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.
A $162 million senior construction loan has been provided to an affiliate of Ironstate to finance the ground-up development of Hoboken Urby, a 345-unit, Class A, transit-oriented rental project on a 1.1-acre site at the southern edge of Hoboken. Construction began in August 2025 and work is already underway on the 16-story building and attached parking structure.
The project will deliver roughly 418,000 to nearly 420,000 square feet of new development, combining multifamily homes with about 17,000 to 17,425 square feet of ground-floor retail. The building footprint rises to 16 stories in some sections and steps down to nine stories in others. The site sits on the corner of Observer Highway and Park Avenue and is bounded by Willow Avenue, less than a quarter-mile from a major PATH station and close to ferry and regional rail connections.
The development will contain a total of 345 units: 307 market-rate units and 38 affordable units. The planned unit mix breaks down to approximately 29 studios (about 8%), 220 one-bedroom units (about 64%), 61 two-bedroom units (about 18%), and 35 three-bedroom units (about 10%). This version followed an earlier approval that proposed 360 units with 40 affordable units.
An attached parking garage will provide space for 152 cars. The first level of the garage will be dedicated to retail parking; the second and third levels will be reserved for residents. The development replaces a former municipal parking garage and was previously referred to as the old DPW site in local planning documents.
The project includes a long list of on-site amenities and landscaped open spaces. Public renderings and project descriptions show amenity features such as a café, speakeasy, 24/7 concierge, a landscaped amenity deck with BBQ grills, fitness center, rooftop dog run, and a fourth-floor courtyard designed by a well-known landscape architect. That courtyard is planned to include tall bamboo, extensive planting, a cold plunge pool, sunbeds, grill stations, and a fire pit pavilion. Select apartments will have private terraces.
Interior finishes listed for apartments include stainless steel appliances, engineered wood flooring, custom shelving, terrazzo tile in bathrooms, walk-in showers, latch access control, dimmable lighting, and keyless entry. An interior design firm is handling the home interiors, and building design is led by an architectural practice noted for urban projects. Exterior renderings show floor-to-ceiling windows framed by an earth-toned panel grid, two-story retail at the southern corner with second-level terraces, and new tree-lined sidewalks with planter beds.
Construction activity began in early August 2025, with a firm timeline in project announcements pointing to immediate work. Official project completion dates vary among sources: a lender press release anticipates completion in early 2028, while other materials list summer 2027 or simply 2027 as the target. The project received final municipal approval in the summer prior to construction, following an earlier approval in 2021.
The site is located at the southeastern corner of Hoboken, sometimes listed with two nearby address numbers in public materials. It is described as walkable to the city’s main retail corridor on Washington Street and close to regional transit options including ferry service, PATH, New Jersey Transit trains and buses, and the nearby Hoboken Terminal. The southeastern portion of Hoboken has been the focus of local redevelopment plans and adopted planning documents that guide future projects on the block.
Hoboken Urby joins other major projects and infrastructure efforts in the area, including a hotel project near One Sinatra Drive and a large station-area redevelopment program that aims to refresh the terminal, add tracks, restore historic elements, and convert unused spaces for new public or transit uses. The Urby project is one of several developments expected to change the character and scale of southern Hoboken in the coming years.
The senior construction loan was provided by PCCP to an Ironstate affiliate. The development brand involved is Urby in partnership with Ironstate, and the project will become part of an expanding portfolio of branded multifamily buildings in the region.
Hoboken Urby is a new 345-unit, Class A rental building under construction on a 1.1-acre site at the southern edge of Hoboken, at the corner of Observer Highway and Park Avenue, near Willow Avenue.
A $162 million senior construction loan was provided to an affiliate of Ironstate. The development is being built by the Urby brand in partnership with Ironstate.
Work began in August 2025. Completion dates vary by source: some project materials anticipate early 2028, while other documents list summer 2027 or 2027 as the target.
The project will include 345 apartments: 29 studios, 220 one-bedrooms, 61 two-bedrooms, and 35 three-bedrooms. There will be 307 market-rate units and 38 affordable units.
The development will include roughly 17,000 to 17,425 square feet of retail space that will feature a café and room for additional retail tenants. On-site amenities include a landscaped courtyard, rooftop dog run, fitness center, concierge services, lounge spaces, grill areas, and more.
An attached parking garage will provide space for 152 cars. The first garage level will serve retail parking and the second and third levels will be reserved for residents.
| Feature | Detail |
|---|---|
| Construction loan | $162,000,000 senior construction loan |
| Developer / Brand | Urby and Ironstate (affiliate borrower) |
| Address | 256 Observer Highway (also referenced as 265 Observer Highway); bounded by Observer Highway, Park Avenue, and Willow Avenue |
| Site size | 1.1 acres |
| Building size | Approximately 418,332 to nearly 420,000 square feet |
| Stories | Portions rise to 16 stories; other portions nine stories |
| Total units | 345 units (307 market-rate; 38 affordable) |
| Unit mix | 29 studios; 220 one-bed; 61 two-bed; 35 three-bed |
| Retail | About 17,000 to 17,425 sq ft, including a café |
| Parking | Attached garage with 152 spaces (retail parking on level 1; resident parking on levels 2–3) |
| Amenities | Landscaped courtyard, rooftop dog run, fitness center, concierge, café, speakeasy, terrace spaces, grill stations, cold plunge pool, and more |
| Start of construction | August 2025 (groundbreaking and immediate work) |
| Anticipated completion | Varies by source: early 2028 or summer 2027 / 2027 |
| Design and landscape | Architectural and interior teams on record; fourth-floor courtyard by a noted landscape architect |
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