Toll Brothers and AECOM Announce Development of Luxury Rental Tower in Jersey City, N.J.
AECOM and Toll Brothers 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.
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.
ABOUT TOLL BROTHERS
Toll Brothers, Inc. is the nation’s leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves move-up, empty-nester, active-adult, and second-home customers and operates in 19 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia, and Washington. Toll Brothers builds an array of luxury residential communities, principally on land it develops and improves: single-family detached and attached home communities, master planned resort-style golf communities, and urban low-, mid- and high-rise communities. Toll Brothers was awarded Builder of the Year for 2012 and is the only two-time recipient. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information, visit www.tollbrothers.com.
AECOM is a global provider of professional technical and management support services to a broad range of markets, including transportation, facilities, environmental, energy, water and government. With approximately 45,000 employees around the world, AECOM is a leader in all of the key markets that it serves. AECOM provides a blend of global reach, local knowledge, innovation and technical excellence in delivering solutions that create, enhance and s…