In July 2019, HREV entered into a Joint Venture agreement to acquire a 2.5-acre redevelopment site located at 49 Fisk Street in Jersey City, NJ. The site is located in the West Side neighborhood, an emerging market and Jersey City’s former warehouse district, and is in a certified Opportunity Zone.
49 Fisk is a two-phased development. HREV received approval for Phase I of the project, which will bring 337 residential units and 144 parking spaces to West Side, Jersey City’s much-anticipated new downtown for its western waterfront. The Phase I building design features a Class A amenity package – with design plans for 12,500 SF and 25,000 SF of interior and exterior amenity coverage, respectively – that addresses recent shifts in consumer preferences as a result of COVID-19.
HREV is targeting to break ground Q2/Q3 2021.