Toll Brothers, Inc. is breaking ground this spring on the first phase of a 925-unit development in Jersey City.
Provost Square, located at 160 Morgan Street in Jersey City’s historic Powerhouse Arts District, will be a $185 million, 38-story tower with 417 high-end rental units, the company announced yesterday. The building, which includes parking and about 16,000 square feet of retail, will be ready for move-in by early 2015.
The project is the first phase of Toll Brothers’ plan for a three-building complex that will include 925 condo and rental apartments, 45,000 square feet of ground retail space, a 550-seat performing arts venue, a 26,000-square-foot pedestrian plaza and 917 parking spaces. Toll Brothers currently owns the two other sites, which are planned for development as condominiums.
The Provost Square project is being financed through a $120 million construction loan from PNC Bank, National Association as administrative agent, Wells Fargo Bank, National Association and Comerica Bank.
The developer has yet to disclose the pricing for the rentals. At the end of 2012, Jersey City’s average asking rent was $2,721 a unit, a 5 percent increase from the previous year, according to Reis Inc. Outside of Toll Brothers’ development, there are currently 970 units under construction in Jersey City, with another 4,778 in the planning or proposal stages, the Wall Street Journal reported.