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 from PCCP has been provided to an affiliate of Ironstate to fund the ground-up development of Hoboken Urby, a 345-unit Class A, transit-oriented multifamily project at the southern edge of Hoboken. Construction began in August 2025, with one reported milestone on August 10, 2025; the lender also described construction as beginning immediately upon closing. Projected completion dates reported across planning materials and announcements vary, with some timelines pointing to summer 2027 and others to early 2028.
The financing supports a 16-story, roughly 418,000–420,000 square-foot development on about 1.1 acres on Observer Highway at Park Avenue on Hoboken’s southern border. The property address is variously listed as 256 Observer Highway and 265 Observer Highway in project documents and reports. The site sits less than a quarter mile from the Hoboken PATH station and is within easy walking distance of Washington Street retail and nearby ferry and regional rail connections.
The development totals 345 apartments, including 307 market-rate units and 38 affordable units. The planned unit breakdown is 29 studios (about 8%), 220 one-bedrooms (about 64%), 61 two-bedrooms (about 18%), and 35 three-bedrooms (about 10%). Select apartments will include private terraces. Residences will feature stainless steel appliances, engineered wood floors, custom shelving, terrazzo tile in bathrooms, walk-in showers, dimmable lighting, keyless entry and latch access control.
The project will include roughly 17,000–17,425 square feet of ground-floor retail, with a two-story retail presence at the southern corner and a planned on-site café. Renderings show a façade with floor-to-ceiling windows set within a grid of earth-toned paneling and second-level pocketed terraces. New tree-lined sidewalks with planter beds are also part of the streetscape improvements.
On-site resident amenities are extensive and include a rooftop dog run, landscaped amenity deck with BBQ grills, fitness center, 24/7 concierge, speakeasy, and additional indoor and outdoor social spaces. A notable fourth-floor courtyard designed by a landscape architect will include towering bamboo, a cold plunge pool, sunbeds, grill stations, and a fire pit pavilion; stepped landscaping and cascading garden beds are shown in project graphics.
The development replaces a former municipal parking garage and includes an attached garage with space for 152 cars. The garage’s first floor is intended for retail parking while the second and third floors are reserved for residents. The building massing varies across the site with portions rising to 16 stories and other sections at nine stories.
The project is being developed by Urby and Ironstate and is described as the ninth addition to the Urby portfolio, which focuses on modern apartments with integrated cafés and amenity-rich common areas. BKSK Architects is listed as the architect and Shawn Hausman Design as the interior designer for residential fit-outs.
The current version of the plan, which reduced an earlier proposal from 360 units to 345 units and adjusted affordable set-asides to 38 units, received final approvals in the summer before construction. The site is within an area targeted by local redevelopment plans, including a Fabian Arts District plan that sets policy goals such as a 10% affordable housing set-aside for redevelopment parcels, pedestrian links, and cultural programming. Other large schemes nearby include a hotel and a multibuilding transit-oriented initiative focused on revitalizing the Hoboken Terminal area.
Ground activity began in August 2025. Sources place practical completion between summer 2027 and early 2028. The lender anticipates the property will meet strong rental demand in the Hoboken market and contribute to placemaking efforts in the city’s southeastern quadrant. Construction schedules and retail leasing plans may evolve as work continues.
The project is backed by a $162 million senior construction loan from PCCP to an Ironstate affiliate to fund the ground-up build.
The development sits on about 1.1 acres on Observer Highway at Park Avenue in southern Hoboken; addresses are listed both as 256 and 265 Observer Highway in different project documents.
Construction began in August 2025. Completion projections differ by source, with estimates ranging from summer 2027 to early 2028.
The building will have 345 units: 29 studios, 220 one-bedrooms, 61 two-bedrooms, and 35 three-bedrooms. Thirty-eight units are planned as affordable housing.
Planned amenities include a café, speakeasy, concierge, landscaped amenity deck with grills, fitness center, rooftop dog run, a fourth-floor landscaped courtyard with pool and fire pit, and other shared spaces.
About 17,000 to 17,425 square feet of retail is planned, with a two-story retail presence at the site’s southern corner. No confirmed tenants have been announced.
The site is transit-oriented: it is walkable to the Hoboken PATH station, near ferry access and New Jersey Transit trains and buses, and situated near major Hoboken transit improvements and terminal revitalization efforts.
| Feature | Detail |
|---|---|
| Construction loan | $162 million |
| Developer | Ironstate affiliate / Urby brand |
| Location | 256 / 265 Observer Highway at Park Avenue, Hoboken; ~1.1 acres |
| Size | Approximately 418,000–420,000 sq ft; 16 stories (portions 9 stories) |
| Units | 345 total — 307 market-rate, 38 affordable |
| Unit mix | 29 studios (8%), 220 one-bedrooms (64%), 61 two-bedrooms (18%), 35 three-bedrooms (10%) |
| Retail | ~17,000–17,425 sq ft; includes a café; two-story corner retail |
| Parking | Attached garage with 152 spaces; first floor for retail parking, second/third for residents |
| Amenities | Rooftop dog run, landscaped decks, fitness center, concierge, speakeasy, fourth-floor courtyard with pool and fire pit |
| Architect / Interior | BKSK Architects; Shawn Hausman Design (interiors) |
| Transit | Close to Hoboken PATH, ferry services, NJ Transit trains and buses; walkable to Washington Street |
| Construction status | Groundbreaking / construction began August 2025; completion targeted between summer 2027 and early 2028 |
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