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Thread: Newark Development

  1. #9871

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    the article says midrise which in Newark means what--8 to 10 stories at best?

  2. #9872

  3. #9873
    Forum Veteran West Hudson's Avatar
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    ^ That project won't happen anytime soon without enormous subsidies from the state and/or city. Way too far from major transit hubs and outside of gentrifying areas. Unfortunately I think we've entered the "pipe dream" phase of this development cycle and we're seeing tons of pie-in-the-sky proposals that will never get built.

    Heck, it's been almost TWO YEARS since Lotus Equities closed on the Bears stadium site and they haven't even started preliminary demolition yet...and that site is both by the river and adjacent to one of the best commuter rail stations in the state (i.e. one of the most desirable sites in Newark).

    That being said, my guess is that the next tower to actually come to fruition would be something near NJPAC or Penn Station by one of the developers who've already built in the city. That would include the Boraie/Shaq tower next to Ironside, 560 Broad, or a second NJPAC tower.
    Last edited by West Hudson; July 21st, 2018 at 03:50 PM.

  4. #9874

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    Quote Originally Posted by West Hudson View Post
    ^ That project won't happen anytime soon without enormous subsidies from the state and/or city. Way too far from major transit hubs and outside of gentrifying areas. Unfortunately I think we've entered the "pipe dream" phase of this development cycle and we're seeing tons of pie-in-the-sky proposals that will never get built.

    Heck, it's been almost TWO YEARS since Lotus Equities closed on the Bears stadium site and they haven't even started preliminary demolition yet...and that site is both by the river and adjacent to one of the best commuter rail stations in the state (i.e. one of the most desirable sites in Newark).

    That being said, my guess is that the next tower to actually come to fruition would be something near NJPAC or Penn Station by one of the developers who've already built in the city. That would include the Boraie/Shaq tower next to Ironside, 560 Broad, or a second NJPAC tower.
    Did the article mention who the developer is? Unless I missed it, there's a possibility that the developer may already be established in the city. Also, isn't that site next to the proposed "Vibe Apartments" development? If so, between Vibe, Teacher's Village, and the smaller infill developments like William Flats, there is some critical mass of gentrification in that area. It's also just a couple blocks away from the Prudential Center, Marriott and Indigo Hotel, so it's not an area completely void of development. Lastly, isn't that area within the SOMA district?

  5. #9875

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    Quote Originally Posted by coralridge View Post
    the article says midrise which in Newark means what--8 to 10 stories at best?
    When I was in Broad street the day it closed they were talking filling the gap between 550 and 570 so that would be 16-18 floors

  6. #9876
    Forum Veteran West Hudson's Avatar
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    Quote Originally Posted by scrollhectic View Post
    Did the article mention who the developer is? Unless I missed it, there's a possibility that the developer may already be established in the city. Also, isn't that site next to the proposed "Vibe Apartments" development? If so, between Vibe, Teacher's Village, and the smaller infill developments like William Flats, there is some critical mass of gentrification in that area. It's also just a couple blocks away from the Prudential Center, Marriott and Indigo Hotel, so it's not an area completely void of development. Lastly, isn't that area within the SOMA district?
    Vibe apartments is another proposal that probably won't get built anytime soon. And I think the equity in Teacher's Village came almost entirely from government sources (i.e. the developer took on very, very little risk with the project). The reason why we're even seeing these articles about proposed towers is that the developers are hoping that some investors read them and consider getting involved. On the other hand, it sounds like the next Shaq tower is the only project that might have actual financing lined up at this point. I would be surprised if any of the others have more than 1% of funding lined up.

    Sorry for sounding like a Debbie Downer, but at the end of the last cycle there was alot of hope that turned into alot of disappointment (including halving the height of the NJPAC tower, and almost a decade delay in building it and the first Shaq tower) and I'm 99% sure we're going to see a lot of the same over the next year or two.
    Last edited by West Hudson; July 24th, 2018 at 10:37 PM.

  7. #9877

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    https://www.tapinto.net/towns/newark...rmer-garment-w

    Luxury Units Slated For Newark's Former Garment Workers' Union Building


  8. #9878

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    Same developer who purchased 560 Broad

    Quote Originally Posted by nignog View Post
    https://www.tapinto.net/towns/newark...rmer-garment-w

    Luxury Units Slated For Newark's Former Garment Workers' Union Building

  9. #9879

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    https://jerseydigs.com/second-shaq-t...ighway-newark/


    I'm honestly hope they can come up with some attractive architecture.

  10. #9880

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    https://www.nj.com/essex/index.ssf/2..._penthous.html

    Shaq plans on living in two places in Newark since he made this same claim regarding rector st

  11. #9881

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    The second Shaq tower got approved. If the rendering really depicts what will get built, it will be a great addition to the area.

    https://www.tapinto.net/towns/newark...or-second-shaq

  12. #9882
    Forum Veteran West Hudson's Avatar
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    Quote Originally Posted by milesq View Post
    The second Shaq tower got approved. If the rendering really depicts what will get built, it will be a great addition to the area.

    https://www.tapinto.net/towns/newark...or-second-shaq
    Thanks for sharing! Not a phenomenal design, but certainly better than the first Shaq tower and a huge step forward in creating a presence on McCarter Highway.

    It looks like 2019 will be a good year of growth, because according to Minno & Wasko, 55 Union Street, a massive 403-unit building to be built just south of Penn Station, will be breaking ground just a few short months from now in November:


  13. #9883
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    Quote Originally Posted by milesq View Post
    The second Shaq tower got approved. If the rendering really depicts what will get built, it will be a great addition to the area.

    https://www.tapinto.net/towns/newark...or-second-shaq
    Thanks for sharing! Not a phenomenal design but certainly better than the first Shaq tower and a major step forward in creating a presence along McCarter Highway.

