Metro Village gets to the art of city redevelopment.

Developers commonly evict or displace the very artists that helped gentrify a market to make way for tenants willing to pay higher rents.

This tried and true method of redevelopment may yield more immediate returns, but far too often, devalues an overall project.

Embarking on the path less traveled, we at Metro Village Development capitalized on the "place making" characteristics of our existing artist and creative service tenants when designing the 1.2 million square foot Monroe Center development in Hoboken's northwest neighborhood.

Designated a "Transit Village" by the State of New Jersey, Monroe Center is a sustainable mixed-use community that treats its cultural core as its anchor.

As developers, we believe that the long-term value of maintaining the creative class, including the "low rent paying artists", in our proposed development will increase its desirability and therefore will increase its profitability. Our development paradigm is based on the belief that artists and creative thinkers positively contribute to a community and help create a sense of place.

As an area becomes a destination known for quality cultural events, charming restaurants and superior retail experiences (i.e. the West Village and Chelsea in New York City; Georgetown in Washington, DC; and, Buckhead in Atlanta), property values and rental rates in that market increase rapidly.

When we first purchased the Monroe Center development site 15 years ago, the northwest Hoboken market was labeled "undesirable" and a place to avoid.

Over the years, we tenanted our existing structures with artist, craftsmen, and many small businesses, thereby creating a destination within northwest Hoboken where people could have positive experiences.

With thousands of people visiting our buildings each day for art classes, cultural events, and business meetings, the market is now highly "desirable".

Our unique development plan also capitalized on NJ Transit's decision to locate a Hudson-Bergen Light Rail station adjacent to our site.

The light rail opened this past year and connects our artistic enclave to the Jersey Gold Coast, NYC and the cliff top communities of Jersey City Heights and Union City Heights.

This not only makes it easier for people to visit our location, but also adds to the Monroe Center's overall ability to attract residential buyers and quality retail tenants.

Having just broken ground on our first phase of new construction and the ability to boast having 70 artists and 130 businesses in our existing structures, our promise to maintain this segment of our community has helped bolster area condominium prices in this once desolate area to exceed $600,000 per unit.

Monroe Center is a "mini-village within a city", complete with art shows, performances, programmed activities and other pedestrian traffic-generating activities. Other design features include open public spaces, rooftop gardens, extra-wide sidewalks, and awnings; all designed to promote outdoor dining and retail.

The 5.5-acre development consists of a blend of existing and to-be-built structures including the first four residential-over-retail towers in northwest Hoboken.

In total, there will be 125,000+ SF of lifestyle retail space, 116,000+ s/f of commercial studio/ artist workspace, 435 residential units, and 1,120 parking spaces.

Leasing of the lifestyle retail space has commenced and the opening of the residential sales office set for autumn of 2005.

In sharp contrast to typical business districts that roll up the sidewalks at 5 p.m. or the bedroom communities with no sense of identity, Monroe Center truly will provide the environment for all to enjoy.