March 29, 2019

Developers eye spring opening for 205-unit project in Harrison

By Joshua Burd | RE-NJ

A joint venture is nearing completion of more than 200 new apartments in Harrison, the first piece of a $340 million, mixed-use project along the town’s rapidly changing waterfront.

The developers, Eastone Equities and Accordia Realty Ventures, say they are eyeing a spring delivery for the initial 205 units at Harrison Yards, which is rising at 700 Frank E. Rodgers Blvd. The first phase will also include 8,000 square feet of retail space, seeking to capitalize on its location adjacent to the Harrison PATH station.

“We are very excited to announce a new residential destination in an incredible, vibrant neighborhood with great places to live, dine, play and enjoy life,” Haoran Hu, Eastone Equities’ director of investments, said in a prepared statement. “Our immediate access to mass transit includes the adjacent brand new Harrison PATH Station, Amtrak, with major highways and Newark Airport, just minutes away. It will help solidify Harrison Yard’s position as a prime residential community with condo-level finishes at a more affordable rental price point.”

The developers also have approvals for a second phase on an adjacent site. Expected to break ground early next year, the plan calls for another 435 apartments and 8,000 square feet of retail, the joint venture said, with expected completion in the second quarter of 2022.

Amenities for the residential complex will include a rooftop garden, fitness center, pedestrian-and pet-friendly walkways and more than 600 parking spaces. Eastone and Accordia also touted the ability for commuters to be in Lower Manhattan in 20 minutes and in Midtown in 35 minutes.

“Our aim is to offer an affordable alternative residential community outside of Manhattan by developing a well-equipped living space that enhances the lifestyles of the residents of all ages,” Hu said. “Rents will be about half the price of the average rental price of Manhattan properties and especially now, with rents rising in Manhattan and Jersey City.”

He added that the average apartment size of Harrison Yards is about 15 to 20 percent larger than that of similar properties in the local market.

“It is a great alternative for those who value both the energy of the city as well as the spaciousness in their home,” Hu said.

The Marketing Directors is overseeing the leasing effort at the project.

Eastone and Accordia took over the development, previously known as The Hub at Harrison, last fall when construction was partially complete. The latter cited its longtime interest in Harrison, which goes back more than 20 years when the town was laying the groundwork to redevelop 250 acres of blighted industrial buildings along the Passaic River.

“We followed this site closely, and loved the idea of making this a 24-7 destination,” said Accordia Principal Joseph Romano, who, along with his partner, Jason Bogart, worked as consultants to the Harrison Redevelopment Authority in 2007.