Jersey City Rising

[kljc]

Like I said above, I don't recall the PB granting final approval for anything at this site, but I do remember that as part of the 111 First ruling, Goldman was given permission to build something of up to 350 or 400 ft (?) in height and with a specified maximum number of units (I think).

I went to the Planning Board Meeting this evening. A few speculations were resolved.

See Item 12 of agenda - 110 First is looking for approval for 450+ units AND 343 parking spaces.

Apparently-- The New Gold Settlement specifically states that at 110 First Street, "Residential uses and amenities shall not exceed 345 dwelling units, with gross residential floor area of 360,00 square feet."

The city's counsel has come to a deal with New Gold to allow them to increase the number of units but NOT the height [still set at 350 ft], and still using the same square footage; more smaller units than before and the minimum size for a unit is smaller. So don't expect any big loft like apartments or three bedrooms. It will be rentals. 35 stories total.

A whopping nine-story parking garage, but the goal is for it to look like the building, not like a parking lot. Hope they can pull it off. There will be an open area with a pool on top of parking garage for residents only.

The whole presentation seemed a bit rushed... they weren't completely prepared to present... didn't have crucial paperwork regarding 345 up to 452 units AND they are piggy backing on to the Toll Brothers amendment to be able to build half the lower income units off-site, although they might just be giving a bunch of money to whomever will build these lower income units. [never heard the word artist]

The planning staff didn't seem to have had enough time to prepare either... the water, and power and traffic studies haven't occurred, they haven't had time to review the plans. The planning board was ready to table the whole presentation, because of this outstanding items and the lack of approval and permits to create a valet-like drop-off in front of the main entrance (lack of traffic studies). The developer said that he would drop that option... they REALLY wanted approval tonight. And they got it [6-0]. There will be changes and follow up, but for the most part... looks like a new building will be on its way soon.

Restaurant (under/behind parking garage) on east side overlooking "sculpture garden/ pathway/ dog run" and [squealing] light rail. Gallery space and retail also on the ground floor. They talked about some 50x60 foot panel of "TBD artwork" that will drape in the restaurant? it will be seen from the pathway. The renderings might be able to explain that one.

The design looks a lot like the "A" building next door. Brick with glass. Planning board wasn't very wowed by the design... they hope that some style might be added on top for those who look at the high-rise from far away.

The "A" condo bldg. next door is 33 stories, approx. 250 units, 238 parking spaces to help with scale.

The "construction" we were all seeing this past week was actually driving "test" pilings. Somebody should put up permits stating the fact, so we don't go making assumptions about site prep... especially since the construction office had no idea any activity was going on at the site.

BTW
The new space next to light rail is a parcel at Block 109, built by "A" building; complying with the PAD redevelopment plan's required "public sculpture garden with passive recreation space, landscaping..., pedestrian pathway connecting First St. to Second St."

[JCMAN320]

January 30, 2008
Written by Antwan Davis

AXA Takes 245,000 SF in Jersey City
Insurance Company Signs 15- year Lease at 36-Story Newport Tower

Life insurance provider AXA Equitable Life Insurance of New York signed a long-term lease to occupy 244,957 square feet in Newport Tower, at 525 Washington Blvd. in Jersey City, NJ. AXA is slated to take occupancy on a 15-year deal in the third quarter of 2009.

The 36-story, 1 million-square-foot office building was constructed in 1992 in the Newport Office Center, in the Hudson Waterfront submarket.

Ed Duenas and Kevin Daly of Cushman & Wakefield of New Jersey represented the landlord, Brookfield Properties, while Scott Panzer, Steven Rotter and Deborah Van Der Heyden of Newmark Knight Frank represented AXA.

[jerzfinezt]

heard elizabeth is about to get sum new waterfront property so did som digging this is the most i found.. anyone know any thing more


http://www.terngroupllc.com/wp-conte...ed_resized.jpg

http://www.terngroupllc.com/celadon-parcel-b

[TimmyG]

You can read about the Elizabeth project you mentioned here.

http://www.wirednewyork.com/forum/sh...ad.php?t=12570

[tbal]

Here's yet another one to add to restaurant row: 284-286 First Street is currently undergoing reconstruction to reborn as a new bar/restaurant. I noticed the permit in the window of the retail outlet this afternoon. It's great to see Newark Ave continue on it's upward swing!

