Rendering shows the proposed 16-story mixed-use Urby development with retail, terraces, and streetscape improvements.
Hoboken, New Jersey, August 29, 2025
A $162 million senior construction loan has closed to fund a 345-unit Urby development on Observer Highway at Park Avenue in southern Hoboken. The transit-oriented, 16-story mixed-use project will deliver market-rate and affordable apartments, roughly 17,000 square feet of ground-floor retail, and extensive resident amenities including a rooftop dog run, landscaped courtyards, fitness center, and on-site café. The scheme replaces a former municipal garage and includes an attached 152-space garage. Construction is underway and the developer expects the building to meet strong rental demand and contribute to streetscape and placemaking efforts in the area.
– Lender: PCCP providing a $162 million senior construction loan.
– Borrower: an affiliate of Ironstate, with development by Urby and Ironstate.
– Location: listed variously as 256 and 265 Observer Highway, bounded by Observer Highway, Park Avenue and Willow Avenue.
– Site area: approximately 1.1 acres (former municipal parking / DPW site).
– Size: a development rising to 16 stories and totaling roughly 418,000–420,000 square feet with about 17,000–17,425 square feet of ground‑floor retail.
– Units: 345 total (307 market‑rate; 38 affordable); unit mix includes studios, one‑, two‑, and three‑bedrooms.
– Parking: attached garage with space for 152 cars, with first floor for retail parking and second and third floors for residents.
– Transit: site is under a quarter‑mile from the PATH station and within easy walking distance of ferry and New Jersey Transit connections.
The construction loan closes the financing gap for the Hoboken Urby project and enables immediate work on site. Public reports indicate construction began in August 2025, with one timeline marking the groundbreak on August 10, 2025. Completion dates vary across documents: the lender’s release anticipates an early 2028 delivery, while earlier project summaries had expected completion in 2027, with some references to summer 2027. These timing differences reflect multiple reporting updates and project approvals over recent years.
The development will deliver 345 units across a 16‑story volume with stepped sections dropping to nine stories in places. The residence mix is planned as 29 studios (about 8%), 220 one‑bedrooms (about 64%), 61 two‑bedrooms (about 18%), and 35 three‑bedrooms (about 10%). Of the total, 38 units are set aside as affordable under the final approved plan, down from an initial approved scheme that included 360 units and 40 affordable units.
Living spaces will include stainless steel appliances, engineered wood floors, custom shelving, Terrazzo bathroom tile, walk‑in showers, dimmable lighting, keyless entry, and latch access control. Select apartments will offer private terraces. An interior design firm has been retained for the homes, while an architecture firm has been credited with the building design.
The project includes roughly 17,000 square feet of retail at the ground level, with a two‑story retail presence at the southern corner and a planned integrated café. No retail tenants have been announced. On‑site resident amenities are extensive and include a café, a speakeasy, 24/7 concierge, a landscaped amenity deck with BBQ grills, fitness facilities, a rooftop dog run, and other planned social spaces. A fourth‑floor courtyard designed by a noted landscape architect will feature abundant planting, bamboo, a cold plunge pool, sunbeds, grill stations, and a fire pit pavilion. Renderings show floor‑to‑ceiling windows framed by earth‑toned panels, pocketed terraces, and new tree‑lined sidewalks with planter beds.
The attached parking garage is planned to accommodate 152 vehicles, with retail parking on the first parking level and resident parking on the second and third levels. The site sits on the southern border of Hoboken and is within easy walking distance of the city’s primary retail corridor. Its proximity to PATH, ferry service, and regional buses supports the project’s classification as transit‑oriented.
The development follows earlier approvals and fits within broader redevelopment efforts in southeastern Hoboken. Local redevelopment plans adopted in recent years guide future uses of the area and call for mixed uses, cultural/entertainment space, and set‑asides for affordable and workforce housing. The Hoboken Urby site is part of a cluster of projects and public‑private efforts aiming to revitalize the city’s southeastern corner and the terminal area.
Key near‑term items include construction progress, leasing announcements (including retail tenants), firm delivery timing and finalization of resident amenity schedules. Given differences in reported completion dates, observers should expect adjusted milestone communications as the project advances through construction.
Hoboken Urby is a 345‑unit, transit‑oriented multifamily development on about 1.1 acres at the corner of Observer Highway and Park Avenue in southern Hoboken. The address has been reported as both 256 and 265 Observer Highway.
The project is financed with a $162 million senior construction loan from PCCP and is being developed by an affiliation involving Ironstate and the Urby brand.
Construction began in August 2025. Completion estimates vary among sources, with an anticipated early 2028 delivery in one financing release and earlier projections pointing to 2027; exact delivery timing may be updated during construction.
There will be 345 units total: 29 studios, 220 one‑bedrooms, 61 two‑bedrooms, and 35 three‑bedrooms. Thirty‑eight units are designated as affordable.
Around 17,000 square feet of retail, including a café, plus resident amenities such as a concierge, fitness center, landscaped decks, rooftop dog run, and a fourth‑floor courtyard with extensive planting and leisure features. Retail tenant names have not been announced.
The attached parking structure will provide space for 152 vehicles, with the first floor reserved for retail parking and the upper parking floors for residents.
| Feature | Detail |
|---|---|
| Loan Amount | $162,000,000 senior construction loan |
| Developer | Urby and Ironstate (development affiliate borrower) |
| Address | 256 / 265 Observer Highway (site bounded by Observer Hwy, Park Ave, Willow Ave) |
| Site Area | Approximately 1.1 acres (former municipal parking / DPW site) |
| Building Size | About 418,000–420,000 sq ft; 16 stories (stepped to 9 stories in parts) |
| Units | 345 total — 307 market-rate, 38 affordable (29 studios, 220 one-bed, 61 two-bed, 35 three-bed) |
| Retail | Approx. 17,000–17,425 sq ft; includes a café; tenants not yet announced |
| Amenities | Café, speakeasy, concierge, landscaped decks, fitness center, rooftop dog run, fourth-floor courtyard with pool and fire pit |
| Parking | Attached garage with 152 spaces (first floor retail parking; 2nd-3rd floors resident parking) |
| Transit | Under 0.25 mile to PATH; close to ferry and NJ Transit train and bus service |
| Construction | Broke ground August 2025; projected completion varies (early 2028 vs. 2027 in other reports) |
Austin, Texas, September 5, 2025 News Summary Easy Street Capital, an Austin-based private lender, has increased…
Santa Barbara, CA, September 5, 2025 News Summary Concord Summit Capital arranged a $16.5 million C-PACE…
United States, September 5, 2025 News Summary Manufactured housing is emerging as a lower-cost, faster-built alternative…
San Francisco, California, September 5, 2025 News Summary San Francisco-based HappyRobot closed a $44 million Series…
Villa Rica, September 5, 2025 News Summary Villa Rica-based Caliber 1 Construction is expanding its Building…
New York, September 5, 2025 News Summary Pave Finance closed a $14 million seed round that…