Brookfield Properties and G&S Investors, in collaboration with Ullico, Washington Capital, and AFL-CIO Housing Investment Trust have officially begun the construction of Phase II of Hudson Exchange – a redevelopment project in Jersey City. The groundbreaking ceremony was attended by Jersey City Mayor Steven Fulop to mark the start of construction on a 1.3 million-square-foot mixed-use tower at 420 Marin Boulevard.
The tower will feature 802 luxury rental apartments as well as 115,000 square feet of retail space; 85,000 square feet has already been leased to ShopRite supermarket located nearby. Additionally it will include public green spaces that contribute towards transforming Sixth Street Embankment into a public park upon completion – making Hudson Exchange encompass six million square feet with 5500 residential units total.
“Jersey City is leading from the front when it comes to development that balances both new residents’ needs and those of existing community members,” said Robert Pears – Vice President at Brookfield Properties – during his remarks at the event .
