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Newly Approved Hoboken/Jersey City Development to Feature 500,000 SF of Live/Work/Play Space
HOBOKEN, N.J., October 29, 2021 – JDA Group LLC has named Newmark as exclusive leasing agent for the commercial and medical office component of The Boundary, a newly approved, mixed-use vertical community on the Southwest Hoboken/Jersey City border. JDA’s master planned development will introduce approximately 500,000 square feet of live/work/play uses – including the first ground-up office construction for the Hudson Gold Coast in more than a decade.
Newmark Managing Director Harrison Russell, based in the commercial real estate services firm’s Rutherford, N.J., office, is heading the assignment. The Boundary, located at 50 Harrison Street in Hoboken, will include a six-story, 39,000-square-foot, state-of-the-art medical office building, suited for a single or multiple healthcare users. The mixed-use development will also have an additional 69,000 square feet of newly constructed office space, being leased by Newmark.
Additionally, the project includes Mission 50, an existing 80,000-square-foot boutique office and coworking community, a multifamily building, retail and restaurant space, a parking structure, meeting and catering venue, and a high-concept, landscaped, rooftop park with unobstructed views of Manhattan.
“The Boundary is a visionary project spearheaded by a local, family owned development firm with a strong history of successfully repurposing assets. The elevated park and onsite parking further enhances the appeal of the new office space. There really is nothing like it in the marketplace,” Russell said. “Further, this area of Northern New Jersey is underserved for Class A medical office accommodations yet has a significant population density and deep network of hospitals and healthcare providers.” With current demand for medical office – particularly in mixed-use settings – we anticipate meeting a significant community need.”
JDA Group CEO Greg Dell’Aquila cited Newmark’s track record in the regional market as key to this appointment. “Harrison and the Newmark organization bring not just a high level of expertise, but a keen understanding of this specific product type and market area,” said Dell’Aquila. “In short, they see the importance and potential of this project and will drive the leasing as The Boundary takes shape in the months ahead.”
Groundbreaking Anticipated for Mid-2022
The Boundary – which has final site plan approval from Hoboken and Jersey City – represents a long-term investment in both communities. Its design embraces a vertical neighborhood concept to maximize the site’s potential. Set to break ground in mid-2022, the project’s commercial component will incorporate the medical office building and expand the existing Mission 50 building to six from four stories – including office space and an indoor/outdoor event venue.
The Boundary will also introduce approximately 50,000-square-feet of destination retail that will bring restaurants, boutiques, grocery, and entertainment concepts to a neighborhood with limited shopping and dining options. Its multifamily component will introduce 192 rental apartments. Central to the design is an emphasis on sustainable, green components, including the elevated park and green, and landscaped roofs to absorb rainwater. New and improved streets and sidewalks will make the entire neighborhood far more accessible and desirable for pedestrians and cyclists.
For more information on commercial and medical office leasing at The Boundary, contact Harrison Russell at (201) 504-5171 or via email at Harrison.Russell@nmrk.com.
Image: JDA Group’s The Boundary mixed-use development, on the Hoboken/Jersey City border. Credit: QuallsBenson/VMI.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.2 billion for the trailing 12 months ending June 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
About JDA Group LLC
JDA Group LLC is a privately held commercial and residential development, construction, and management firm based in Hoboken, N.J. With a growing portfolio of commercial and residential projects in and around the New York Tri-State area, JDA is known for its distinctive developments spanning a wide variety of locations, building types, and project needs. Since the 1980s, JDA Group has been a family-run business with deep roots in New Jersey, approaching every project as a long-term investment in the future of the community.
About The Boundary
50 Harrison St., Hoboken, N.J. 07030