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| Toll Brothers and Aecom to develop Provost Square in Jersey City, N.J. Toll Brothers, Inc., U.S. leading builder of luxury homes, through its Toll Brothers Apartment Living subsidiary, and Aecom Capital, the investment fund of Aecom Technology Corporation (NYSE: ACM), a leading provider of professional technical and management support services for public and private clients in more than 140 countries, announced 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. write your comments about the article :: © 2013 Construction News :: home page |