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711 Montgomery Street in Jersey City has sold to Sequoia Development Group for an undisclosed amount. The sellers, Florida-based Rescore Montgomery LLC, had purchased the site in April 2015 for $4.5 million. Sequoia Development Group joined a partnership with Grid Real Estate to work on the development. The 16-story project is expected to yield 309 apartments, and today YIMBY has the first look at renderings.
It is located a half mile from the Journal Square transport center, serviced by the PATH, connecting the city with Manhattan. Proposed mixed-use functions for the site include a hotel, movie theater, affordable housing, educational facilities, and student dormitories.
Renderings reveal a modernist design, balancing the design with darker grey masonry on the base of the structure, with lighter grey panels and white column-like masonry elements. Marchetto Higgins, Stieve Architects is responsible for the design.
The developers’ sister project for the area, 55 Jordan Avenue, is expecting to see construction begin in the third quarter of this year. YIMBY reported on the project in January of 2017.
That building will see roughly 19 percent of apartments sold at affordable rates, and Marchetto Higgins, Stieve Architects is also responsible for the design, and it will rise 16 stories and yield 282 apartments.
