This past May the developer displayed their completed Jersey City project which will be similar to the Staten Island project in certain ways. Many Staten Islanders were on site to see the completed rental units, and the reports are very favorable. New Jersey-based Ironstate Development Co. will transform seven acres of the 36-acre Homeport, located just south of the St. George Ferry Terminal in the Stapleton section of Staten Island, into a green development. It will include 800 residential rental units, 30,000 square feet of retail space and a public plaza.
Ironstate will purchase the seven acres from the city for about $11 million and plans to spend another $150 million constructing the project. The city, meantime, will kick in more than $30 million for infrastructure. The site will now be developed in phases, beginning with the housing, retail and a waterfront esplanade. Officials said the initial project will create more than 1,100 construction jobs and 150 permanent ones. Under the deal, the city will spend $33 million on infrastructure improvements, including the planned esplanade to provide community access to the waterfront. The residential units, split between two buildings as tall as six stories, will be marketed to young professionals.