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Thread: Jersey City Rising

  1. #3976
    Forum Veteran West Hudson's Avatar
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    I hope they get a different developer for the City Center site...the tower design looked pretty ugly IMO (I absolutely love the KRE tower plan though). The base of the buildings was way too out of scale for the area and a really odd shape, and the towers looked too bulky without any setbacks. Hopefully a new design is drawn up that's more appropriate and respectful of the area.

  2. #3977
    Build the Tower Verre antinimby's Avatar
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    30 years tax break and $10 million in bond funds? That's got to be the most generous gift in the whole metro area for a private residential development.

  3. #3978
    Forum Veteran West Hudson's Avatar
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    Actually here are the incentives the J2 project has been awarded:
    1. 35-year tax abatement from city
    2. $10 million in bond funding from city
    3. $33 million state tax credit from state

    I honestly don't know why they didn't just aim for a less ambitious project to spur redevelopment. The first tower in J2 is much larger than Grove Pointe was, and that spurred plenty of gentrification around the Grove Street neighborhood. But it is what it is....I'm sure the added incentives are there to avoid another Center City towers flub. I'll never forget sitting in the Planning Board meeting when that plan was presented and hearing one of the principals at Becker + Becker (one of the partners in the project) say that the recession wouldn't stall the project because they didn't need financing (the plan at the time was to use equity from Becker + Becker, Harwood, and Multi-Employer Property Trust to cover the entire cost of construction).
    Last edited by West Hudson; January 14th, 2014 at 01:52 AM.

  4. #3979

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    That promise regarding the City Center project...what a laugh especially with a partner as flush with cash as the Multi-Employer Property Trust Fund, the pension fund investor that instead of ensuring City Center got built dawdled and complained about the economy but found $400 million to purchase Newport Tower with. I think the city has to offer an ultimatum.... no groundbreaking within six months, you're in total breach of contract and everything goes back to open bidding. That should be a big thing now with awarding developers these properties.... come for all these goodies like abatements and tax credits you better have groundbreaking within a year. Obviously the economy is a tricky situation but you make promises and get incentives towards making things happen you don't then get to sit on your hands for years while nothing happens... even if other developers with less ambitious but more practical projects could get the job done.

    In Journal Square now the area is in such need of an upgrade you have to have 30 year or greater of any deal... Mack Cali of course won't be able to benefit at Harborside URL with such a long term abatement as downtown has reached a point it doesn't need that level of subsidizing. However it did get the 33 million tax credit from the state as well.... it's not ideal but if it gets the project built, so be it.


    My feeling is that once the first tower of J2 starts after all the demolition is cleaned up, also with the 13 story, 240 unit mid sized tower going up across the street from the PATH station.... we will get the ball rolling on more building going on in that area once people see something tangible going on out there. Maybe even spurring something going on with City Center or getting some developer getting the right to build something there and speeding up the process after all these years of nothing.

  5. #3980
    Jersey Patriot JCMAN320's Avatar
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    Cool Jersey City Keeps Growing!!!

    Jersey City breaks ground for state's tallest apartment building

    By Tom De Poto/The Star-Ledger
    on January 14, 2014 at 1:13 PM, updated January 14, 2014 at 2:46 PM


    The URL Harborside apartment towers will feature three uniquely shaped buildings on Jersey City's waterfront.

    Jersey City is home to the tallest building in the state — the Goldman Sachs office at 30 Hudson Street. Soon it will welcome New Jersey’s second tallest building, and the tallest apartment complex in the state.

    Ground was broken yesterday afternoon for the URL (Urban Living Ready) Harborside apartment building at Greene and Hudson streets and near the Grove Street PATH station. It will stand 69 stories tall and contain 763 energy-efficient rental units. It is a joint project of Mack-Cali Realty Corp. and Ironstate Development.

    The building will be part of Mack-Cali’s Harborside Plaza and is the first of three planned high-rise apartments that are expected to change the Jersey City waterfront skyline with their Jenga block-like appearances.

    The Urban Living Ready concept was created by Ironstate President David Barry and features compact, partly furnished apartments.

    About 25 percent of the apartments will be 470-square-foot or smaller studios. The one-bedroom apartments will be about 630 square feet. Roughly 120 apartments will feature two bedrooms and be approximately 870 square feet.

    "Everyone is drawn to live here," Barry said in a statement, "but the costs of housing can be prohibitive. To meet modern housing challenges, we need creative and thoughtful solutions."

    Rental prices were not yet available.

    The atypical design is by the Dutch firm Concrete.

    The developers received $33 million in tax credits from the state Economic Development Authority in October for the first tower. The project is expected to cost $291 million and employ about 700 construction workers. Construction is scheduled to be completed in about two years.

    No date has been set for the other two towers, which are expected to be about the same height. When completed, they will include about 2,358 apartments with commercial space and parking.

    The tallest building in New Jersey is the Goldman Sachs office tower in Jersey City at 781 feet. The Harborside building will be 713 feet, about 13 feet taller than the Revel casino and hotel in Atlantic City.

    Jersey City has been experiencing a residential building boom. About 5,000 residential units are under construction and another 12,000 have approvals for this year and next.

    http://www.nj.com/business/index.ssf...t_river_Hudson

    ============



    http://www.nj.com/hudson/index.ssf/2...t_river_hudson
    Last edited by JCMAN320; January 14th, 2014 at 09:27 PM. Reason: More comprehensive article.

  6. #3981
    Crabby airline hostess - stache's Avatar
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    Filling another gap...

