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I have no inside info regarding Bayfront other than the math. $170 million in bonds to be repaid with interest, with 2,500 affordable housing units, a possible Hudson-Bergen Light Rail extension, and other site conditions that need improvement. It's possible the end product will exceed the 8,000, or about 80 units an acre plus the commercial and retail space. We shall see. https://qph.fs.quoracdn.net/main-qim...c4bd987a4758-c Visual representation of density image courtesy of qph.fs.quoracdn.net! |
Is there any chance of something actually happening at 2-30 Montgomery? The renders on CityRealty show a 70 story tower taking up the whole block but it seems odd as 30 Montgomery, the office tower portion, was just renovated. Perhaps the crappy podium could be replaced with a tower.
https://ds3.cityrealty.com/img/0203c...-street-00.jpg https://ds1.cityrealty.com/img/80403...-street-01.jpg https://ds2.cityrealty.com/img/a9dd5...-street-03.jpg https://www.cityrealty.com/nyc/jerse...y-street/84711 |
No, it's a dead plan. The choice was either to demolish or renovate several years back and they choose to renovate.
Plus there isn't that much demand yet for that much commercial. It's a residential market and there is plenty of vacant and under utilized lots to build. |
So with word that HQ2 will land in Long Island City (and Crystal $hitty :(), that should be a boon for nearby Jersey City. It's not just the 25,000 jobs that Amazon will bring but also companies and contractors that also do business with Amazon along with the economic multiplier effect. Google claims the commute can be done in under an hour from Journal Square and under 50 minutes from Grove PATH Station. If Jersey City sees 1/25th of the benefit, that will still be over a thousand new homes needed.
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I knew 30 Montgomery wasn't going to be developed since I heard they were indeed choosing to revamp and update that building a couple of years back, and you're right about residential being more the case for development than office space(especially since it would be Harborside 4 that would start getting the ball rolling on that when Mack Cali finally gets going on that).
Just hopeful we have some projects really ready to be getting underway early/mid 2019 plus the 25 Columbus development supposed to have groundbreaking by the end of the year. Always look forward to your posts, perspectives and info. Noticing a lot of building right by the Liberty Park light rail station, that area is going to really come alive in the next couple of years. |
30 Montgomery will eventually get redeveloped into a higher-density tower. It will just take time, and further maturation of the JC office market.
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Construction Update: 485 Marin (ready to open)
https://static1.squarespace.com/stat...g?format=1500w Credit: FC |
Anything can happen, but it looks like a 25 Columbus will break ground in March 2019. 626 ft to top of mechanical penthouse.
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Reiterating that Bayfront is market driven. I think the density, but not necessarily the height, will be a lot higher than most are expecting. :runaway:
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Rendering of the Hilton Canopy
http://kabrgroup.com/wp-content/uplo...y-City_New.jpg Also, there may be something coming for 61-63 Sip Avenue. The property was purchased for $3.25 million for about 0.15 acres... |
A new 20-story 430-unit luxury rental building is planned on the site of the current St. Lucy's homeless shelter at 619 Grove Street. A new homeless shelter with 150 beds will be built across the street.
https://www.nj.com/hudson/2018/12/ne...rsey-city.html https://i.nj.com/resizer/DSjqawB1_Us...6MGGHLEIYY.JPG Image from Jersey Journal at link above Current zoning allows for around 40 units and there is currently 80 beds at the existing homeless shelter. Big increases in what's a forgotten part of town cut off by the Holland Tunnel lanes to the south and the Hoboken railyards to the North. The Catholic Church, which owns the site, is in the real estate business. |
Kushner firm wins records dispute against Jersey City
JERSEY CITY — A Hudson County judge ruled Friday that the Fulop administration must hand over documents requested by Kushner Companies related to the developer’s stalled Journal Square project, a plan that is at the center of a separate legal proceeding in federal court.
Judge Francis B. Schultz’ five-page decision, which also slaps Jersey City for not devoting enough resources to answering public-records requests, comes as the administration faces renewed criticism over its transparency. https://www.nj.com/hudson/2019/01/ku...rsey-city.html Author: Terrence T. McDonald, The Jersey Journal, 01/02/19 |
JC updates development applications daily now. The latest
24-26 Romaine Drive - 6 floors, 15 units 400 Claremount Drive - 6 floors, 621 units 3 New York Ave - 6 and 8 floors, 340 units total The mid-rises are coming |
Almost a 1000 units. :cheers:
But goes to show how many units mid-rises can actually add. More neighborhoods in general in NJ need rezoning to allow for 6-8 floor structures. |
This one is interesting: an 11-floor building at 72 York Street. The parking lot in the image:
https://goo.gl/maps/oq9VfQMT6V12 |
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1075 West Side will be called Jersey City West Side Arts Quote:
Additional info http://gridrealestate.biz/property/1...ty-nj-07306-2/ This is also the site of the proposed Marion PATH station. If one was going to be built, the density would have probably been quadrupled. |
https://therealdeal.com/2019/01/28/a...sells-for-48m/
"A mixed-use development site in Jersey City just traded for $48 million. The site — the Avenir, located at 1072 and 1075 West Side Avenue — spans 3.35 aces and has 659,000 buildable square feet, according to Meridian Investment Sales. Lantree Developments bought the site from Amerestate Holdings." Welcome to the party, Lantree Developments! We love your investment in this area of the city that greatly needs it. Don't be afraid of rezoning into higher densities, after appropriate discussions with the mayor and councilor. (There might even be a Marion PATH station there, one day.) With the right people on board, the sky is the limit. |
There was actually a neighborhood meeting on a proposal to upzone the site and reduce parking requirements in exchange for transportation improvements and prep for a Marion station a few months ago.
Unfortunately the usual selfish, car-obsessed motorhead crowd came out. Don't know if the Councilwoman for Ward B feels inclined to go against them in granting the changes that had been proposed. Fulop is also increasingly anti-development. Maybe that's why the old developer sold, who knows? |
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