08:03 AM EST, 03/06/2025 (MT Newswires) -- BXP (BXP) said Thursday it has completed the formation of a joint venture to develop 290 Coles Street, a 1.75-acre site in Jersey City, New Jersey, into a 670-unit residential project.

BXP said it and its partners will execute the approximately $400 million development through a newly formed venture with CrossHarbor Capital, Albanese Organization and its partner.

Under the terms of the agreement, BXP said it will own a 19% interest in the venture, Albanese 14%, CrossHarbor Capital the remaining 67%.

BXP will also provide $65 million in preferred equity as additional project funding, the company said.