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Jones Lang takes helm at Port Liberte project.

The lenders of Port Liberte, the bankrupt and partially completed mixed-use development on the New Jersey waterfront, have named Glaves/JLW Financial Advisors Joint Venture general manager of the project.

The entity is a partnership of Jones Lang Wootton USA/Jones Lang Wootton Realty Advisors and Glaves and Associates, Inc.

Commenced in the 80's, Port Liberte is a European-style mixed-use complex built in a canal-like setting on the Hudson River Waterfront in Jersey City. The master plan called for 2,280 residential units, a 245-boat slip marina, 590 canal boat slips, 350-room hotel, a 46,000square-foot office building, retail/commercial spaces recreation facilities, a health club and a yacht club.

Currently, 37 townhomes and 363 of the residential units are completed and some 252 families reside at the development.

According to Stephen McCarthy of Jones Lang Wootton Realty advisors, the role of Glaves/JLW partnership, in the short term, will be to "stabilize it" complete asset and property management. They will also market the unsold or unrented units. And, eventually, he said, they will attempt to sell the project.

"Our charge is to sell the project for the board of participants, ' he said.

Originally a project of Port Liberte Partners, 1 ed by Paul Bucha, the project is said to have ran aground in 1989 because of cost overruns, due to the complexity of the design, and the collapse of Wall Street, from which they expected to draw the majority of their buyers. _
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Title Annotation:Jones Lang Wootton USA/Jones Lang Wootton Realty Advisors and Glaves and Associates Inc. construct partnership to manage developement of real estate project on Hudson River Waterfront in Jersey City, New Jersey
Author:Fitzgerald, Therese
Publication:Real Estate Weekly
Date:Jan 13, 1993
Words:243
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