It should be interesting to see if other new bars/restaurants pop up over the course of the next few months as Summer approaches...

[JCMAN320]

Long Slip pedestrian bridge to Jersey City

by Carly Friday February 08, 2008, 12:23 PM

For those who care about groundbreakings -

NJ Transit sent out a press release this morning letting people know about a groundbreaking ceremony this Monday, Feb. 11th on the Long Slip pedestrian bridge.

The Long Slip pedestrian bridge would span the Long Slip Canal to connect the nearby Newport section of Jersey City with Hoboken Terminal. Once built, the pedestrian bridge would compose a much-needed segment of the Hudson River Waterfront Walkway, enabling people to walk from the Newport section of Jersey City to Hoboken, and vice-versa, for shopping, dining, work and transportation needs.

Where: Hoboken Terminal - Long Slip adjacent to light rail station
When: Monday, February 11, 2008 at 10:30 a.m.
Who'll be there, grinning from ear to ear: U.S. Senator Robert Menendez, Assemblyman Ruben Ramos, Jr., Hudson County Executive Thomas A. DeGise, Jersey City Mayor Jerramiah T. Healy, Hoboken Mayor David Roberts, NJ Transit Executive Director Richard Sarles

[JCMAN320]

From Newyorkssixth.com and Ianmac - http://www.newyorkssixth.com/

Tightening Office Markets Could Spur New Towers

The Real Deal reports that Manhattan's Downtown office market is tighter than Midtown's for the first time since September 11th. This could be good news for Jersey City's commercial real estate market, a mere five minute subway ride from the downtown.

While midtown office rents steadily rose over the last few years, Jersey City benefits less directly from a shortage in midtown office space; downtown Manhattan is a mere five minutes from the Jersey City waterfront, but midtown nearly twenty.

In August, Jersey City's office market tightened to 90% occupancy. Office tower construction took a backseat in the last few years to residential towers such as 77 Hudson Street. The original plan for 77 Hudson Street included two large office towers before developers realized more money in building residential units. But with the residential market cooling, commercial space may be a more attractive investment.

Low vacancy rates in lower Manhattan and Jersey City could accelerate construction of the long planned Harborside Plaza 4, an office tower that resurfaced before the city planning board last spring. The site currently is a parking lot.

Less likely to begin anytime soon is a remodel of 2 and 30 Montgomery Streets, two midrise towers bought out last year for $106 million. The new owners intended then to demolish the existing towers and rebuild two new, modern high rises similar to midtown's Time Warner Center. The status of this project is still unknown.

Also worth noting, Goldman Sachs has long planned a tower adjacent to their existing skyline centerpiece. Unlike other investment banks, Goldman has maintained relatively steady earnings as credit markets collapsed. Anecdotally, the upper floors of the existing towers, long left dark, have increasingly been lit, perhaps indicating the tower continues to fill.

Still, despite shrinking availability in the short term, plenty of office space is planned for lower Manhattan over the next few years. The World Trade Center reconstruction will bring another 2.5 million square feet of space to the market as well as drive up construction costs throughout the region. Developers also are probably weary of creating a glut of new space as happened in the late 1980's.

[voodoochild]

I am usually wrog with everything I say, but I did indeed say 6 years ago to buy in Jersey City because it would become NJ's Manhattan. Of course I didn't listen to myself, but some one else did and they have made a ton of $.

[kljc]

Late Sunday afternoon a middle portion (both sides) of this roof blew off into the street. It sounded like a huge truck rumbling down the road.


The building has been used as a holding place for moving companies. Moving trucks are always emptying and reloading from this warehouse.


It's old but from the street it showed no signs of blowing apart. Debris covered First and Provost Street. Fortunately no cars were damaged form the flying debris.

