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 neighborhood and Jersey City’s former warehouse district, and is in a certified Opportunity Zone.
49 Fisk Street 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 14,800 SF and 33,600 SF of interior and exterior amenity coverage, respectively – that addresses recent shifts in consumer preferences as a result of COVID-19.
HREV recently launched its capital raise for direct, co-invest Limited Partner equity for 49 Fisk Street. The team broke ground in October 2021, with Phase I construction underway.