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Old Posted Sep 22, 2014, 9:39 PM
CIA CIA is offline
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JERSEY CITY | Powerhouse Tower | 400 FT | 40 FL

Mayor Fulop is the best mayor in New Jersey A+

$179M retail, commercial complex coming to Downtown Jersey City's Powerhouse

http://www.nj.com/jjournal-news/inde...elated_stories

Quote:
Jersey City is moving forward with plans to build a $179 million retail and commercial complex inside the long-dormant Powerhouse in Downtown Jersey City, a project the city says will be "game changing" for the neighborhood.

The plans include a new component, a 40-story residential tower housing 370 units and 200 parking spaces. Baltimore-based Cordish Companies, the developer behind the project, calls the tower an "expansion" of the 108-year-old Powerhouse, located on Washington Street.

Mayor Steve Fulop said the tower is a vital component to making the long-stalled Powerhouse redevelopment financially feasible. Because of its historic nature, renovating the 180,000-square-foot behemoth will cost a tidy sum, and Cordish is facing a funding gap of as high as $40 million, Fulop said.

"The project won't make sense for any developer economically without some sort of structure next to it," he told The Jersey Journal. "The math won't work."
Other JC news:

Jersey City breaks its development record with boom in Downtown, Journal Square: report

http://www.nj.com/hudson/index.ssf/2...elated_stories

Quote:
Jersey City is seeing a record level of new apartments being built, with booming development in Downtown and Journal Square, according to one report.

The Wall Street Journal says Jersey City has 5,609 units under construction in the Journal Square and Downtown this year. Last year, WSJ says the city only had 3,009 projects under construction.

This is a new record, beating 5,122 projects in 2008, says WSJ, which consulted City Hall for its findings.

So what's boosting JC now? They say the city's convenient transit options and Millenial-friendly environment are key factors.

While Downtown has long been a focus of revitalization and development, Journal Square is only recently finally seeing results from developers' plans formed long ago. Last month, JSQ got its first high-end residential building, Kennedy Lofts, ironically where the former Hudson County welfare office was located on Newkirk.

Jersey City's Housing Boom Expands

http://online.wsj.com/articles/jerse...nds-1411354679

Quote:
Jersey City's residential construction boom is spreading beyond its waterfront area to neighborhoods farther inland where planners and developers have long dreamed about building with little to show for it until now.

In August, for example, Kushner Real Estate Group and National Realty Advisors broke ground on the first of three planned towers at a giant development in Journal Square, known as Journal Squared, which will have a total of 1,840 units and 36,000 square feet of retail. Builders are currently excavating and underpinning the project's foundation.

"We really believe in the market," said Jonathan Kushner, president of Kushner Real Estate Group, citing Jersey City's transit options and growing night life.

Also in the Journal Square area, renters will soon start moving into Kennedy Lofts, a converted office building. There is already a waiting list forming for the units—which run from $1,500 a month for a studio to $2,100 for a two-bedroom, says Heriberto Camacho, with Keller Williams City Life Realty.

Other Journal Square projects are close to moving forward. A venture of developer Kenneth Pasternak and Kushner Cos.—a different branch of the Kushner family—are planning to convert the building that used to house the Jersey Journal, into a mixed-use project including rental apartments.

That same group also is purchasing a huge site across the street from the Journal building. It is approved for a tower that could soar 60 stories.
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  #2  
Old Posted Sep 22, 2014, 9:42 PM
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Town on a tear to become the best in America

http://www.rew-online.com/2014/09/03...st-in-america/

Jersey City, an area that has spent the 2000s embracing the nuances of gentrification along its waterfront, is now anticipating the completion of several dynamic-changing buildings within an interior that, according to the city’s division of planning, is “in need of rehabilitation.”

To follow in the footsteps of Hoboken, its neighbor to the north, Jersey City has lined up multiple projects to add luster to the location as a whole and up the value of properties within the state’s second-largest municipality.

It’s an initiative that has Mayor Steven Fulop at the forefront. “We’re correcting decades of perception issues,” Fulop told Real Estate Weekly. “Of corruption, of mayors going to jail, of legal issues, of asymmetrical development. Perception generally lags reality.

Mayor Fulop
Mayor Fulop
“We started with a tax-abatement plan to really encourage development away from the waterfront,” said Fulop, adding that the measure was “very, very aggressive,” but necessary due to the negative preconceptions of the area.

The abatement is a 30-year tax break for developers that opt to invest in the city’s inner wards. While some investors may be wary, initial coaxing has begun to produce positive results.

In June on this year, Kushner Real Estate Group opened 18 Park, a 422-unit luxury rental building that has already seen more than 250 apartments claimed. Aside from upscale living options, 18 Park also gives the area 10,500 s/f of retail space as well as placing 34,000 s/f of classrooms and recreational spaces at the Boys & Girls of Hudson County’s disposal.

“We continue to see an increase in demand from residents for new living options both on the waterfront and in in-town neighborhoods. This is fueled in part by the continued increase in living costs in Manhattan and Brooklyn which is pushing people to consider other outer borough locations, and Jersey City has become an extension of that,ˮ said Jonathan Kushner, president of KRE Group.

According to Kushner, more and more people are accepting Jersey City today as a viable, dynamic destination in its own right. He said, “The area always offered one of the most convenient and comprehensive public transportation systems with multiple PATH stations and ferry terminals offering quick service into Manhattan, as well as spectacular views of Manhattan, which has long attracted Manhattan professionals to the city’s waterfront high-rises.

“In recent years, that appeal has expanded inward into in-town neighborhoods with new, forward-thinking, highly-amenitized residential buildings and a new breed of supportive lifestyle attractions and services, like a branch of the popular Williamsburg arcade-bar, Barcade, farm-to-table restaurants, boutique storefronts, and an ever-growing arts scene.ˮ
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  #3  
Old Posted Sep 22, 2014, 10:13 PM
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Quote:
The Powerhouse, built in 1906 to provide power to the Hudson Tubes, is “the greatest building in the metropolitan area,” according to John Gomez, founder and former president of the Jersey City Landmarks Conservancy.

“It’s gloomy, it’s Gothic,” Gomez said. “You don’t see these types of buildings around anymore. It’s a rare industrial relic of its age, and we have it in Jersey City. It’s ours.”
NIMBYS say the darndest things!
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  #4  
Old Posted Sep 22, 2014, 10:20 PM
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Funny! Jersey City has a proposal on the table for historic preservation and adaptive reuse of the Powerhouse. Would the NIMBY prefer it remain vacant and continue to fall into disarray?

Similar fools trying to detail Loews theater in Journal Square. City has a contract for someone to rehabilitate and restore the theater to former glory but NIMBYs are filing lawsuits for reasons I can't understand and the place continues to decay.
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  #5  
Old Posted Sep 24, 2014, 4:37 PM
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Surrealplaces Surrealplaces is offline
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That's a pretty healthy amount of new units u/c

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Originally Posted by CIA View Post


Jersey City's Housing Boom Expands

http://online.wsj.com/articles/jerse...nds-1411354679



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