A little history below:


http://www.jclandmarks.org/nominatio...district.shtml


Building: Juan Ribon Machine Shop (Contributing)

South section built prior to 1873, north section prior to 1887.
Continued as Ribon and March Machinery & Copper Works until 1894 (last listing in Gopsill's Directory).
Street Address: 144 First St. (Block 173, lot 129.)
This remainder from the district's metal bashing early days was built in two nearly identical ten-bay sections fronting on Provost St. It is of "pier and panel" design; windows and doors are set into relatively thin brick panels, which are buttressed by adjacent thicker brick piers. The two-story machine shop is covered by a gently peaked roof, with gables facing First and Second St. These five-bay end exposures contain carriage door openings; the First St. entrance is surmounted by a cargo door, the masonry opening for a cargo beam clearly evident above. Both floors of window openings on the three street exposures are segmentally arched with slightly projecting sills. Those windows on the second floor are considerably shorter than those on the first. All windows on the ground floor have been blocked, most on the upper floor have been covered with wood or plastic or filled with modern replacements.
The red commonly bonded common brick has long been covered with one or more coats of stucco, portions of which have detached. Prior to the application of the stucco, it appears that a network of star bracketed tie rods were installed throughout the building. The aluminum panning covering much of the continuous corbelled brick cornice has also begun to detach, revealing a "sawtooth" dentil course at the base of the cornice and an attempt to treat the corner piers of the building as classical elements. A seeming anomaly in the district, the Ribon shop is related stylistically to a larger buiding of the demolished Baker castor oil block that presented its gable end to Washington St. Both seem vernacular echoes of the Rundbogen or American Round Arch Style that suited many American "production sheds" of the mid- and late-19th century (Bradley, Curran).
The former machine shop is vacant and for sale. It should be noted that the shop is attached at its western exposure to a building of modern design that mimics the machine shop.

[tbal]

The strong winds this afternoon knocked down a temporary wall bordering the site at 272 Newark Ave and revealed what appeared to be several dozen markings indicating locations where pilings are to be driven into the ground. Makes me wonder if the 5-story building approved for the site will go U/C within the next few weeks...this project would be a nice and long-overdue addition to the area, which is located a few blocks west of the 6-story building under construction at 213 Newark Ave.

I am assuming that work has stopped temporarily at the site while the developer awaits an issue of permits from the city. I believe an inspector from the city had to examine the site after demolition work had been completed.

[JCMAN320]

NJ Transit steps in to start new bus line in Jersey City

by Journal staff Monday February 11, 2008, 11:15 AM

NJ Transit will introduce a new bus route serving Jersey City on Monday, Feb. 18. The new No. 6 Ocean Avenue bus route will operate between Greenville and Journal Square to replace Coach USA Bus No. 99, which will be discontinued this coming Sunday.

"The creation of this new bus route demonstrates our commitment to serving the bus customers in Jersey City who depend on public transporation for their day-to-day needs," said NJ Transit Executive Director Richard Sarles. "We appreciate the interest of community leaders, including Mayor (Jerramiah) Healy, in championing robust public transportation for the residents affected by Coach USA's decision."

The new bus line will follow a similar - but not identical - route and schedule as the former No. 99 bus. The new route will enable the No. 6 buses to serve Hudson County Plaza (currently under construction), as well as Montgomery Gardens and The Beacon condominium project.

Coach USA's Nos. 3,5,and 16 bus lines, which serve the southern end of Jersey City, have been canceled since September. And the No. 4 could be discontinued in mid-March. Coach USA officials say they are cutting service due to low ridership and rising fuel costs.

[JCMAN320]

City may not see revenue for decades

Monday, February 11, 2008
By KEN THORBOURNE
JOURNAL STAFF WRITER

A Jersey City developer who has already received a 30-year tax abatement to help build an ambitious twin tower project in Journal Square - and has recruited a deep pockets partner to the deal - is now asking the city for a multi-million low-interest loan, city officials said.

Lowell Harwood, managing partner of Jersey City-based Harwood Properties, is asking the city to lend the project $20 million to $40 million by floating "revenue allocation bonds," city officials said.

In keeping with state guidelines, the developer would repay the loan, plus interest.

But with revenue allocation bonds, the developer deducts the costs to cover the loan from whatever taxes are owed the city. This means it could be years, even decades, before the city sees any revenue from this $500 million, mixed-use development planned for the block adjacent to the PATH Transportation Center, officials said.

