NEWS

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Builder touts lease-up of Jersey City redevelopment project

27Oct

The high-end residential complex in Jersey City known as The Beacon has leased up its sixth and final apartment building, marking the completion of a distinctive, ambitious project that saw developers readapt a sprawling early 20th-century hospital.

The developer of the property, Building and Land Technology, announced the milestone Wednesday, six months after delivering the 241-unit building known as The Hague. The site is now 95 percent leased across its 1,155 rental units, meaning the property is stabilized after a massive historic preservation and renovation effort.

That process goes back more than a decade, when a developer George Filopoulos acquired the former Jersey City Medical Center and began to repurpose it as condominiums. But the 1.5 million-square-foot project was stalled by the economic downturn after just two buildings were converted, causing the firm to sell the remaining six buildings to Building and Land Technology.

On Wednesday, an executive with the Stamford, Connecticut-based firm said it “has been gratifying to play a role in bringing this incredible property back to life” over the last four years.