Reply With QuoteI have no idea. I was referring to it being a far-fetched pipe dream like Grant Tower. Hopefully this time there's no half built mall as the supposed first phase.Originally Posted by JCexpert558
lol i wonder how serious that is... would be great for newark though!
I have no idea. I was referring to it being a far-fetched pipe dream like Grant Tower. Hopefully this time there's no half built mall as the supposed first phase.
Moving along...
I was told the other day that building at the corner of Edison and Broad st was actually purchased by the co-owners of the Isley building. I am super psyched if this is true as they actually move projects along and do great work...
Court to Iron Mountian, “You’re Out!”
While perusing the New Jersey Eminent Domain Law Blog early on this rainy Sunday morning, while my pregnant wife slept, I came across this interesting post.
Eminent Domain, as many in NJ are all to familiar with, is the power of the government to condemn private property and take ownership for the purpose of public benefit. Public benefit used to mean highways, schools, hospitals etc… However, more recently public benefit has been more broadly defined to include development that will have a positive impact on tax collections. In Newark it was used for the Pru Center and is being used to assemble land for a mixed use development adjacent to the arena.
Iron Mountain has been a tenant in the 350,000 sqft warehouse on McCarter Hwy and Edison St. since 1996.
Their lease plus options could keep them in the building until 2024. The building Iron Mountain is in is part of a redevelopment zone and a target for eminent domain. Iron Mountain challenged the right of the government based upon their not being directly notified of the redevelopment. Essentially the court said no dice, you do not need to be notified.
Iron Mountain - start packing.
Development LLC has acquired a vacant 190,000-square-foot warehouse site in Kearny, NJ, which is planned for a planned mixed-use redevelopment. The project is Russo’s second redevelopment in the city. The existing warehouse at the 7.5-acre site at Schuyler and Bergen avenues was demolished last month to make way for the new Schuyler Crossing, a planned development of 232 apartments and 20,000 square feet of retail. Site improvements are under way, with vertical construction scheduled to begin in mid-2009. Omer Ahmed, vice president of acquisitions for Russo Development, said the company is “aggressively acquiring redevelopment opportunities” throughout northern New Jersey for a variety of uses. Russo recently completed Saw Mill Park, a 400,000-square-foot industrial redevelopment project fully leased to the Pepsi Bottling Group and HD Smith Wholesale Drug Co. Russo Development, based in Hackensack, NJ, has designed, built and operated more than 60 Class A industrial, data center and residential projects in the state since 1969.
See Article
having read this I was skeptical. I haven’t heard of anyone purchasing new development sites for at least a year. So I called Omer Ahmed and asked. The site was purchased over one year ago and they just recently got plans approved. The property is a large site on a very high traffic corner. Kearny is just across the river from Newark. This development will be within a five minute drive of the Harrison PATH station. There is also a plan to put a train station at the back of this development - BONUS!
http://www.russodevelopment.com/inde...ts_kearny.html
I'm trying to figure out what line would serve that new station. I see, it would be the NY/Newark trains.
Last edited by stache; April 12th, 2009 at 07:16 PM.
Way to go newark again!... to think iwas going to buy something and wait for the njit village to open... bullsh1t
Newark Sets Out Plan for 'Urban Village'
By RONALD SMOTHERS
Published: Saturday, November 15, 2003
City officials on Friday presented a $550 million redevelopment plan to include an ''urban village'' in a sagging section of the city's downtown, although the proposed arena for the Nets and the Devils that would be its northern anchor and premier attraction remains in limbo.
It was a clear effort by Mayor Sharpe James and other local officials to recover the lost momentum of revitalization that had been heavily tied to the planned $355 million arena. Plans for the arena have recently become mired in disputes within the group that owns the two teams, the YankeeNets. Some argue for building the arena, while others want the teams to remain at their current home at the Continental Airlines Arena, and still others talk of moving the teams to other localities.