Mayor Jerramiah T. Healy said his administration is hearing the developer out, but the public need not worry.

"I know they are looking for some kind of assistance having to do with infrastructure," Healy said. "Just because someone may be looking for assistance, the city is not obliged to tender that assistance. Before any agreement is struck, the city council and I will be most vigilant with the taxpayers' money."

Harwood, who has joined forces with the Multi-Employer Property Trust based in Bethesda, Md. - a union pension fund investment company with $6.2 billion in assets - to build the project, didn't return phone calls seeking comment.

But Elizabeth Opacity, his spokeswoman, said: "We have been working in partnership with the city on an ongoing basis to discuss the best way to move this overall program forward and revitalize the entire area. There have been no final determinations. Only discussions. There are no conclusions."

Journal Square Councilman Steve Lipski believes the city should give Harwood the money. "I support this one billion percent," Lipski said. "Helping the jewel of Jersey City and the only central business district of Jersey City is the right thing to do at this time."

Downtown Councilman Steven Fulop blasted the request for additional assistance, especially since the developer received a 30-year tax break calling for annual "payment in lieu of taxes" of 10 percent, the lowest PILOT rate handed out in recent years.

"The city is obviously broke and this is a dangerous door to open," Fulop said. "The next thing Lowell is going to ask for in a couple of months is for the city to build the building for him."

[JCMAN320]

Groundbreaking to make Jersey City just a stroll away

by Amy Monday February 11, 2008, 12:26 PM


Reena Rose Sibayan
This pretty path, seen in foreground, will soon stretch to allow Mile Square residents a scenic and speedy stroll to the Newport area of Jersey City, seen in background.

NJ Transit held its official groundbreaking this morning for the "long slip pedestrian bridge" linking Newport with Hoboken. The NJ Transit Board of Directors approved the $6.4 million project last September. The bridge is expected to open in about a year.

Mayor David Roberts, who hoisted a shovel at the event along with Sen. Robert Menendez, Hudson County Executive Thomas A. DeGise, Jersey City Mayor Jerramiah T. Healy and NJ Transit Executive Director Richard Sarles pointed out that not only will the bridge allow Hobokenites a speedy and scenic walk or bike ride to Newport, but that it will bring Newport residents to Hoboken shops and restaurants.

"Businesspeople will see more pedestrian traffic in Hoboken as a result of this bridge," he said.

The path currently extends 15 miles. Once fully completed, the Hudson River Waterfront Walkway will provide a contiguous 18.5 mile walkway system of parks, piers and open space along the Hudson River and Upper New York Bay waterfront.

"It will be a great thing to be able to ride a bike from the Bayonne Bridge to the George Washington Bridge, and this is one of the last links," said Healy.

(More on the bridge and walkway after the jump!)

The Long Slip pedestrian bridge will span the east end of the Long Slip Canal, which is right next to the Hudson-Bergen Light Rail station at Hoboken Terminal.

Until the bridge opens, a temporary walkway will be built by the LeFrak Organization, the developers of Newport.

A West Cranford firm, Simpson & Brown, received the contract to build the bridge. Much of the money to build the bridge comes from federal funding.

[tbal]

The City Center developers are so full of BS. First, they make the city put a ton of time and resources into acquiring the properties adjacent to the PATH station for them. Then, they get a 30-year tax abatement. Then, they change the plans a few times and bend the area's zoning regulations. And now, they're asking for funding from the city??!?!

They're controlling the city like a friggin puppet! This has just gone way too far. Anyone who knows anything about the rental market in Jersey City knows that Journal Square is already becoming a hot market for young professionals to commute from. If the City Center Towers for some reason weren't built, you can be sure that other developers would start building in the area.

I'd much rather see an office tower (or two) built there anyway...

Does anyone know what kind of legal rights the city has if the developer doesn't begin construction by a certain date? It would be horrendous if they left this valuable site as-is with partially demolished and vacant buildings for an indefinite amount of time. I hope the city has some sort of back-up plan...

[ianmac47]

The city could always seize back the property.