A joint venture between UNLMTD Real Estate and Fiat Automobiles has unveiled FIAT House, a 300-unit lifestyle community in Fort Lee, N.J. The project, which is under development, will include design and functional elements used in the Italian car maker’s vehicles, including a shareable fleet of electric vehicles. According to Stellantis, FIAT’s parent company, the community is expected to open its doors in early 2024.
Innovation in Fort Lee
FIAT House is located at 2100 N Central Road in Fort Lee at the site of a former office building used by several human resources consulting firms, including Kwasha Lipton and Mellon. Plans for a multifamily development at the site go back to 2016. Previous owner SMA Development Group proposed a rezoning to allow for a mix of residential and hospitality space. The current Fort Lee-based owner proposed the redevelopment of the property in 2018, a year after it purchased the property for $16 million, according to an article from Jersey Digs. Prior to the buildings’ demolition, it was the first office building visible upon crossing the George Washington Bridge from New York City.
At its opening, FIAT House will include a mix of studio, one- and two-bedroom homes, with select units coming pre-furnished. Unit interiors will include design motifs from the FIAT 500, the brand’s signature vehicle. Additionally, residents will have access to more than 30,000 square feet of dedicated amenity spaces also with designs taking inspiration from the vehicles, in addition to concierge services.
The hallmark of the collaboration will be the community’s fleet of FIAT 500e electric vehicles. Renters will have no shortage of driving destinations either; in addition to having direct access to the George Washington Bridge, and, by extension, much of New York City an onramp to the New Jersey Turnpike sits within half a mile to the west. Locally, the community is flanked by several public parks, as well as dining and retail options. Such an announcement takes place as the Garden State has a law exempting all electric vehicles from sales, rental and lease taxes.
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New Jersey comes only second to New York City in terms of rent growth, posting year-over-year gains of 5.2 percent according to Yardi Matrix’s September 2023 national multifamily report. According to the same report, nearly 27 percent Northern New Jersey’s renters are in the lifestyle segment. The area has an active development pipeline, as well. Back in June, a joint venture between LeCesse Development Corp. and MAS Development Corp. secured $97.3 million for the development of Vinty, a 267-unit luxury community in Elizabeth, located 12 miles outside Manhattan.
