West Side condo project gets underway in Jersey

Real Estate Weekly, Dec 28, 2005

Building of a new 39-unit luxury condominium development on Culver Avenue officially got underway as representatives of Jersey City, The Provident Bank, New Jersey City University and PRK Builders gathered to break ground on the site.

The project is part of the West Side Avenue redevelopment plan as prepared by the city planning department and New Jersey City University. The Provident Bank is providing financing in the form of a $10.9 million construction loan.

The project is known as "The Station at West Side." The name reflects the transit-oriented nature of the development, located across the street from the park-and-ride serving the West Side Avenue station of the Bergen-Hudson light rail system.

This is the first residential project in the redevelopment area. A charter school and business incubator had previously opened there.

According to Ramesh Khosla, president and owner of PBK Builders, the Morris Plains developer, the condominium units at The Station at West Side will range from two-bedroom, two-bath units up to three-bedroom two bath units. Prices will be between $300,000 and $500,000.

Groundbreaking for a second building of 36 units on a site across the street is slated for the spring.

Mayor Jerramiah Healy represented Jersey City at the ceremonies, along with Councilwoman Mary Spinello, in whose Ward B the project is located; Councilman Peter Brennan; Councilwoman Viola Richardson and City Planning Director Bob Cotter. NJCU Vice President Howard Buxbaum and Provident Vice President Gregory Haines represented their institutions.

With $4 billion in deposits, The Provident Bank serves its customers via a network of 76 branches throughout northern and central New Jersey. The Provident Bank is the wholly-owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS) which reported assets of $6.2 billion as of September 30, 2005.