Tuesday, April 26, 2011

Advance Realty Begins Environmental Cleanup of Willow14 in Hoboken, NJ

This press release is from From Advance Realty, announcing that the 14th and Willow Site is finally being developed and is scheduled for completion in 2013.

Advance Realty Begins Environmental Cleanup of Willow14 Site in Hoboken, N.J.
Underutilized Land Will Serve As Home To Dynamic Mixed-Use Development of 140 Luxury Apartments and 22,000 Square Feet of Retail Space

The Site of 14th and Willow (top) that will be developed
HOBOKEN, N. J. (April 26, 2011) — Advance Realty, a leading Northeast U.S. owner and developer of mixed-use, multi-family, and Class A office properties, announced today that it has commenced the environmental cleanup of the site that will serve as the location of the company’s first Hoboken, N.J. development project, Willow14, a dynamic, mixed-use luxury rental building.

Located at 14th and Willow streets, the one-acre site was formerly home to Hoboken Gas Works, which used the property as a gas manufacturing and holding facility from 1871 to 1946. It was later used as a gas station and automotive repair shop until closing in 2005.

Currently underutilized and in need of environmental remediation, the site, once its massive cleanup is complete, will allow Advance to build 140 luxury apartments, 22,000 square feet of retail space, and 376 below-grade parking spaces. Advance intends to pursue Leadership in Energy and Environmental Design (LEED) certification for the development.

“The start of environmental remediation is an important milestone in the construction of this dynamic, new apartment and retail building,” stated Kevin Tartaglione, Sr. Vice President and COO of Development of Advance Realty. “We are excited to turn this underutilized site into a high-end, energy efficient and centrally located rental building that will allow residents to live a vibrant lifestyle with convenient access to New York City and the incredible amenities that make the Hudson Gold Coast such a highly-sought after place to reside.”

Advance has enlisted engineering contracting firm Posillico to handle the site cleanup. Posillico will install a secant pile that will double as an environmental cutoff while also serving as the building’s below ground foundation.

In order to preserve the integrity of surrounding properties, the below ground portion of construction will extend 50 feet below the street’s surface and will be excavated top-down. This practice, which is rarely used in the Northeastern U.S., will allow building construction to take place while the below ground portion of the project continues to be excavated.

Advance 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.

“Due to the unique specifications of the site, we’re using technology that is relatively new in the United States,” stated Posillico Vice President Joseph Sheehan.

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 376 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.

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 http://www.advancerealtygroup.com/.

My Comment: This project is certainly not as big as the Rockefeller group project but people who are concerned about balanced development will want to know the following questions:
  • Will there be three bedroom apartments?
  • What percentage will be affordable housing?
  • How is the 22,00 square feet of retail space partitioned?
  • Is this a re-development zone or were the 7 stories granted by variance or zoned that way?
  • How much infrastructure support givebacks is the developer granting? When Maxwell Place went online transformers blew due to capacity issues.
I am sure more questions will come to me later.