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  #701  
Old Posted Oct 5, 2017, 5:12 PM
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New Development Maps!

Dated today

http://data.jerseycitynj.gov/dataset...ps-10.5.17.pdf

No new info. 55 Hudson is still listed as 95 storys
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  #702  
Old Posted Oct 6, 2017, 4:23 PM
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The 8 or 9 towers as part of Homestead Assemblage and Central Avenue extension in Journal Square will see some action at the Planning Board on Tuesday.

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Originally Posted by Hamilton View Post
  • Homestead Assemblage – a proposed mixed-use ground-up development on multiple sites located in Journal Square between Newark Ave and the new Journal Squared Building. The developer is proposing to deliver a pedestrian promenade starting from Newark Avenue and leading directly to the PATH entrance under the new Journal Squared Tower. The pedestrian promenade will be a cobble stone, pedestrian-only, street lined with restaurants and retail shops on the ground floor and a mix of other uses on the upper floors to include commercial, office, Residential, and a Hotel Development on the upper floors. There are a total of five buildings proposed in the Homestead Assemblage, with building heights ranging from 18 to 25 floors.
  • Central Avenue Extension – a proposed mixed-use ground-up development to be located on the corner of Newark Ave (626 Newark Ave) and the proposed Central Avenue Extension. Hudson County has been planning to extend Central Avenue for about 10 years to better help support the connection of the Heights Community to Journal Square Transportation Center. The developer is proposing to construct and deliver the Central Avenue extension street as designed by Hudson County and seen on the Journal Square 2060 Redevelopment Plan. The project is proposed to include 3 mixed-use towers with ground and second floor retail along with offices on the tower base floors and residential units on the upper floors. The buildings are proposed to range in height from 23 to 27 floors.
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  #703  
Old Posted Oct 6, 2017, 4:38 PM
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New events being held "Magnolia Landing." An area once was considered the backdoor of Journal Square.

https://www.chicpeajc.com/jersey-cit...-square-scene/
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  #704  
Old Posted Oct 16, 2017, 6:08 PM
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The Homestead Assemblage has been approved, along with the Central Avenue expansion. That's a minimum of 8 new buildings and thousands of units flying under the radar in Journal Square.


Rendering of the proposed Homestead pathway to the PATH station, with Journal Squared I in the background.

Excavation is underway for Journal Square II, but the minor design changes were not approved at this planning board meeting, next one is scheduled for later this month.

There is also a 40 story buildings on Marin near the PATH station that is getting ready to break ground. The parking lot has been closed and construction fencing has surrounded the site. It should break ground this year or early 2018.

I'm watching absorption of the new rental buildings and construction financing, as I believe that's where the bottleneck exists. There are lingering fears of an oversupply by banks and developers, which has since proved unsubstantiated by how quickly each new building leases up, at rents above those in the development pro forma. That should encourage banks to underwrite more construction loans at more favorable rates. It's reported that Jersey City has about 9,000 units currently under construction, with the more complex building taking about 24 months from start to completion. That's probably going to be our "speed limit" for adding new supply for the time being.
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  #705  
Old Posted Yesterday, 7:33 PM
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  • The Planning Board vote on Homestead Assemblage amendments only rezoned the area so the project is allowed by-right. Approval was unanimous. Site plan approval would be separate. And then they have to get a loan to build... A project by the same guy on Newkirk was approved over 2 years ago and still hasn't broken ground. In general though it's good to have enough zoned capacity to account for future growth in demand, so it's a good thing for sure.

  • Last night the Zoning Board denied the application to adaptively reuse the firehouse at 520 Palisade as 18 apartments plus retail. According to the Riverview Neighborhood Association, it was because "the application was denied based on opposition from the Neighbors, mainly over the rear of the building and lack of sufficient setbacks."

  • I chatted with the owner of the smoke shop at 331 Marín. He says he's got another 2 or 3 months before they close down the shop and begin demo.

  • The hole at Journal Squared II is getting big. But they're starting where the footprint of the *third* tower is supposed to go. A bit confused.

Last edited by Hamilton; Yesterday at 8:19 PM.
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  #706  
Old Posted Yesterday, 8:21 PM
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Quote:
Originally Posted by Hamilton View Post
  • The Planning Board vote was only to rezone the area to allow the project. Site plan approval would be separate. And then they have to get a loan to build... A project by the same guy on Newkirk was approved over 2 years ago and still hasn't broken ground. In general though it's good to have enough zoned capacity to account for future growth in demand, so it's a good thing for sure.

  • Last night the Zoning Board denied the application to adaptively reuse the firehouse at 520 Palisade as 18 apartments plus retail. According to the Riverview Neighborhood Association, it was because "the application was denied based on opposition from the Neighbors, mainly over the rear of the building and lack of sufficient setbacks.

  • I chatted with the owner of the smoke shop at 331 Marín. He says he's got another 2 or 3 months before they close down the shop and begin demo.

  • The hole at Journal Squared II is getting big. But they're starting where the footprint of the *third* tower is supposed to go. A bit confused.
Thanks! I'm sure nearly half the projects in Journal Square that received planning approval aren't going to be developed by the original developer. They're just getting zoning in place so it can be flipped for a substantial profit.

That's okay in my books. It doesn't matter who builds the thing and as long as approvals are easy to come by, it should prevent any speculative bubble in land values from forming.

Curious about Journal Squared. I think the site for building 2 is still undergoing design\final approvals and just normal site work going on for building 3. It's suppose to be a temporary park until it gets developed.
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