HOBOKEN, N.J., July 9, 2019 – Hoboken, N.J. Mayor Ravi Bhalla, other municipal officials and members of the community recently celebrated the addition of much needed public amenities and open space on this City’s western edge with the official opening of a new resiliency park located at 7th and Jackson.
Joining Mayor Bhalla for a ceremonial ribbon cutting to welcome the debut of the public gathering space were representatives of Bijou Properties, a locally-based developer with a strong reputation for civic responsibility and 20-year history of developing sustainable housing that significantly contributes to the community-at-large in its home city.
Bijou Properties teamed with joint venture partner Interstate Real Estate Corporation to build and donate the two-acre park. The initial installation of the park includes a children’s playground, a one-acre green space designed for active and passive recreation uses, a state-of-the-art 6,835 square-foot community gymnasium and infrastructure to capture over 450,000 gallons of rainwater to reduce flooding. A second phase expected to open in late summer will include a one-acre public plaza with step seating and tilted lawn panel, play sculpture and a large plaza to accommodate vendors and seasonal markets.
Led by Managing Partner Larry Bijou and Partner and CFO Dave Gaber, Bijou Properties has been instrumental in creating new neighborhoods throughout Hoboken by not only introducing high-quality, signature residential properties, but also funding and providing essential community facilities, programs and services. Its latest giveback fits perfectly into that philosophy by creating and preserving open space in an area starved for green public spaces, and constructing a recreational center and a resiliency park to help alleviate water run off concerns.
“We take pride in creating great neighborhoods, not just buildings, so we are thrilled to celebrate the opening of the resiliency park, playground, and public gymnasium as part of our award-winning 7 Seventy House project,” said Mr. Bijou. “I congratulate and thank Mayor Bhalla, former Mayor Zimmer, the City Council, staff, and everyone whose partnership was critical to making this project a success.”
“We are pleased to partner with Bijou Properties in delivering the park and gymnasium to the wonderful City of Hoboken. Through this development project, we have created a significant number of union labor jobs, partnered with Hoboken to create better infrastructure and added spectacular greenspace to the neighborhood. Congratulations to all those involved in bringing these important outstanding amenities to the community,” added Peter Palandjian, Chairman and CEO of Intercontinental Real Estate Corporation.
The 7th and Jackson park joins past civic-minded efforts by Bijou Properties, including the giveback of retail space in Park + Garden, a luxury rental building at 1450 Garden Street, to house the Elysian Charter School, and the Garden Street Mews, a cobblestone and tree-lined mews developed by Bijou Properties and where it sponsors the annual outdoor Garden Street Farmers Market.
The park was developed in conjunction with 7 Seventy House, new 14-story mixed-use rental building located at 770 Jackson Street. Bijou and Intercontinental Real Estate Corporation are expected to open the leasing program for the 424 luxury homes at 7 Seventy House this fall. Designed by Marchetto Higgins Stieve Architect, the building will include 90,000 square feet of upscale amenities, including a penthouse pool and roof deck, and 25,000 square-feet of ground floor retail space.
The project – which is near the 9th Street Hudson-Bergen Light Rail Station - is part of the larger redevelopment of Hoboken‘s western edge into a vibrant and active pedestrian-friendly neighborhood. The new building follows in the footsteps of Vine, a 135-home luxury rental completed by Bijou Properties at 900 Monroe Street in Fall, 2015.
About Bijou Properties
Founded in 1999 in Hoboken, N.J., Bijou Properties designs, develops & manages the highest quality sustainable buildings and has become a recognized leader in the field of green development along the Hudson Waterfront. Recent projects include Park + Garden, Garden Street Lofts (NJ’s First LEED Gold Residential Highrise) and Vine, a 135-unit LEED certified rental building at 900 Monroe Street. The developer has also introduced Candela Lofts, the first Passive House multi-family condominium building in New Jersey, and VIA Lofts, a collection of ten luxury condominiums at 1410 Grand Street, and Edge Adams, a 34-unit rental building that’s part of its Edge Lofts apartment portfolio.
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $10 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $6 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects.