Working with NJCU and PRC Group to provide much-needed housing in this area not only provides a social benefit but also meets our investment mandate to fund secure, job-creating projects on behalf of our investors.
(PRWEB) September 21, 2017
CanAm Enterprises (“CanAm”) was invited by the New Jersey City University (NJCU) Office of the President to attend the groundbreaking ceremony for its new West Campus improvement development on September 20, 2017. CanAm Project Director John Reid, CanAm Investor Services CEO Jeff DeCicco and other CanAm representatives participated in the ceremony, which marked the official beginning of the project’s construction.
“We are very pleased to see construction begin at the NJCU West Campus site, as we are getting closer to funding the project,” says Reid. “Working with NJCU and PRC Group to provide much-needed housing in this area not only provides a social benefit but also meets our investment mandate to fund secure, job-creating projects on behalf of our investors.”
The NJCU West Campus Project is part of the $400 million West Campus Redevelopment Plan approved by the New Jersey Economic Development Authority. The redevelopment plan consists of developing residential and retail space on a 21-acre (84,984 m2) vacant lot owned by the university through public-private partnerships. As part of this initiative, NJCU intends to develop approximately 225,000 square feet (20,903 m2) of leasable residential and retail space on two parcels comprising 2.25 acres (9,105 m2) of NJCU’s West Campus. The proposed two residential developments, the University Place Apartments and the Carbon Place Apartments, will feature popular amenities, including but not limited to: washers and dryers, Wi-Fi accessibility, recreational plaza, fitness center, swimming pool, business center, outdoor lounge and garden, supermarket, retail stores and restaurants.
Jersey City is the second most populous city in the state and is one of the fastest growing regions, with an annual growth rate of 9.2 percent. Jersey City’s proximity to New York City has also contributed to its real estate development. Transportation is readily available with a 24-hour PATH Train service, the NY/NJ Waterway, the Hudson-Bergen Light Rail system and major highways such as the New Jersey Turnpike.