Mr. James said the arena proposal was ''still very much alive.'' But he insisted that the planned 13-acre ''village,'' , which would include midrise and high-rise housing, parks and retail spaces stretching along Mulberry Street, could succeed on its own and solely on the basis of recent demand for moderately priced housing steps away from traditional urban amenities. The project would be just blocks from commuter lines and PATH trains and near a planned light-rail line.
''This is not predicated on the arena,'' the mayor said. ''This is predicated on the demand for housing in downtown areas.''
Echoing this view was Dean Geibel, the president of Metro Homes, one of the developers involved in the plan, called the Mulberry Street Promenade.
''It's getting quite expensive to live in Hoboken, and the land there is increasing in value,'' said Mr. Geibel, suggesting that the overflow from Hoboken and areas like Manhattan and Brooklyn would fuel demand for living in Newark. ''People who buy here early will in a year or two see real appreciation.''
The Newark business administrator, Richard Monteilh, said the proposed 2,000 housing units in the village would feature balconies, roof gardens and large windows, representing a departure from recent development projects in the city.
''Previous development was low density,'' he said. ''But we want to offer some different choices that will allow the city to grow its population.''
Newark's population had been in steep decline from the 1960's, when it had more than 400,000 residents, but its current population of 275,000 has been relatively stable in the last five years.
Mr. Geibel -- surrounded by brightly colored and stylized architects' renderings of the three- to six-story blocks of buildings with street-level retail space -- said a two bedroom unit would sell for about $225,000.
But the buildings would include starter units and small studios, all with underground parking garages and within walking distance of Newark Penn Station, he said.
The amenities proposed for the area are based on a nationwide survey conducted by a Rutgers University planning professor, Anton E. Nelessen, who was asked by the National Association of Realtors to determine the right mix of businesses, services, park areas and building heights that might attract people to urban areas.
Mr. Monteilh said the two- and three-family dwellings currently in the area bounded by McCarter Highway, Broad Street, Scott Street and Lafayette Street, as well as the smattering of small businesses there, returned only $139,000 in property taxes to the city last year.
The proposed development could result in properties that would bring the city $6 million a year in taxes, he said.
The plan still faces opposition from some residents who are unhappy with relocation plans and the initial discussion over what they might be offered for their property in the expected city condemnation process. And, the Newark City Council, citing similar concerns about displacement, was unanimous last spring in blocking Mayor James's initial steps to advance the proposal.
But on Friday, city officials were confident they could begin to seek the council's approval again starting next month and begin construction by next spring on five acres in the parcel already owned by the developers.
Completion of all stages is projected to take five years.
Photo: Mayor Sharpe James of Newark yesterday presented plans to build a new district of high-rise and midrise housing and shops aimed at recovering momentum for development now that a proposed arena is in limbo. (Photo by Timothy Ivy for The New York Times) Map of Newark highlighting proposed arena site: Newark's ''urban village'' will offer housing, parks and businesses.
Thank you for the blog traffic - http://newarknjcre.wordpress.comCourt to Iron Mountian, “You’re Out!”
While perusing the New Jersey Eminent Domain Law Blog early on this rainy Sunday morning, while my pregnant wife slept, I came across this interesting post.
Eminent Domain, as many in NJ are all to familiar with, is the power of the government to condemn private property and take ownership for the purpose of public benefit. Public benefit used to mean highways, schools, hospitals etc… However, more recently public benefit has been more broadly defined to include development that will have a positive impact on tax collections. In Newark it was used for the Pru Center and is being used to assemble land for a mixed use development adjacent to the arena.
Iron Mountain has been a tenant in the 350,000 sqft warehouse on McCarter Hwy and Edison St. since 1996.
Their lease plus options could keep them in the building until 2024. The building Iron Mountain is in is part of a redevelopment zone and a target for eminent domain. Iron Mountain challenged the right of the government based upon their not being directly notified of the redevelopment. Essentially the court said no dice, you do not need to be notified.
Iron Mountain - start packing.
