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The basics:

• Esen to launch $1.5B mixed-use project at 310 Washington St.
• Team includes veterans of Brookfield, Forest City Realty
• First phase includes 625 units; construction starts in 2026
• Development to include 3 towers, open space, amenities

A new developer is making a splash with its debut, planning a $1.5 billion mixed-use development along the Jersey City waterfront.

Esen emerged this week. The New York-based firm comprises a team of real estate veterans, largely from Brookfield Properties and Forest City Realty, collaborating with Singapore-based Croesus Group.

With a commitment to advance transformational projects to share the future of cities, Esen detailed efforts for a multiphase, more than $1.5 billion mixed-use development planned to rise at 310 Washington St.

Working in partnership with global shipping and transportation conglomerate Evergreen, the project would consist of three multifamily towers with approximately 2,000 units. Phase 1 will feature about 50 floors and roughly 625 residences, a spokesperson for Esen told NJBIZ.

Esen anticipates construction to start on Tower 1 in summer 2026, with the building’s expected debut following in 2029. According to the company spokesperson, Esen expects to file a site permit application with the city next week. The site currently features a surface parking lot.

Apartments would range from studios to three-bedroom spaces, Esen said. Towers 2 and 3 will follow in subsequent phases.

Rising on the river

At full buildout, Esen said the development will also include more than 30,000 square feet of publicly accessible open space – in line with other projects rising in the city. A pedestrian-only corridor that would connect Washington and Greene streets along with a central courtyard and plaza located adjacent to Harborside Park is planned, as well.

The project will offer unobstructed views across the Hudson River. It will sit steps away from Whole Foods Market and the Grove Street retail corridor. Additionally, the location is between the Grove Street and Exchange Place PATH stations.

When asked why Esen chose the Hudson County hotspot for its debut, the Esen spokesperson told NJBIZ the company believes Jersey City is a great place to live.

“Many people have realized that in recent years and voted with their feet by moving there,” they said. “And it’s become clear that more housing is needed—especially if that housing comes in the form of a compelling mixed-use environment with lots of amenities … both for existing residents of Jersey City as well as future residents of the new development.”

Meet Esen

Esen’s leadership team comprises:

• Jim Chang, chairman of the board, as well as founder, executive chairman and CEO of investment platforms The Croesus Group and Everglory Group
• Matt Elsesser, CEO. Elsesser is former U.S. head of development for logistics at Brookfield Properties. Before that, he was president of commercial development at Brookfield; and served as chief development officer for Forest City
• C. David Boillot, chief investment officer. Most recently, he served as managing director and CIO of Croesus and Co.
• Jason Bonnet, chief development officer; the former head of commercial development for the East Coast region for Brookfield Properties

Additional key Esen partners include Kate Bicknell, Joginder Singh, Loren Morgan, Jeff Morrow, Shaw Henry, Mike May, Lori Sindelar and Martha Gurule.

Together, the team has collectively delivered some of the most successful mixed-use developments in the U.S., Esen said, such as Barclays Center in Brooklyn; Cornell Tech at Roosevelt Island; The Yards in Washington, D.C.; and Fifth + Broadway in Nashville.

In Jersey City, “This project embodies the scale, ambition, and collaborative spirit that define Esen,” Elsesser commented. “We’re proud to be launching with a development project of this magnitude in partnership with a world-class organization like Evergreen, and to continue our legacy of delivering exceptional urban developments that bring lasting value to cities and communities.”

Renderings for the project are expected next week. Despite a drop in rates, Jersey City recently ranked as the fourth most expensive rental market in the U.S.