JERSEY CITY | One Journal Square | 710 FT×2 | 64 + 64 FLOORS (1,723 Units)

[C.]

Originally Posted by chris08876

Large Rendering:


Credit: daliy2

Hmm...

[Hamilton]

^^^I love how the 15-story Capital One building on Sip & Bergen has been leveled and paved over for a vast plaza in that rendering, LOL.

In other news, BuzzFeed would have us believe the fundraising is not going well, thanks to all the extra publicity...

https://www.buzzfeed.com/meghara/chi...investing-in-a

"Honestly it's a major risk," said a young woman at the event surnamed Li when asked whether she and her husband would like to invest. "I became interested in this because the family is close to Trump – but now it seems that may not make a difference."

Chinese business culture emphasizes personal relationships, especially family connections, and there are few hard and fast rules about nepotism in government and business. But potential Chinese investors told BuzzFeed News they were unsure what norms existed in the US.

"There's a rumor going around that people invested through the program and then never got their visas, or they had to wait a long time," said a real estate entrepreneur who gave her surname as Liu. "Of course everyone thinks they have a connection to Trump. But who knows how close they actually are."

[chris08876]

Kushners Hunting Hard for a Loan to Pay Back Chinese Investors

The Kushner family real estate company is seeking a $250 million loan to pay back Chinese investors in a New Jersey luxury tower but finding some major U.S. banks wary of the controversies around its White House links and the visa program used to attract the investors.

Kushner Cos. is sending out feelers for the loan against its 50-story Trump Bay Street in Jersey City. It would keep $50 million and use the rest to repay the investors and pay off a mortgage on the building, according to a person familiar with the negotiations who asked not to be identified because the talks are private.

The company, which belongs to the family of Jared Kushner, President Donald Trump’s son-in-law and senior adviser, funded about a quarter of the $194-million development through the EB-5 visa program that grants wealthy foreigners green cards in exchange for investing in U.S. projects.

Some large U.S. banks are shying away from the transaction because of the property’s connection to Kushner and the visa program, the person said. Unregulated lenders and non-U.S. banks will probably step into the breach. A Kushner Cos. spokesman declined to comment.

The EB-5 program requires a foreigner to invest at least $500,000 in a project that helps an area with high unemployment or in need of development in exchange for a permanent resident visa. Lawmakers in Washington have been pushing for EB-5 changes for several years, calling for stricter oversight to guard against fraud and provide better access to economically strapped regions. Senator Chuck Grassley, an Iowa Republican, has introduced bipartisan legislation to end the program. Last month, Trump renewed the program through September.

========================
https://www.bloomberg.com/politics/a...nese-investors

[patriotizzy]

CIA, I'm also confused. Which one is the white one and which one is the black one?!?!?!?

[C.]

^ It doesn't matter now.

[Crawford]

Originally Posted by patriotizzy

CIA, I'm also confused. Which one is the white one and which one is the black one?!?!?!?

It depends on perspective, but in the last (second) rendering obviously the tower on the left is more white and that on the right is more black.

[C.]

A couple updates

-It was widely reported yesterday there is a federal investigation into matters related to financing for One Journal Square.

-The developer never followed up with the FAA after being granted interim clearance for the construction of the 777ft tower. The developer originally asked for over 900ft. The project was redesigned when WeWork backed out to remove the office component and a more modest version with less office space was submitted. Construction schedule has been moved back a year. I would expect another redesign as the 777ft tower version needs city planning approval, and the city is not supportive for the change, especially the loss of the 100k+ office space.

The site is cursed, but one day the curse will be broken. With Journal Squared (and even 13 Journal Square) leasing fast while commanding high rents, it's only a matter of time before One Journal Square rises. Unfortunately, I see the recently approved 808 Pavonia breaking ground before 1JSQ.

[citybooster]

Originally Posted by CIA

A couple updates

-It was widely reported yesterday there is a federal investigation into matters related to financing for One Journal Square.

-The developer never followed up with the FAA after being granted interim clearance for the construction of the 777ft tower. The developer originally asked for over 900ft. The project was redesigned when WeWork backed out to remove the office component and a more modest version with less office space was submitted. Construction schedule has been moved back a year. I would expect another redesign as the 777ft tower version needs city planning approval, and the city is not supportive for the change, especially the loss of the 100k+ office space.

