Three Canadian developers are teaming up to construct a 477-unit apartment project in the New York City area.

Toronto-based Altree Developments, Lanterra Developments and Westdale Construction plan to develop the rental apartment building at 66 Broadway in Jersey City, N.J., located across the Hudson River from Manhattan. The development is slated to include 9,800 square feet of commercial space.

The West Side fund, a new unincorporated investment trust, has been created to raise project capital. A preliminary prospectus has been filed with each Canadian province for a proposed initial public offering. The preliminary prospectus qualifies West Side to distribute US$25 million to US$50 million in units, the developers announced in a news release.

If the IPO goes as planned, Altree, Lanterra affiliate Avenir Jersey Developments and Westdale will retain an ownership interest in the project. The West Side fund will also own a stake.

Toronto-based CIBC World Markets will lead the unit offering.