JERSEY CITY, NJ - Toll Brothers, Inc., the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® subsidiary, and AECOM Capital, the investment fund of AECOM Technology Corporation (NYSE: ACM), a leading provider of professional technical and management support services for public and private clients in more than 140 countries, announced today the launch of Provost Square, a 417-unit rental apartment tower located in Jersey City, N.J. The project is expected to break ground this spring with leasing projected to commence in early 2015.
“We are very pleased to be working with AECOM to kick off the Provost Square project. AECOM’s diversity of expertise and reputation for excellence in the real estate industry make it an ideal institutional-quality partner for a project of this scale.”
The site at 160 Morgan Street is located in Jersey City’s historic Powerhouse district, a one-block walk from the Grove Street PATH station, 10 minutes by train from downtown Manhattan and 15 minutes from midtown. The project, which will include in-building parking facilities and approximately 16,000 square feet of ground floor retail space, is within walking distance of Jersey City’s Restaurant Row, shops and other conveniences.
Toll Brothers Apartment Living® will oversee the building’s marketing, leasing and property management. Tishman Construction Corporation, a wholly owned AECOM subsidiary, with Toll Brothers City Living®, will oversee construction. The project is being financed through a $120 million construction facility from PNC Bank, National Association as administrative agent, Wells Fargo Bank, National Association and Comerica Bank.
Provost Square is the first of a three-building complex planned for a total of 925 residential units. When complete, the complex will include an approximately 24,000-square-foot, 550-seat performing arts center, 45,000 square feet of ground floor retail space, a 26,000-square-foot pedestrian plaza and approximately 917 parking spaces. Toll Brothers currently owns the two remaining sites, which are planned for development as condominiums.
Douglas C. Yearley Jr., Toll Brothers’ chief executive officer, stated: “We are very pleased to be working with AECOM to kick off the Provost Square project. AECOM’s diversity of expertise and reputation for excellence in the real estate industry make it an ideal institutional-quality partner for a project of this scale.”
John T. Livingston, chief executive of AECOM Capital, cited the ability of AECOM’s Tishman team to manage construction of the development as one of the many ways that AECOM can connect to projects through its comprehensive portfolio of services. “We are excited to play an innovative role in the development of Provost Square through our AECOM Capital investment fund, and we look forward to a long and successful relationship with Toll Brothers,” said Livingston.