Bijou Properties and Intercontinental Real Estate Corp. Break Ground on New Multifamily Development in Hoboken, NJ

New 11-Story, 135-Unit Rental Building Rising Adjacent to 9th Street Light Rail Station 

HOBOKEN, N.J., - Bijou Properties in partnership with Intercontinental Real Estate Corporation, broke ground Tuesday, April 8, 2014 on the $83 Million multifamily development, 900 Monroe, in Hoboken, NJ.

Hoboken Mayor Dawn Zimmer and members of Hudson County’s civic and business communities were on hand to announce the groundbreaking of the development, an 11-story, 135-unit mixed-use luxury rental building located at 9th and Monroe Streets adjacent to the 9th Street Light Rail Station. This project is a joint venture between Intercontinental Real Estate Corporation and Bijou Properties.  In addition, the new building will be comprised of 13,500 square feet of retail space including a Daycare Center and a 135-car onsite automated parking facility.  The developers will also be creating a 7,000 square-foot public park. The overall development is expected to be completed in the Fall of 2015 and will generate more than 125 union construction jobs.        

“Congratulations to everyone that was involved in this project, including Larry Bijou whose developments are a great example of bringing resiliency to Hoboken, and also Peter Palandjian and the whole Intercontinental real estate team and all of our friends from the union whose pension funds contributed to making this project possible,” Mayor Zimmer said. 

“The development that we do in Hoboken has to be built more resiliently and this project is an excellent example of building for the future and building with a more resilient design that will not only provide energy efficient benefits and quality of life benefits, but will really be much more resilient.  This project is a model for not only Hoboken and for our state, but for our country.”

900 Monroe will serve as a significant step in realizing Hoboken’s vision for its western edge and become a focal point in the creation of a vibrant, sustainable commuter neighborhood centered around the City’s 9th Street Hudson-Bergen Light Rail Station. 

"We could not be more excited with our purchase of 900 Monroe,” said Peter Palandjian, Chairman and CEO of Intercontinental Real Estate Corporation.  “We look forward to creating a one-of-a-kind apartment building.  Hoboken, as a market, presents every compelling investment dynamic we seek in a deal. I am confident that our partnership with Bijou Properties will be a successful and lasting one.   We look forward to more New Jersey purchases on behalf of Intercontinental's union and public pension investors, for whom we are grateful to work, create investment returns and fair wage and benefit jobs."

Michael Keyes, Director of Acquisitions for Intercontinental Real Estate Corporation, led the acquisition of the project for the real estate investment firm. Going forward, Matthew Flotta of Intercontinental Real Estate Corporation will serve as the asset manager for the property with the help of Nicole Griffin. Tishman Construction, an AECOM Company, is the general contractor for the project, with Pat O’Connor from Intercontinental serving as the construction manager.

Bijou Properties is a well-respected developer in Hoboken and 900 Monroe will continue its core philosophy of developing responsibly with the needs of the community at large in mind.

“900 Monroe will be the fourth LEED-certified project we’ve developed in Hoboken,” said Larry Bijou, Managing Partner of the company that bears his name.  “It will be constructed with innovative green building practices to promote a clean and healthier lifestyle while considerably minimizing its impact on the environment.   We’re grateful Intercontinental chose to partner with us on this progressive urban building and are thrilled that they recognize the outstanding potential of this up-and-coming neighborhood and the appeal of Hoboken in general.  We’re confident that together, we’ll deliver a product that all of Hoboken will be proud of.”

Situated steps from the 9th Street Light Rail Station, 900 Monroe will blend an upscale living experience with the convenience of quick access throughout New Jersey’s Hudson River “Gold Coast,” including Hoboken’s PATH, New Jersey Transit and Ferry terminals with service to Manhattan.

Designed by Marchetto Stieve Higgins Architects, the distinctive building will feature a collection of one-, two- and three-bedroom residences with a number of designer and energy-efficient features, including sustainable bamboo flooring, oversized windows, kitchens and baths with modern low flow fixtures, Frigidaire and Bosch Energy Star appliances, granite countertops and modern cabinetry design; and lavish baths with recycled porcelain tile.

An exciting suite of amenities will include an attended lobby, state-of-the-art gym, outdoor pool, clubrooms and automated on-site parking.

Bijou Properties will pursue LEED Gold Certification from the U.S. Green Building Council (USGC) for 900 Monroe which will incorporate sustainable and modern features, including 92 bicycle racks.   Other environmentally-conscience elements will include high efficiency heating, cooling, ,and lighting systems, in conjunction with a high performance building envelope and the Cogeneration  module, which all contribute towards a 33% reduction in energy usage based on industry standard comparisons.  The Cogeneration module (CHP), delivers hot water and electricity to the building using one fuel source (natural gas).  The “waste heat” from the CHP system will also be utilized to provide heat to the pool.  Residences will include energy/environmentally-conscience features such as zero voc paints, low flow plumbing fixtures, FSC wood floors, low-e windows, LED Light Fixtures and high ceilings.