The site is cursed, but one day the curse will be broken. With Journal Squared (and even 13 Journal Square) leasing fast while commanding high rents, it's only a matter of time before One Journal Square rises. Unfortunately, I see the recently approved 808 Pavonia breaking ground before 1JSQ.

I see a way out of this. Mayor Fulop pushed out the previous developers and he should do all in his power to push out the Kushners... make it clear that he does not intend to continue to see this potentially transformative property rot under the hands of an incompetent and corruption plagued developer. Same goes for the properties across the street at 26-30 Journal Square.

[vegeta_skyline]

Kind of a lackluster design so maybe it's a good thing it might not get built, Jersey could use the height though.

[Hamilton]

Here we go again...

Remember when they re-filed their plans with the FAA to make the two towers the same height, rather than building a 46-story and a 79-story tower?

Those revised plans are now going before the Planning Board. We're now talking about two 66-story towers:

http://data.jerseycitynj.gov/dataset...9-ae5daebe72f8

Amendment to construct (i) certain plaza improvements in front of the project, (ii) a podium of 10 stories, consisting of lobbies, retail, office, amenities, MEP space and a 864 parking garage; (iii) 2 residential towers, Tower 1 (North Tower) and Tower 2 (South Tower) both 56 stories above the podium, including a total of 1,512 units. With the inclusion of the podium, both towers will be a total of 66 stories.

Interestingly, it looks like the reports in Bloomberg and other news media that they were going to decrease the office component and increase the apartment component weren't correct. The number of apartments is now 1,512 instead of 1,725.

[C.]

The tower has been scaled back. We don't know the office component. Originally 100k feet of office space.

I'm not as excited about this one anymore.

[citybooster]

Originally Posted by CIA

The tower has been scaled back. We don't know the office component. Originally 100k feet of office space.

I'm not as excited about this one anymore.

Scaled back MAYBE a little, but still 1,512 units approximate to 756 per tower... I'm not as worried about the office component as it still looks to have a strong retail component. We're talking two towers at virtually 750 ft, probably a bit taller. What we are legitimately worried about is that the Kushners are screwing with us again, and while they own the property will they ever have enough on hand to justify building them? Especially when we know of the burgeoning troubles on the KABR side of the Kushner empire including their toxic relationship with President Trump, that they will have to get outside investors to help them if they can't do it predominantly by themselves, they won't be getting any significant public subsidy or tax abatement... the appearance of the Kushner family trying to capitalize on appeals to investment with potential Chinese benefactors for favorable green card/citizenship treatment did a big part in actually scaring off those investors because of the negative publicity.

The important thing is if this project's latest revision is going to be approved by the Planning Board, it has to be conditional and depend on actually following through or seriously, Mayor Fulop got the Kushners in and he's going to have to push them out if it reaches that point. Put up or shut up time, NOW.

[Hamilton]

Originally Posted by CIA

The tower has been scaled back. We don't know the office component. Originally 100k feet of office space.

I'm not as excited about this one anymore.

I think this might be the same plan as the one presented to the FAA for approval in February. At the time you said it seemed like the towers would be 65-70 storie, given the 777-foot height. I think you nailed it.

[C.]

Hmmm. Thanks. I did a little more research on the unofficial FAA height limit for the area. Back in 2014, Journal Squared submitted plans for a ~780ft tower, which was approved by the FAA. Anything less than that the FAA has accepted there would be no hazard to air navigation. Anything taller would require an time consuming (and expensive?) study and mitigation measures. This is why no one chooses to go above 780ft. It's a pity One Journal Square and the 940ft tpwer wasn't more further along in the process before it was burried as that may have established the new height for the area.

The other (crazy) plan I have is for us to all show up at the Planning Board and say NO to the change of plans, forcing the developer to construct the original 940ft tower and office component.

[Crawford]

Certainly I would prefer the 940 ft. version, but two 780 ft. towers is almost as good. One taller a bit shorter, the other a bit taller.

It (more or less) evens out in terms of skyline impact.

[C.]

