Joint Venture to Expand Saint Peter’s University

August 21, 2014 1345 Views Eastern U.S., Finegold Alexander & Asssociates, LEED for Existing Buildings, Methuen High School, Patriot Oaks Academy, Signe Skott Cooper Hall, St. Johns County School District, The Hon Company, The U.S Conference of Mayors, Valley Ridge Academy

JERSEY CITY, N.J. — A unanimous vote of support by the Jersey City planning board on Aug. 13 paved the way for Saint Peter’s University to expand its residential offerings. The Jersey City school, together with Sora Development of Maryland, plans to erect a 21-story, mixed-use tower at a cost of $220 million. The tower will cater both to Saint Peter’s students and working professionals.

Serving two distinct groups, the tower will include 300 beds and a variety of amenities for Saint Peter’s students, as well as 375 market-rate apartments aimed toward adult renters. On the lower levels, a market, bank and restaurants will consume the commercial and retail space, and separate entrances and elevators will be provided for students and working residents. Also included on site will be more than 700 underground parking spaces and even a rooftop swimming pool.

Saint Peter’s University and Sora Development announced their joint venture in January 2014, in an attempt to expand the campus and revitalize the surrounding community. Under the partnership, Sora Development will own the majority of the building, and the university will contribute both the site and annual rent.

“Saint Peter’s has a history of being an economic driver in the local community and throughout New Jersey,” said Eugene J. Cornacchia, Ph.D., president of Saint Peter’s University, in a statement announcing the joint venture. “Our longstanding commitment to the revitalization of the McGinley Square area is certainly evident in this joint venture with Sora Development. We look forward to the considerable impact this project will have on the university community and Jersey City as a whole.”

“Sora Development is proud to be a partner with Saint Peter’s University on this transformative development project,” Tim Elliott, director of design at Sora Development, added in the statement. “This project will help to perpetuate the university’s prominence in the McGinley Square area of Jersey City and bring forth education, retail and housing into a single 20-story tower. As a leader in university-community developments, we feel this development epitomizes the leveraging of university property, city participation and private investment.”

Plans for the new facility have been in motion since 2011, and the project has generally received support from neighboring residents. However, some Jersey City homeowners have been resistant to the development, fearing increased traffic congestion and pollution, and that the upscale apartments will be too expensive for many in the community. The university and developers have countered that the project will introduce new tax revenue into Jersey City, and that the added entertainment options will make it a destination spot.

Currently, construction is estimated to begin in spring 2015, wrapping up in late 2016.