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Hoboken-Based Real Estate Development Firm in Expansion Mode with Approval of The Boundary Mixed-Use Development, Recent Retail Acquisition
HOBOKEN, N.J., November 17, 2021 – Timothy J. Connell has been promoted to Vice President of JDA Group LLC (JDA), the Hoboken-based development firm announced. The promotion comes at a time of significant activity for the company which recently received approval for the 500,000-square-foot The Boundary project on the border of Hoboken and Jersey City, and the acquisition of its first retail project in New Jersey.
Connell has played a key role in positioning JDA for its growth, including spearheading refinancings and acquisitions, and supporting the positioning of Mission 50 in the approvals processes. He was previously an Assistant Vice President of the firm, which is led by CEO Gregory Dell’Aquila, to whom Connell reports.
JDA is a privately held commercial and residential developer and owner with a growing portfolio of coveted properties across the Northern New Jersey area. Known for its results-oriented approach to real estate ownership, the firm boasts a development and management track record of successful, ground-up multifamily and commercial adaptive reuse projects, as well as more than 100 office tenant build-outs over the past 20 years.
Connell’s primary role is to facilitate all aspects of JDA’s development, portfolio management, and investment initiatives with an eye towards expansion. “Tim and I work side-by-side on the high-level strategy and deals that are driving JDA forward,” said Dell’Aquila. “Much of his success stems from his personal approach and commitment to being honest and transparent with stakeholders, and it is this mindset that makes him a perfect fit with our firm’s culture and expansion plans.”
Connell Focusing on Development and Acquisitions
Bringing a background in banking combined with a degree in real estate finance, Connell joined JDA in 2019 to focus on development, specifically the firm’s The Boundary project. He worked with Dell’Aquila to develop the initial request for proposals and select the team that established the conceptual plan for the recently approved two-acre, 500,000-square-foot vertical mixed-use community. Last month the Hoboken Zoning Board of Adjustment provided the final site plan approval JDA needed to begin the project, which will include commercial and medical office space, retail, multifamily units, parking garage, elevated park, and more.
Connell was also an integral part of JDA’s expansion and rebranding of the Mission 50 office and coworking community in Hoboken. In early 2020, Dell’Aquila launched a year-long initiative that has transformed the 80,000-square-foot former Hoboken Business Center into a unified community under the Mission 50 brand umbrella. “We achieved the vision of an entire office and coworking building that is a vibrant, supportive community,” said Connell. “That involved top-down analysis, from estimating the pro forma to designing and building out the new space.”
In early 2020, Connell became involved in overseeing the property-level financials of JDA’s portfolio and evaluating how it can expand through both acquisition and development. “We recognized that our firm needed to shift gears during the uncertain times related to the COVID-19 crisis and find alternate means of growth. We refinanced The Lexington, a 50-unit luxury residential community in Hoboken, and set our sights on inorganically growing the portfolio by targeting specific assets that we believe will take the firm to a higher level,” he said.
Connell piloted JDA’s acquisition of 2215 Route 4 East in Fort Lee, N.J., establishing the firm’s foothold in the Bergen County retail real estate market. The nearly half-acre site features a 1,800-square-foot retail building fully occupied by a Starbucks Coffee store and a free-standing Bank of America ATM kiosk. Completed in September, the deal added two national, credit-rated tenants to the firm’s portfolio.
Prior to joining JDA, Connell was a commercial real estate portfolio manager specializing in commercial real estate lending analysis with Provident Bank in Iselin. Connell holds a bachelor’s degree in Business Administration in Real Estate and Finance from Villanova University and served as a judge for the Villanova Mulroy Real Estate Challenge in 2020 and 2021.
“I share JDA Group’s desire for growth and a passion for doing the job right,” Connell noted. “I quickly realized that the core values of this family style company aligned with my own, and that has allowed Greg and me to accomplish many of the tasks we originally set out for when I started here.”
About JDA Group LLC
50 Harrison St., Hoboken, N.J. 07030