Jersey City Rising

[tbal]

""I'm looking forward to starting this project as soon as possible. It's time to bring back the excitement to the Square," said Lowell Harwood."

That is music to my ears!

The news in downtown is that a second crane has arrived at the Double Tree parking lot at the Monaco Towers site. Also, a backhoe has been delivered and is beginning to dig up the north side of the parking lot, and there is a massive stack of steel platforms (about two stories tall) sitting in the center of the activity (I still have no idea what these stacks are for, but there seems to be one at every major construction site where a parking lot is being excavated). So, it looks like we have yet another major construction site to watch along Washington Blvd!

[ianmac47]

Thankfully yes. I've been getting bored lately with some of those towers where the exterior work is virtually finished and they are in the process of finishing the interiors.

Also, 833 Jersey Avenue had new heavy machinery on the lot and the dirt piles had been moved around. Maybe they are finally ready for foundation laying. Also, it pretty much looks like they are outright clearing the lot between Hoboken Ave and the rail line (Van Leer), which is probably an indication that they are moving ahead with that project.

[citybooster]

Great about the Monaco about to begin groundbreaking and construction!I am still concerned about second thoughts over the other side of the light rail at G&S backing off or delaying on the Metropolitan.We'll have to see if the Pep Boys does close down this summer and is demolished....if the rumors about G&S being concerned about the price tag of actually building the Metropolitan are true,wouldn't they have the same sense as the Harwoods with the Journal Square towers and get a partner to help contain costs?The Metropolitan is just the first of the eight towers proposed for the Metro Plaza lot,but over the next decade or so in building others,it wouyld seem logical that G7S get into partnership with someone...maybe Roseland which is doing the Monaco towers,the San Remo,and the Doubletree expansion?

Also,though I expected nothing out of it,what of the plans to lure media giants like Disney and Paramount to Jersey City?Harborside 4 and especially 7 would require big companies committing lots of space to justify building,especially with always cautious Mack- Cali.With New York poised to develop the West Side and interest in downtown for business increasing...Jersey City has got to step up and heavily sell its much lower rental,tax,and energy costs and prime location and views....or we might as well just concentrate on residential opportunities only.Merrill Lynch is dawdling,prime real estate is a parking lot....another parking lot on a site Goldman Sachs doesn't need next to 77 Hudson...they may wind up buiding the baby brother 50 Hudson,but another tower across the street?They can't even fill the current Goldman Sachs tower.Hartz decided they didn't see a commercial future for their land and sold it...quickly the 77 Hudson vision took shape.If you ain't gonna develop it,sell it to someone with vision and a plan who will!

And the football field sized empty lot that Harborside 6 and 7 are envisioned....not even being used as a parking lot,just one big nothing right now that is sitting completely idle....what a colossal waste of space and potential!I don't expect things to all go up at once,but there seems to be a lacking commercial effort/vision and I think we should start thinking outside the box....New York is prepping,the lower Manhattan skyline will be rising in the next 2-3 years,let's not drop the ball!

[tbal]

The first tower crane went up today at 77 Hudson. I'm guessing they'll be putting another one in on the opposite side of the site next week.

Below is a picture of that weird stack of steel platforms at the Monaco I & II site that I mentioned in an earlier post.



There were new markings at both corners of the site along Washington, including at least 3 on the San Remo side, so perhaps they will be constructing all three towers at the same time. It would make sense to do so, as according to an article at therealdeal.net a few weeks ago, analysts expect the vacancy rate on rentals in and around Manhattan to drop even lower than current levels between now and 2010, despite all the new construction going on.

Lastly, Grove Pointe finally put up its own 40 ft. banner today, advertising its new website www.grovepointenj.com. Columbus Plaza put up their own a week ago right across the street with their website being www.50columbus.com.

[tbal]

Yet another project moves forward: Pilings were being driven into the ground at 209-217 Newark Ave. this morning, a project that went before the Zoning Board last week. It is to be 6 stories tall. A company called "A.N.S. Contracting" was there this morning performing the work.

In addition, a warehouse at 369 Fifth Street was torn down over the last few days. A two-story addition was to be made to the two-story warehouse, but perhaps the developer has bigger plans in mind.

I honestly wouldn't be surprised if we were to see a majority of the major projects approved within the last year or two break ground within the next two months, considering that most of them are expected to take at least 2 years to construct and by summer 2009, the housing market should probably be in healthy territory again.

[nafco]

I guess I signed up to be on the Canco Lofts Mailing list and got an email of their finished website www.cancolofts.com. i dont know how much if any of the lofts have been sold yet, but they seem at least pretty ready to show off most of the units now. They also show a few area photos of the city, but i swear at least one of them looks like its manhattan.

[TriHobo]

...if the rumors about G&S being concerned about the price tag of actually building the Metropolitan are true,wouldn't they have the same sense as the Harwoods with the Journal Square towers and get a partner to help contain costs?