    In related news, it looks like 2019 will be a good year of growth for downtown Newark as (according to Minno & Wasko) 55 Union Street (with a whopping 403 units) will be starting construction a few short months from now, in November:


  14. #9884

  15. #9885
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    Thumbs up Interesting Interview with Dave Minno

    Some interesting comments about upcoming projects in downtown Newark, as well as insights about Jersey City and the next recession, from the perspective of a high-level industry insider.

    From CapREMedia.com:

    Jun 26, 2018
    by Josh Anderson

    LinkedIn Twitter Google Facebook

    NEWARK, NJ Ė David J. Minno, AIA, PP is a Principal at Minno Wasko Architects and Planners. He boasts extensive experience with housing, community design, senior housing and light commercial projects. Minno has worked on many planned development communities as a land planner and frequently serves as an expert witness on planning and zoning cases. He holds a Masterís degree in Architecture and MBA from the University of Pennsylvania. CapRE recently caught up with Minno to hear about his recent activity in the New Jersey multi-family sector and what he is most excited about in the New Jersey multi-family market.

    CapRE:
    Itís always great to hear from you Dave. Please share with our readers a bit about all of your exciting activity in Newark lately.


    Dave Minno, Principal, Minno Wasko Architects and Planners

    Minno: We are very busy on a number of new, fairly large projects in Newark. There are three large developments on our boards Ė one you probably know about is the redevelopment of the Newark Bears stadium project called Riverfront Square. This is a multi-phase project with a large mixed-use component, which includes retail, entertainment, residential and office.

    There is another planned community in the Ironbound section of Newark, at 55 Union Street. This is about 403 rental units in a 12 story building, just two blocks from Penn Station. There will be two roof top amenity spaces and ground floor retail space. It is the first large residential project to be attempted in the Ironbound under the Cityís new MX-3 zoning, and weíre really excited about that.


    Last but not least, we have a new project at 289 Washington St, which is two, 40-story high rise residential buildings with about 525 units. They will be, if approved and constructed, the third-tallest buildings in Newark.

    CapRE: So how would you characterize the Newark commercial real estate arena?

    Minno
    : Even though Newark has had its challenges, it has one of the best connected (by mass transit) markets in the country. As the market figures out that Newark is so well connected to New York City through NJ Transit, PATH, Amtrak, Newark Airport shuttle, it becomes an incredibly viable location.
    And one of the other positive factors that most people donít know about is the fact that Newark has whatís called ďdark fiberĒ network Ė one of the fastest internet networks in the country, probably even faster than whatís in San Francisco and Silicon Valley. Itís why Audible started there and one of the reasons why Amazon purchased Audible. It also has a good political climate now, with a progressive Mayor who knows how to get things done. Then thereís this buzz about Amazon about potentially choosing it for HQ2 Ė whether it happens or not, itís been good for the City, to be selected as a finalist.

    CapRE
    : You have a stake in so many verticals. How do you know when to strike with regards to, say, multi-family vs. the office sector?

    Minno: There are many factors. The key to our success is really listening to the market. The market has certain things that theyíre looking for. Multifamily wants good transportaion, good connections to walkable retail, innovative product, and places to work.

    Different locations like Jersey City were so hot for so long, and people wanted to be there, but the prices in Jersey City are getting pretty high, a good portion of the market are going elsewhere. The politics in Jersey City have also changed a bit, itís a little bit anti-development. People, who now live there, are taking on the same mentality as in the suburbs Ė ďnot in my backyardĒ.


    Weíre not the decision-maker on where to go, obviously, our developers are. But we see those trends. Bayonne is a very welcoming City so we are seeing more activity there. itís a little further away by public transit but new transit is being developed. Theyíre developing a large new ferry stop there and that will open up Bayonne for more residential.


    CapRE:
    So what are you looking forward to about our upcoming Newark CRE Summit?


    Minno
    : Iím presenting case studies on the three projects we discussed before, but I like to listen to what others have going on in Newark. That tends to fill out the picture of what we do. Itís great to interact with people who are so committed to Newark and believe in it.


    CapRE
    : So where do you think the market is headed next?


    Minno
    : Itís interesting right now. The real estate market, especially on the residential side, was hot for a long time. And Iíve been around a long time, so I know itís cyclical. I think this cycle has been extended a little artificially by the tax breaks Trump has put in place. So Iím a little cautious because I think the next couple of years will be pretty good but after 2020, I donít know. Weíre due for a bit of a correction, I think.
    The difference this time is that the demographic shift has been so strong toward residential housing that I donít think itíll be as severe of a recession as we experienced in 2008. But I do think there will be a pretty big drop-off, and we area already seeing that with lenders being more discerning in terms of where they want to lend and what projects they want to finance.

    CapRE:
    What advice do you have for someone who wants to ride out the rest of this wave?


    Minno:
    Look at the fundamentals. If you stick with the better locations, and that for me is really defined at Transit-oriented, walkable locations. If you can be as close to transit as possible, I think you can do well, even during a recession. Some developers may choose sites a little further out, but that might put you at a disadvantage.


    CapRE
    : Awesome, thanks Dave. Weíll see you in Newark.


    Link: https://www.capremedia.com/newark-cr...-in-the-offing
    Last edited by West Hudson; August 30th, 2018 at 01:47 AM.

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