PERTH AMBOY –Federal Hill at Perth Amboy, a residential redevelopment project being constructed by Kaplan Companies, is moving forward with Phase 2 of their project.
While many New Jersey development projects have stalled because of current economic conditions, the Federal Hill project is still progressing with construction activity.
“We saw the increased need for market-rate rental units early on in the economic downturn,” said Jason Kaplan, of Kaplan Companies. “While the first-time buyer market is saturated, there remains a strong demand for residential rental units, in urban environments, near mass transit. Perth Amboy continues to be an ideal environment for the young professional and empty-nester.”
“We’re thrilled that the project is moving forward, I understand that there is a waiting list and there will be on-site leasing this fall,” stated Mayor Wilda Diaz.
Phase 2 of the project, previously envisioned as having 172 market-rate residential units, 89 of which were to be for sale and 83 for rent, was revised in response to the current economic climate and new market demand. The total number of units has been reduced by approximately 32% and 3-bedroom units have been eliminated. The new project will include 117 multi-family rental flats; 45 one-bedroom and 72 two-bedroom. The one-bedroom units will be approximately 817 square feet and the two-bedroom units will be 1,065 square feet.
“Quality, market-rate one and two bedroom rental units are in demand and this new phase of Federal Hill will help fulfill that need,” said Perth Amboy Redevelopment Agency commissioner Richard Piatkowski. “The Kaplan project is another example of how the Perth Amboy Redevelopment Agency has helped responsible development in Perth Amboy.”
The project provides premier residential units within walking distance to the Perth Amboy train station, major bus routes, and the Smith Street downtown area and in close proximity to the New Jersey Turnpike, the Garden State Parkway, the Outerbridge Crossing and Routes 440 and 9. In addition, the project is centrally located near the Raritan Bay Medical Center, new Herbert N. Richardson/ #10 School on Fayette Street, the proposed Seamen Street School, and Patten Center Park.
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