Jersey City, N.J. — The Hampshire Companies and joint venture partner Claremont Companies, along with project investment advisor Circle Squared Alternative Investments, have broken ground on the first phase of University Place along the west campus of New Jersey City University.
The first phase will include 163 market-rate units and approximately 10,000 square feet of retail on West Side Avenue, along with 177 structured parking spaces, two bike terminals and more than 25,000 square feet of indoor/outdoor amenity space.
The residential units will consist of 27 studio apartments, 112 one-bedroom, and 24 two-bedroom units ranging from 550 square feet to 1,300 square feet. Occupancy for the first phase of the project is slated for 2017.
The remaining phases of development for University Place are expected to be completed and available for occupancy in 2018. The master redevelopment plan calls for eight buildings including a 100,000-square-foot performing arts center/academic building.