Green Buildings Drive Rental Rates in Hudson County Submarkets; Landlords Become More Selective about Retail

JERSEY CITY, NJ  -- More than 350 senior-level executives and decision makers from the region's most active commercial real estate development, investment and brokerage firms attended The Fourth Annual New Jersey Gold Coast Summit, the latest installment in The NJ Commercial Real Estate Series. The summit was held on March 17 at Maritime Parc, a private meeting and event venue, in Liberty State Park. The summit commenced with a new development case study, How Green Design and a Modern/Luxury Tenant Base Take Shape at Intercontinental Real Estate Corporation and Bijou Properties “Vine” in Hoboken." The case study brought special focus to The Vine, a new 11 story, 135-unit mixed-use asset in Hoboken. Jeffrey Dunne, Vice Chairman of Investment Properties, CBRE; Michael Keyes, Partner, Director of Acquisitions, Intercontinental Real Estate Corporation; and David Gaber, Partner & CFO, Bijou Properties were on hand to provide insight and answer questions from attendees. Jeffrey Dunne moderated the panel. Dunne, Keyes and Gaber discussed The Vine's innovative features: a green roof, a co-generation system and backup generator, how the project brings together for-rent multifamily and retail in one of the Gold Coast’s highest income submarkets. In addition, the case study speakers covered the types of retail in demand for modern multifamily buildings, as well as the types of tenants, their incomes and rental rates. The Vine project has been developed in accordance with the U.S. Green Building Council’s (USGBC) standards for LEED ® certification and…