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Monticello Ave. Project Gets Started

JERSEY CITY-After nine years, the developer of the Monticello Avenue Redevelopment Plan Area is gearing up to break ground.

By Maria Wood | Updated on March 04, 2009

JERSEY CITY-A late-April groundbreaking has been set for the first project within the Monticello Avenue Redevelopment Plan Area. The 225,000-square-foot initial phase will include 120 rental apartments, 25,000 square feet of retail anchored by a supermarket and 170 indoor parking spaces.

Nine years ago, the city designated Whiton Street Associates LLC as the redevelopment entity for the 96-acre area. Whiton is a subsidiary of Main Street Development Co., which specializes in affordable housing and community revitalization projects.Michelangelo Russo, Whiton’s president and CEO, tells GlobeSt.com it took nine years to assemble the land and “work through various economic climates.”

All told, the project will be built in four stages over five years for a total cost of $350 million, Russo says. The $30-million first phase is expected to be complete by 2010. During the build-out period and after it is finished, the project is anticipated to create 500 jobs.

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