Photo by Ron Leir/ David Barry (l), president of Ironstate Development Co., is joined by U.S. Sen. Robert Menendez (c.) and Pegasus Group principal Richard Miller at ribboncutting for Harrison Station project.
HARRISON — U.S. Sen. Robert Menendez (D-Union City) and a host of other public officials came to Harrison Dec. 9 to give kudos to a development team that defied a down economy to build a “transit-friendly” ratable.
They were paying tribute to Ironstate Development Co. and The Pegasus Group, both of Hoboken, who have combined in a joint venture to construct the first phase of the Harrison Station mixed-use residential/retail project, a few minutes walk from the Harrison PATH station.
Since the completion of the project’s residential component in September, nearly half of the 275 luxury rental apartments have been leased and 40% occupied, along with 5,500 square feet of the projected 12,814 square feet of retail space which includes Five Guys Burgers and Fries and Pronto Gourmet, which figure to open next month.
Last month Ironstate was chosen as the redeveloper of seven acres of the 37-acre former U.S. Navy base in the Stapleton section of Staten Island, N.Y., where it plans to put up 900 rental apartments and 30,000 square feet of retail.
In Harrison, final build-out on the 27-acre site calls for 2,600 apartments, 80,000 square feet of retail space and a 136-room hotel with retail concourse. Developers say the $750 million project will generate 2,000 construction jobs and 400 permanent jobs.
Apartments will rent in the $1,300-per-month range for studios, in the $1,600s for one-bedroom units and from $2,100 for two-bedrooms. Tenants get to use a large fitness center, residents’ lounge with large-screen TVs and ping pong table, landscaped courtyard with outdoor pool and a volleyball court. They can park in the nearby Hoboken Parking Center garage.
Hotel construction, aided by a $7.4 million incentive grant from the state Economic Development Authority, is expected to begin in summer 2012.
With more new residents and retail space anticipated in Harrison’s waterfront redevelopment zone, Menendez and Hudson County Executive Tom Degise said they expect to see a new interchange off Rt. 280 to provide access to the redevelopment district, particularly to accommodate traffic to and from the new Red Bull Arena on game days.
And Degise said that, down the road, there could be another deck parking facility to service the growing Harrison redevelopment area.
“They’re going to need more parking,” he said. Developers “could build it themselves” or they could look to enlist the support of the Hudson County Improvement Authority, which helped finance construction of the 1,400 space Harrison Parking Center, he said.
As for public transportation, officials said that the Port Authority of New York and New Jersey will be acting soon to upgrade the Harrison PATH station – pending the acquisition of certain properties needed for the station’s expansion – to provide an easier Newark/Manhattan commute for Harrison’s new residents.
