Advance Realty Enters Hoboken Market With Dynamic Mixed-Use Development
Advance Realty, a leading Northeast U.S. owner and developer of mixed-use, multi-family, and Class A office properties, today unveiled its plans for Advance’s first Hoboken development project, Willow14, a dynamic, mixed-use luxury rental building located at 14th Street and Willow Avenue in Hoboken, N.J.
After recently closing on this one-acre property, Advance announced that Willow14 will consist of 140 luxury apartments, 22,000 square feet of retail space, and 387 parking spaces below grade on the site, which is currently underutilized and in need of environmental remediation. Additionally, Advance intends to pursue Leadership in Energy and Environmental Design (LEED) certification for the development.
Advance will begin a massive clean up of the site this month, and anticipates that vertical construction of the building will begin within the year, with the goal of having the building ready for occupancy by end of 2013.
“Advance has studied the Hoboken market for many years, and we felt that the timing was right to move forward on the development of a dynamic, new apartment and retail building,” stated Kevin Tartaglione, Sr. Vice President and COO of Development of Advance Realty. “This project has come to fruition because the market is currently demanding a high-end, energy efficient and centrally located rental building across from New York City that allows residents to live a vibrant lifestyle with convenient access to shopping and dining.”
A seven-story design, Willow14 will be among the most luxurious and healthy places to live and work in the region. The building will feature high-end amenities, as well as state-of-the-art, energy efficiency technology in order to achieve LEED certification.
Willow14 was recently selected as by the Hudson County Planning Board as a recipient of a 2011 Smart Growth Award, which recognizes sites that preserve existing resources and repair damaged systems; sites that include affordable housing and workforce housing; and sites that are walkable and promote public transportation.
In addition to offering some of the most sumptuous apartments on the Hudson Gold Coast, the residential portion of the development will feature spectacular amenities, including on-site retail, a pool, terraces, vegetative green roofs and a spacious community center.
The building will also feature 387 below grade parking spaces — approximately four parking spaces per 1,000 square feet of retail space. In addition to providing users of the retail space with dedicated parking, Willow14 will make parking available to local residents and visitors.
The development of Willow14 will add to the vibrant, 24/7 atmosphere that permeates the historic streets of Hoboken, which are filled with quaint boutiques, art galleries, restaurants and bars.
Hoboken is situated on the Hudson River waterfront, across from Manhattan, providing residents with the opportunity to indulge in the area’s incredible cultural and entertainment offerings. With the Manhattan ferry and PATH nearby, getting to and from New York City will be extremely convenient for residents and shoppers.
“As both the residential and retail markets continue to pick up steam, we expect interest in Willow14 to be extremely high,” Tartaglione said. “There is currently nothing else like this being developed in Hoboken. Offering unparalleled amenities and convenience, the project will attract renters and retailers who understand the value of living and working in a mixed-use atmosphere.”
Retailers interested in leasing opportunities at Willow14 should contact Rich Schultz of RSAUG at 201-533-9101 or rschultz@rsaug.com.
About Advance Realty
Headquartered in Bedminster, N.J., Advance Realty is an owner and developer of office, flex, industrial, retail and multifamily properties. With 4.5 million square feet of operating properties and a development portfolio consisting of 6 million square feet of commercial projects and 6,500 residential units, Advance is one of the leading real estate owners in the Northeast. For more information, call Advance Realty at (908)-719-3000 or visit www.advancerealtygroup.com.