I'm confused. How does taking on a partner help control costs? The design of the building is what determines building costs. Yes a more experienced developer might be able to buy out the job better, but that's not the problem here.

The Harwoods took on a financial partner because they didn;t have the equity to do it themselves, or chose to share in the risk. If the financial partner had been concerned about costs, they too would not have joined the project.

While the design on the Metropolitan might be nice, it is also the sign of an inexperienced developer that was trying to 'wow' people. The economics - meaning the constructions costs involved factored with the insane amount of units in the building, tells me that as it is currently designed and programmed, The Metropolitan will not get built.

(Spoon, you can thank me later for having people attack me now, instead of you...)

[ianmac47]

I think it will be built, but will probably be a little more boxy and little less glitzy. But that's the usual course of expensive projects like that.

[InsideScoop]

Trihobo i think you were referring to me, and sure thanks. Don't get me wrong, I'm a HUGE JC booster too! It's just that a lot of real estate talk is hype hype hype by big mouths and I think it's worth separating the real competent contributors to JC's renaissance (whether bigtimers like Mack-Cali/Harborside, Newport/LeFrak, Hartz or the successful locals like Geibel, Panepinto, even Silverman/Exeter) from the small-time phone booth operators who spread a lot of favors around City Hall but aren't so good at getting anything done.

The City and the Press tends to look for the shiny new penny but in truth the JC renaissance has mostly been accomplished by some hardworking builders who've been grinding away at it for a darn long time.

Pep Boys building and Remi Koolhaus building are not the first b.s. projects that have been bandied about only to disappoint later with major scalebacks or non-commencement.

[citybooster]

My apologies,I meant to say share risk,not control costsWell,something is going to get built on the Metro Plaza lot and the now nearly removed 111 First Street...whether there is a reconsideration of designs,or whatever...my hope is the Metropolitan does get built,though I understand the doubts and skepticism.G&S simply may not be able to pull it off without some,maybe drastic changes...or would be better off selling the property.Gold Properties is partnered with the Athena group on the 111 First replacement,so Koolhaus or not,they have the capability of building something there...within a couple of weeks nothing will be left of the old Lorillard Building.

[citybooster]

I think it will be built, but will probably be a little more boxy and little less glitzy. But that's the usual course of expensive projects like that.

Well,if the Pep Boys does close down as scheduled this summer and is razed,we will soon know.At least Roseland is going full steam ahead with the Monaco projects....is the San Remo,on the other side of the Doubletree,going to be built at the same time?

[tbal]

Yes, it does look like San Remo is going to get built at the same time. There are markings all around the property, both on the surrounding sidewalks and within the parking lot itself. There are numerous cones blocking off several areas now on the San Remo side.

As for Metropolitan - I have no idea where the rumors started about the project being scaled back or completely abandoned. As far as I am aware, the project is going forward. Folks, G & S said they would begin construction this summer, and we are still about 4 months away from the end of summer (in case you didn't realize, summer doesn't even START for another month).

And, in for those of you who didn't know, a huge underground utilities project on Marin (one of the streets bordering Metro Plaza) began about a week ago, with several pieces of heavy equipment digging up the center of Marin for a utilities upgrade, which would be necessary if G & S were to go ahead with its plans to significantly increase density in the area. I will be sure to get some photos of the huge underground utilities project on Marin this weekend.

[ianmac47]

I think the issue here is that G&S took the time to create a master plan for the site. Arquitectonica lists it not as a single tower, but a whole community. I don't think any company would waste the resources creating an expensive masterplan without realizing the costs that would be expended on such a project. The Metropolitan may be a trophy tower, but I don't think they are fools. They will build the Metropolitan as a beacon for the rest of their development.

As far as the utilities on Marin, any utility upgrade is long overdue downtown. Sewers are are 100+ years old and the electricity grid is probably almost as old. Coincidentally, a substation blew up this afternoon apparently.

[tbal]

77 Hudson tower crane (with Trump's first tower rising in the background):



I have a feeling that they may take the route taken by Trump and do one tower structure at a time. I know one of the articles said that Equity Residential and K. Hov would be building simultaneously, but another article mentioned that one tower will be ready in 2008 and the other in 2009.

Anyway, Trump's first tower, with only 5 more floor slabs to pour:



Does anyone know what the actual final roof height is supposed to be? The website njtrump.com says 532 feet, but I find it hard to believe that it won't be taller than that including rooftop structures. I noticed some floors are taller than others as well (floors 5, 10, 22, and 33 all have higher ceilings than the rest).

Finally, underground utilities work on Marin (Metro Plaza - the G & S development site - is to the left with the grass and trees):

[sfenn1117]

The Trump tower sure does dominate the local area.....makes me anxious to see the Metropolitan go up.