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Murad Proposes 564,000 SF on Waterfront

JERSEY CITY, NJ - The project will bring 313 hotel rooms and 470 residential units to a 2.7-acre waterfront parcel in need of a cleanup.

By Eric Peterson | Updated on August 07, 2008

JERSEY CITY, NJ – A local development group has its sights set on turning a contaminated 2.7-acre waterfront parcel into a 564,000-sf hotel and residential property, with a 2012 completion slated. The developer is Statue of Liberty North Redevelopment Urban Renewal LLC, a group led by CEO Tarrunumn Murad, who also heads the Watchung, NJ-based Tramz Hotels.

A hotel will indeed be part of the 16-story, multipurpose building, specifically a 313-room Conrad Hilton Hotel. Plans also call for a total of 470 for-sale condo units and rental apartments. The project is within the city-fostered Liberty Harbor North Redevelopment Area, a 28-block-long stretch of waterfront bounded roughly by Luis Munoz Marin Boulevard and Grand and Jersey avenues. Redevelopment activity has been ongoing within the larger tract for several years.

While the cost of the project hasn’t been released, one aspect of its financing has, specifically a $27.5-million loan from the Sacramento, CA-based EnviroFinance Group LLC to cover the acquisition of the site and its environmental cleanup. The site was previously home to a manufacturing plant operated by the Flintkote Corp., which made asbestos-laden shingles there, although that operation disappeared many years ago.

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