I wonder if the new version of the towers will be built all at once or in a phases. The original bold plan was to build both at the same time. Phasing is considered less risky, and with this risk-adverse new version of the towers, it has me wondering that phasing may be a better option here. Think of it this way, after the developer and banks see a major success in phase 1 leasing, it may inspire them to think bigger about phase 2. On a side note, I'm convinced that's whats happening now with Urby II and III. No inside info, just a hunch.

[citybooster]

Interesting link that appeared in Jersey City List(from the Jersey Journal's website) mentioned the same twin 56 story tower over 10 story base podium with large retail and some office component. Particularly eye catching was that the height of the towers proposed would be 849 ft...either an erroneous number as tha last approval from the FAA slashed the height of the original taller building to 777ft(resulting in a subsequent approval of an increase of the shorter second tower up to 777ft as well)... two towers of 849 ft with the already 90 ft elevation of the area around the Square would mean if correct an essential height of just about 940ft assuming it were correct though it would mean another FAA review. That aside, best news was that City Councilman Richard Boggiano again stated his strong support for building One Journal Square as he was tired of looking at the garbage strewn, weeded lot and seeing nothing built...most tantalizingly, he would approve a request for an abatement though NOT a 30 year one, even without the mayor's support, perhaps a 15 or 20 year one. One major problem has been after the expected office component partner(with over 1000,000 square feet committed) WeWorks pulled out suddenly earlier in the year, a major tax break for the project was lost and of course with all the negative publicity with the KABR/Kushner association with Trump abatements and other tax breaks and/or subsidies lost the support of Mayor Fulop. Perhaps then , even if the Mayor remains skeptical or opposed to such breaks, some including a shorter term overall tax abatement could still pass the City Council.

Should the Planning Board approve the revised proposal it should be conditional... we need to know that this time, things WILL get done and One Journal Square WILL get built, whether it be phased in two stages as CIA mentions or both done at once(without an abatement at the very least, doubtful with the cautious developmental outlook by our financial institutions). We need to know one way or another whether we finally can get something going at this most essential property on the Square or should the Mayor do as with he did with the previous developer, pushing it out while bringing in the Kushners.... this time bringing in developers that would move out the Kushners.

[C.]

To Terrence McDonald at the Jersey Journal: [strikethough] The developer submitted plans to, but did not receive approval from, the FAA for a 849 ft building. Before the FAA could make a final determination, the developer modified it's plans for twin 777ft buildings.[/strikethough]

Err. SCTRACH THAT. Terrance is RIGHT!!

https://oeaaa.faa.gov/oeaaa/external...43715767&row=3
https://oeaaa.faa.gov/oeaaa/external...desc&pageNum=1

Twin 849ft buildings it is!!


Excellent reporting from Terrence McDonald!

[C.]

http://www.nj.com/jjournal-news/inde...ans_for_j.html

Plans are for the towers to rise 849 feet high, according to the Federal Aviation Administration, which would make them the tallest buildings in Journal Square by far. The next tallest building proposed for the area is the second Journal Squared tower -- developed by Jared Kushner's cousin, Jonathan -- which is going to be 759 feet tall.

When Kushner Cos. and KABR Group bought the property -- at the time Jared Kushner was the Kushner Cos. CEO -- Fulop heralded the move as a sign that large-scale real-estate development was finally coming to the long-vacant and trash-strewn lot across the street from the old offices of The Jersey Journal (the lot's actual address is 10 Journal Square). The project seemed to be moving forward, with the Planning Board giving its site plan approval in August 2016.

Then Kushner's father-in-law, Donald J. Trump, was elected president in November 2016, and suddenly working with Kushner was toxic for Democrats like Fulop, who is seeking re-election in November. After Kushner's sister made her May 6 pitch to Chinese investors, Fulop announced on Facebook that the city would not approve Kushner Cos.' request for a 30-year tax break and $30 million in city-issued bonds. On May 31, the company withdrew its request for the tax abatement but left the door open to reapply in the future.

This Kushner family is connected. lol

Councilman Rich Boggiano, who represents the area, said he supports the project and would support a tax abatement as long as it does not last 30 years.

"I want to get Journal Square finished," Boggiano said. "I'm tired of looking at an empty lot in Journal Square."

Wow Boggiano!!! Stars aligned this time?

[C.]

Only downside is the lost of a potential 213 units from the previous version and maybe some office space.

FAA memo says construction beings 1\1\2018. I'll believe it when I see the rebar