Mixed-use
May 13, 2009
Work has begun on the Monticello, a $350 million redevelopment project in Jersey City, N.J. Whiton Street Associates L.L.C., a subsidiary of the Main Street Development Co., is spearheading the project. The $30 million first phase will include a five-story building comprised of 120 rental apartments--80 percent of which will be offered at below-market rate rents, while the other 20 percent will be affordable housing--as well as 25,000 square feet of retail space. The overall development plan calls for four phases totaling some 2 million square feet if space, including 1,200 residential units and 250,000 square feet of retail. Monticello will be constructed of environmentally-friendly materials to conform to LEED certification. Completion of Phase I is anticipated for 2010.
Work has begun on the Monticello, a $350 million redevelopment project in Jersey City, N.J. Whiton Street Associates L.L.C., a subsidiary of the Main Street Development Co., is spearheading the project. The $30 million first phase will include a five-story building comprised of 120 rental apartments--80 percent of which will be offered at below-market rate rents, while the other 20 percent will be affordable housing--as well as 25,000 square feet of retail space. The overall development plan calls for four phases totaling some 2 million square feet if space, including 1,200 residential units and 250,000 square feet of retail. Monticello will be constructed of environmentally-friendly materials to conform to LEED certification. Completion of Phase I is anticipated for 2010.
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