Also look for my group on LinkedIn - Newark NJ Commercial Real Estate.
Will it get built?
geoffbailey,
Given Edison's previous statements of their desire to place a childrens museum in that location. Do you see anything happening there in the next 3 years or just more litigation?
Not sure about the Children's Museum but the major impediment to any development is funding. Edison has a number of plans for development in that area, including "The Link" which would be a pedestrian bridge connecting the Ironbound over the NJ transit tracks to the arena, however none of it will get done in the current financial environment.
Really glad I came across this forum - or should I say someone from this forum came across my blog - look forward to the discussions and ideas.
Geoff
Which reminds me, I feel sorry for the people that live across from the Arena in ironbound, I was driving home from ferry street and heading towards the arena to get home to 1180 and that big bright red flashing screen is an eyesore after awhile. Ditto for anyone moving into richardson loft also
Booker to Corzine: Nets must play in Newark if Brooklyn move fails
by Josh Margolin and Ralph R. Ortega/The Star-Ledger
Monday April 13, 2009, 7:45 PM
The mayor of the state's largest city today called on Gov. Jon Corzine to use his executive authority to force the Nets basketball team to play in Newark if their plans to move to Brooklyn fall through.
In a strongly worded letter, Mayor Cory Booker raised the stakes dramatically in his effort to get the state to close the Meadowlands' Izod Center arena in favor of the new Prudential Center in downtown Newark.
Noah K. Murray/The Star-LedgerExterior photo of on March 5, 2008.
"Should the Nets not build their project in Brooklyn, the Nets' long-term home in New Jersey cannot be Izod," Booker wrote in a fax sent to Corzine earlier today. "It must be Newark."
Booker's comments were in response to the revelation last week that the New Jersey Sports and Exposition Authority is planning to upgrade Izod and has already received architects' proposals. The disclosure came from authority CEO Dennis Robinson, in the course of a routine notice in the trade publication, Street & Smiths Sports Business Journal.
Robinson said the renovations are not aimed at keeping the Nets, though he echoed previous comments that the owners of the NBA team "know we are very interested in having the Nets remain at Izod Center long term should the Brooklyn project not materialize."
That sentiment infuriated Booker.
"This expenditure would clearly cause injury to Newark, further divide our state against itself and undermines current good faith efforts by Newark and the (authority's) leadeship to craft a larger vision for the Meadowlands/Newark region," Booker wrote. "I urge you to more actively join us in pursuit of such a win-win, NOT to add fuel and fire to the continued cannibalization of New Jersey venues to the detriment of two worthy communities."
Since the Newark facility opened 18 months ago, "The Rock," as it's called, has been locked in a bitter competition with Izod for the same lucrative rock concerts, ice skating shows, and family extravaganzas like the circus. Booker and other city leaders argue North Jersey can support only one major arena and the state should put it full force behind Prudential, where the NHL Devils are based. Corzine and Meadowlands supporters say the region can support two facilities, even if the Nets go to Brooklyn and leave Izod without a major-league sports franchise.
Booker's office said the mayor did not want to elaborate on his letter.
Messages for Corzine's representatives were not returned.
A copy of the letter from Newark Mayor Corey Booker sent to Gov. Jon Corzine:
Dear Governor Corzine: According to a recent media account, the New Jersey Sports Exposition Authority ('NJSEA') is preparing to hire an architect to improve Izod Arena as construction continues on the long-overdue, incomplete Xanadu project.
I am very concerned. Dennis Robinson's statement that NSJEA is "very interested in having the Nets remain at Izod Center long term..." is incomprehensible in the current environment. Should the Nets not build their project in Brooklyn, the Nets' long-term home in New Jersey cannot be Izod. It must be in Newark.
It is fiscally irresponsible, particularly in these difficult economic times, for the State of New Jersey to expend a single additional public dollar or incur additional debt to support an outdated facility to retain the Nets when a state-of-the-art, world class center already exists in Newark. I urge you to veto the NJSEA minutes and not let this project move ahead. Xanadu is in difficult financial straits -- to use that challenged project as the basis for further investment at the Izod Center makes absolutely no sense at this time.
