square-foot project. The board approved the final site plan for the $120 million development on September 28.
The Boundary, which will take shape at 50 Harrison St. in Hoboken and 2 Hoboken Ave. in Jersey City, will be a transformative project that will spur the revitalization of this once thriving industrial neighborhood and convert it into a live-work-play destination.
The Erdy McHenry Architecture-designed property will feature commercial and high-demand medical office space, retail space, multifamily units and a parking facility. “In fact, The Boundary will be the first new office construction on the New Jersey Hudson River Gold Coast in more than a decade,” Greg Dell’Aquila, CEO of JDA Group, told Commercial Property Executive.
Northern New Jersey’s office sector has been getting a boost from tenants in sectors that fared well during the pandemic, including life sciences, health care, technology and education, according to a second quarter 2021 report by Newmark. And with more than 70 percent of adults in New Jersey now fully vaccinated against COVID-19, increasing optimism for a full economic recovery is beginning to take hold, which includes additional reboarding of offices.
A much-needed addition to the mix
A 55,000-square-foot medical office building designed to accommodate a single tenant or multiple users will be among The Boundary’s blend of offerings.
“This area of Northern New Jersey is underserved for medical office space yet has a significant population density,” Dell’Aquila said. “The Boundary’s location straddling Hoboken and Jersey City will greatly help medical providers keep their patients in New Jersey, rather than losing them to Manhattan just across the Hudson River.”
JDA Group has also brought aboard Roofmeadow to serve as landscape architect and spearhead the design of the ample green space that will highlight The Boundary. With Jersey City having already approved the site plan for 2 Hoboken Ave. in 2020, JDA Group expects to break ground on The Boundary in late summer 2022.