A new real estate firm launched by veterans of Brookfield Properties has slated its inaugural project for the Hudson River waterfront, a $1.5 billion development in Jersey City, New Jersey, that includes three towers with roughly 2,000 units.
The company, New York-based Esen, is slated to submit site-permit applications with Jersey City for its proposed project at 310 Washington St. The multiphase, mixed-use complex is envisioned as a trio of multifamily high-rises with apartments that range from studios to three-bedroom residences.
Construction on Tower 1 is expected to begin next summer, with the building to open in early 2029. It is set to be roughly 50 stories with about 625 units, according to a company spokeswoman. Tower 2, at just over 800 units, and Tower 3, with roughly 600 units, are planned to follow in subsequent phases.
Esen is partnering with Evergreen, the global shipping-and-transportation conglomerate, on the venture. Esen acquired the project's roughly 4-acre site, a surface parking lot, in February for $110.8 million, according to CoStar data.
The fledgling real estate development firm formally announced its launch and the planned Jersey City project on Wednesday. Its team includes former Brookfield Properties and Forest City executives who are partnering with Singapore-based Croesus Group. Esen looks to focus on "delivering high-impact mixed-use developments in major urban centers across North America," the company said in a statement.
Jersey City has been a hotbed for multifamily development because it offers a convenient commute to Manhattan but has much cheaper rents.
Management team
Jim Chang is serving as Esen's chairman. He is also the founder, executive chairman and CEO of Croesus and Everglory Group, with diversified holdings across real estate, infrastructure, transportation and financial asset management in Asia and the United States.
Esen CEO Matt Elsesser is the former U.S. head of development for logistics at Brookfield Properties, where he oversaw a pipeline of over 15 million square feet of ground-up logistics development across North America. Prior to that role, Elsesser was president of commercial development at Brookfield Properties, in charge of all mixed-use projects across North America, and served as chief development officer for Forest City.
C. David Boillot, Esen's chief investment officer, most recently served as managing director and chief investment officer at Croesus, where he oversaw the development of over 2,500 apartment units in addition to 1 million square feet of commercial projects.
And Jason Bonnet, Esen's chief development officer, was formerly head of commercial development for the East Coast region for Brookfield Properties, where he managed a $7 billion project pipeline.
Esen's team also includes real estate veterans Kate Bicknell, Joginder Singh, Loren Morgan, Jeff Morrow, Shaw Henry, Mike May, Lori Sindelar and Martha Gurule. They have collectively worked on successful mixed-use developments including Barclays Center in Brooklyn, New York; The Yards in Washington, D.C.; and Fifth + Broadway in Nashville, Tennessee.
The Jersey City proposal includes over 30,000 square feet of publicly accessible open space, according to Esen. The area is set to feature a pedestrian-only corridor linking Washington and Greene streets and a central courtyard and plaza adjacent to Harborside Park.
The towers are expected to offer unobstructed views of Manhattan and the Statue of Liberty. They are slated near a Whole Foods Market and Grove Street’s retail corridor, and between the Grove Street and Exchange Place PATH stations, offering quick access to midtown Manhattan and the Financial District.