Investments in this financial climate, be they in the Meadowlands or Newark, must be a part of a larger regional solution -- the current proposed expenditure does not do that.
This expenditure would clearly cause injury to Newark, further divide our state against itself and undermines current good-faith efforts by Newark and the NJSEA leadership to craft a larger vision for the Medowlands/Newark region that would ultimately produce a win-win scenario for us all.
I urge you to more actively join us in pursuit of such a win-win, NOT to add fuel and fire to the continued cannibalization of New Jersey venues to the detriment of two worthy communities. There is a better way. Please veto the minutes and join us in a far more constructive conversation about what will ultimately best serve New Jersey. Costly, piecemeal, short sighted, and injurious decisions have no place in our current climate or at anytime.
Sincerely,
Cory A. Booker
NEWARK — Unlike the Giants and Jets, the Devils have “New Jersey” in its name, but the price tag for those bragging rights may have been too high, said one city agency.“The actions of the New Jersey Devils … have been markedly at odds with their public statements, contractual obligations and their civic duty to the citizens of Newark,” reads “The Devil is in the Details,” a January 2009 internal document drawn up by the Newark Downtown Core Redevelopment Corp. NDCRC is a Newark agency appointed to manage the financial and redevelopment issues connected to the arena.
Besides footing $220 million of the $375 million cost of the arena, Newark incurred another $47 million of costs related to street improvement, police overtime, engineering and other services, according to the report.
Newark also waived a clause that called for the Devils to build a $25 million community center although the arena now features a public ice rink, and “per the Devils’ request,” the city scaled down the size of the arena’s parking lot from 1,000 spaces to 575 spaces, notes the report.
The Devils were committed to paying more than $1 million of rent before October, according to the report, but the arena’s landlord, the Newark Housing Authority, received two requests from the Devils asking for a total of 25 days’ delay in making the payment.
The extensions were granted, but on Oct. 27, the “Devils delivered letters to the NHA setting forth their refusal to make the rent payments,” the report reads.
Devils spokesman Bob Sommer refused to discuss the matter, although the “Newark Arena Project Review” report prepared for Mayor Cory Booker in October 2006 indicated the city missed at least one road construction deadline, and could be subject to up to $2 million in penalties.
The two sides are in formal arbitration, according to councilman Augusto Amador, a Democrat, and Assemblywoman Grace Spencer (D-Newark).
For full coverage, visit www.njbiz.com/arena
NEWARK — Some who praise the arena qualify their words with lamentations of the way the economy has crippled the growth potential for the city. “The arena has already met some expectations, but the economy may have delayed the development process,” said Assemblywoman Grace Spencer (D-Newark). And Chip Hallock, president of the Newark Regional Business Partnership, said the current economy “makes it impossible to expect anyone to come up with the money to build the office space and hotel that were planned for the area near the arena.”
Not so fast, said Stefan Pryor, the city’s deputy mayor for economic development, who said the economy’s stumble has brought new interest to Newark. “The downturn can help Newark as people look for lower-cost alternatives and residents seek cheaper housing,” he said, and the arena “has helped to spark restaurants and other retail activity in the area.”
Pryor said residential construction, like the 62-unit Richardson Lofts development about two blocks from the arena, is under way. “At least three credible developers have approached us with credible plans,” he added. “Newark’s transformation is not an immediate one, but there is a high concentration of activity.”
The Devils are involved in the proposed development of offices and hotel space, but “current market conditions make it difficult to predict when future development projects might begin,” said spokesman Bob Sommer. “One thing we won’t do is make a promise about a project deadline that we can’t precisely meet.”
a pedestrian overpass across Route 21 to link the New Jersey Performing Arts Center with the Newark waterfront;
http://www.nj.com/news/ledger/jersey...230.xml&coll=1
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