A new player in the real estate development scene has entered with bold ambitions and deep-pocketed backing. Esen, a New York-based firm founded by industry veterans from Brookfield Properties and Forest City Realty, has announced plans for a $1.5 billion mixed-use project along the Jersey City waterfront. The proposed development will rise at 310 Washington Street and marks Esen’s official debut in the competitive urban redevelopment landscape.
The firm is collaborating with global partner Croesus Group, based in Singapore, and the massive shipping conglomerate Evergreen to bring its vision to life. The project is set to feature three residential towers, totaling approximately 2,000 units once fully built out. Phase one will include a 50-story building with roughly 625 residential units and is scheduled to break ground in the summer of 2026. If timelines hold, Tower 1 is expected to open by 2029.
Esen is aiming high, both literally and figuratively. Apartments in the new development will range from studios to spacious three-bedroom units. Subsequent phases will introduce Towers 2 and 3, completing the trio of high-rises planned for the site. The development will replace a current surface parking lot, injecting fresh vitality into the neighborhood.
In addition to residential space, the project will include more than 30,000 square feet of publicly accessible open space. A pedestrian-only corridor connecting Washington and Greene streets is in the works, as well as a central courtyard and a plaza adjacent to Harborside Park. The waterfront site promises unobstructed views of the Hudson River and will be within walking distance of retail amenities like Whole Foods and the Grove Street corridor, along with convenient access to both the Grove Street and Exchange Place PATH stations.
“Jersey City has increasingly become a destination in its own right,” said a spokesperson for Esen. “People have voted with their feet and moved here. We believe it’s clear that more high-quality housing is needed—especially when paired with vibrant mixed-use features and thoughtful design.”
Esen’s leadership team brings heavyweight credentials to the table. CEO Matt Elsesser previously served as U.S. head of development for logistics at Brookfield Properties and held senior roles at Forest City. Chairman Jim Chang also heads The Croesus Group and Everglory Group, while Chief Investment Officer C. David Boillot brings experience from Croesus & Co. The chief development officer, Jason Bonnet, is a former East Coast commercial development lead for Brookfield. Other team members include notable names such as Kate Bicknell, Joginder Singh, and Mike May, all of whom have worked on nationally acclaimed projects like Brooklyn’s Barclays Center, The Yards in D.C., and Fifth + Broadway in Nashville.
Esen’s debut project is ambitious in scope and designed to deliver lasting value for Jersey City and beyond. “This project embodies the scale, ambition, and collaborative spirit that define Esen,” said Elsesser. “We’re proud to be launching with a development of this magnitude and to continue our legacy of delivering exceptional urban developments.”
Renderings for the new Jersey City towers are expected to be released next week. In a city already facing high demand for housing—recently ranked as the fourth most expensive rental market in the U.S.—this new project could help alleviate pressure while also redefining the local skyline. With experienced leadership, major backing, and a prime location, Esen is positioning itself as a serious force in urban development.
