Anthony Licciardello | April 4, 2026
New Construction
In February 2026, JLL Capital Markets announced it had secured $83.35 million in construction financing for ECCO, a 258-unit luxury multifamily project rising at 250 Union Street in Elizabeth. The capital stack — a $63.2 million construction loan from Bank OZK paired with $20.15 million in mezzanine financing from PGIM — represents the kind of institutional-grade commitment that doesn't materialize without hard conviction about a market's trajectory. For Union County, ECCO is more than a new apartment building. It's a data point in a larger argument about where the region is heading.
The project is the second phase of Vintage City Development, a mixed-use redevelopment initiative in Elizabeth's Midtown neighborhood that received NAIOP's Mixed-Use Deal of the Year Award in 2025. Co-developed by LeCesse Development Corp. and MAS Development Group — two firms with deep roots in New Jersey's complex urban redevelopment pipeline — ECCO is already under construction, with delivery targeted for 2027.
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ECCO is a five-story wood-frame building over a concrete podium at 250 Union Street, situated directly across from Elizabeth's recently renovated $75 million NJ Transit station. The 233,880-square-foot structure will deliver 258 rental units in studio, one-bedroom, and two-bedroom configurations, along with 278 structured parking spaces and 3,200 square feet of ground-floor retail. Construction broke ground in December 2025.
Unit interiors will feature quartz countertops, stainless steel appliances, in-unit washers and dryers, smart home technology, and nine-foot ceilings. On the amenity side, ECCO is competing squarely with Class A product: a resort-style pool, a high-end fitness center, a golf simulator, an outdoor kitchen, a business center, and a dog park round out the common areas.
None of this is happening in a vacuum. Phase one of Vintage City — a 267-unit mixed-use building called Vinty, completed in 2022 — leased up completely within a year of delivery. That absorption rate was the most direct market signal developers could have received, and the speed with which financing was assembled for phase two suggests institutional lenders read it the same way.
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Transit-oriented development is a term that gets attached to projects loosely, but ECCO earns it. The site sits directly across from the Elizabeth Train Station, which offers access to two NJ Transit rail lines with direct service to New York Penn Station, Newark Liberty International Airport, and Jersey Shore destinations. That connectivity alone makes the address competitive with projects in markets that charge significantly more in rent.
The surrounding walkability is just as relevant. With a Walk Score of 95, residents have easy pedestrian access to Union County College, Kean University, Trinitas Regional Medical Center, and the Union County Courthouse. The under-construction $125 million Union County Administrative Building — which will consolidate government employment in the downtown core — adds another major demand driver within walking distance of the front door.
For renters who work in Manhattan or Newark — or who need airport proximity — ECCO's address checks boxes that are hard to find at any price point in the suburban ring. That's exactly the renter profile that has driven absorption across North Jersey's transit-adjacent pipeline, and it's the same profile that tends to stay.
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Elizabeth is New Jersey's fourth-largest city by population, with approximately 137,401 residents — 73 percent of whom are renters. That ownership-to-renter split is among the highest in the state, which creates a structurally deep tenant pool for any well-positioned multifamily product. Population has grown 10.6 percent since 2010, compressing an already tight supply picture further.
| Market Indicator | Union County / Elizabeth |
|---|---|
| Renter Percentage (Elizabeth) | 73% |
| Population Growth Since 2010 | +10.6% |
| Avg. Asking Rent Growth (5 Years) | +18% |
| Multifamily Occupancy Rate | >96% |
Average asking rents across Union County have risen 18 percent over the past five years while occupancy has stayed above 96 percent — the combination that signals genuine demand rather than a supply-and-discount cycle. When rents rise and vacancy stays this low simultaneously, it tells you new product will be absorbed, not just offered. That's what makes ECCO's financing stack look rational rather than aggressive: lenders are reading the same fundamentals operators are.
The Prodigy team has tracked these dynamics closely across our Union County markets. The macro picture here aligns with what we're seeing at the neighborhood level — persistent demand for quality rental housing, limited new supply coming online fast enough to meet it, and renter profiles shifting upward in income and expectation. Understanding what's driving those dynamics at the project level — as ECCO illustrates — is essential context for any buyer or investor making decisions in this county. For a deeper look at how financing conditions are shaping housing decisions across the region, our breakdown of the mortgage rate and home sales feedback loop connects those dots.
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ECCO doesn't exist in isolation. Elizabeth has been one of the most active redevelopment zones in North Jersey for several years running, and the pipeline reflects it. Proximity to Newark Liberty International Airport, Port Newark, and major freight and logistics corridors gives the city an employment base that most suburban markets can't replicate. The result is a renter population with genuine income — and a city with the infrastructure investment to retain them.
The $75 million station renovation wasn't a cosmetic upgrade — it was a statement about how seriously the public sector is investing in Elizabeth's accessibility. The $125 million Union County Administrative Building under construction nearby amplifies that signal. Together, they create the kind of institutional anchor that developers and lenders look for when committing capital to an emerging downtown.
Vintage City Development itself received NAIOP's Mixed-Use Deal of the Year Award in 2025, which adds national industry recognition to a project that was already outperforming expectations locally. For a redevelopment initiative to earn that kind of recognition, it has to demonstrate execution — not just vision. Vinty's lease-up proved the execution. ECCO is the confirmation that it wasn't a one-time result.
For a broader look at what large-scale development momentum looks like across the region, the Prodigy team's overview of major development projects reshaping New Jersey provides useful context on the macro forces at work.
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The ECCO announcement matters beyond the project itself because of what it reveals about institutional confidence. Bank OZK's Real Estate Specialties Group is a leading national construction lender — one that focuses on senior secured financing for complex projects and deploys capital selectively. PGIM's mezzanine position adds another layer of institutional validation. When capital at this level and structure flows into a market, it's worth paying attention to what those underwriters saw.
For renters, a 258-unit Class A building entering Elizabeth's supply pipeline by 2027 adds a meaningful new option in a county where quality multifamily product has consistently absorbed fast. For buyers, the activity signals what surrounding neighborhoods are likely to look like five years from now — and what comparable properties should be worth as Elizabeth's downtown core densifies. For investors, the fundamentals here aren't speculative: 18 percent rent growth, 96 percent occupancy, and a proven lease-up record from the same developer at the same address.
Union County doesn't need ECCO to validate it as a market — but a development of this caliber arriving at this moment is a useful reminder that the institutional real estate world sees the same thing in this region that the Prodigy team has been tracking for years. The fundamentals are durable. The momentum is real. And the pipeline of activity reflects it.
If you're buying, selling, or investing anywhere in Union County — Westfield, Scotch Plains, Clark, Cranford, or Elizabeth itself — reach out to the Prodigy team. We cover this market in depth, and we're happy to walk through what developments like ECCO mean for specific neighborhoods and price points.
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