  7. #3982
    Jersey Patriot JCMAN320's Avatar
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    Thumbs up Forbes Relocating to Jersey City!

    Yes we are Stache; with URL Harborside, 110 First Street, Marbella II, Provost Square, and 70 Columbus the JC Skyline will gain depth and height in just 3-4 years. Also with JS2, Hartz Luxury Building going vertical this year, they will significantly add to our "midtown" skyline in JSQ.

    In other news, Forbes Publishing will be moving to the Newport section of Jersey City! More amazing news for Jersey City that business continues to follow the development boom!

    ========================

    Forbes publisher relocating to Jersey City, may bring 350 jobs

    By Ed Beeson/The Star-Ledger
    Email the author
    on January 15, 2014 at 10:40 AM, updated January 15, 2014 at 10:43 AM


    Forbes Media's current headquarters in New York. The publisher currently has leased space and will bring jobs to Jersey City. (Google Maps)

    The publisher of Forbes, the magazine best known for its lists of the world's richest people, is relocating to the Newport section of Jersey City and may bring 350 jobs to the area.

    Forbes Media made the announcement Tuesday, shortly after being awarded a 10-year, $27 million Grow New Jersey tax grant, according to a report by The Record of Bergen County.

    The grant amount is contingent upon the company bringing at least 350 jobs to Jersey City, according to a project summary filed with the state Economic Development Authority. The company currently has about that number of employees at its Manhattan headquarters, the lease for which up at the end of the year, the EDA said.

    In a statement, a Forbes Media spokeswoman said the company plans to move from its headquarters at 60 Fifth Ave., by the end of the year. It already has secured space in the Newport section, and is in "the final stages" of securing offices elsewhere in New York City.

    "We're in the process of determining how to maximize both resources," spokeswoman Mia Carbonell said in an email.

    According to the EDA filing, Forbes Media plans to relocate to 499 Washington Boulevard in Jersey City, and will lease about 93,000 square feet of office space.

    The EDA estimates that the project will give the state a net benefit of $72 [billion] million over 20 years.

    http://www.nj.com/business/index.ssf..._river_default
    Last edited by JCMAN320; January 16th, 2014 at 05:39 PM. Reason: Article was edited by author on NJ.com

  8. #3983
    Jersey Patriot JCMAN320's Avatar
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    Thumbs up Update on 223 1st. St.

    Real Estate
    Update on 223-231 First Street in Harsimus Cove

    by jerseycitylife
    01/15/14 10:07pm



    We posted about 223-231 First Street in Harsimus Cove as Part of the Redevelopment Plan Area a few months back. The project has windows installed and is really taking shape.



    http://thejerseycitylife.com/2014/01...harsimus-cove/

  9. #3984

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    Quote Originally Posted by JCMAN320 View Post
    The EDA estimates that the project will give the state a net benefit of $72 billion over 20 years.
    Lol it's $72 MILLION, sorry bud. Forbes the magazine is not worth anywhere near that much.

  10. #3985

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    A pile driver arrived at the Grove St. lot adjacent City Hall. I thought that project was delayed for some reason, but it looks like it is getting under way.

  11. #3986
    Jersey Patriot JCMAN320's Avatar
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    Quote Originally Posted by Malcontent View Post
    A pile driver arrived at the Grove St. lot adjacent City Hall. I thought that project was delayed for some reason, but it looks like it is getting under way.
    They abatement length was shortened 10 years but I don't think that was going to delay it. Great news I am excited to see this project get going; that empty lot has bothered me for a while now!

    Lol it's $72 MILLION, sorry bud. Forbes the magazine is not worth anywhere near that much.
    Yeah I saw that it was edited by the author. $72million into the State's pocket is still a good amount and I'll take Forbes moving to JC any day bud.
    Last edited by JCMAN320; January 16th, 2014 at 06:27 PM.

  12. #3987

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    Nice to hear about "groundbreaking" at Mack- Cali/Ironstate's first Harborside URL tower but it was entirely symbolic and no actual ground was broken. When are we actually going to see REAL groundbreaking instead of nice renderings of what is projected to be there?

  13. #3988
    Jersey Patriot JCMAN320's Avatar
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    Lightbulb JC Life Post About URL Development "Groundbreaking"

    Quote Originally Posted by citybooster View Post
    Nice to hear about "groundbreaking" at Mack- Cali/Ironstate's first Harborside URL tower but it was entirely symbolic and no actual ground was broken. When are we actually going to see REAL groundbreaking instead of nice renderings of what is projected to be there?
    Funny enough you bring that up. thejerseycitylife.com posted about the groundbreaking. Ceremonial dirt was "dug up" on the parking lot but no equipment yet but hopefully it won't be too long. They constructed a information kiosk in Jenga formation to emulate the building design.

    ===============================

    Real Estate
    Ground Breaking at Harborside URL site?

    01/16/14 4:51pm
    by jerseycitylife

    We posted in back in July about the plans for the “state’s tallest apartment building” in downtown Jersey City. Little has been seen around the vacant lot since then until this week when several news outlets reported a ground breaking of the Harborside URL™ site for the first tower. We were curious to see where they had begun so we walked over and found…well…nothing. Let’s hope that this is not the pace to follow in this project. There were a few piles of dirt but they have been deposited there rather than excavated. Anyway, check out the link above for more details on the project.




    These nifty new signs signifying the shape of the new towers have been installed recently though.



    NJ.com article on groundbreaking:
    http://www.nj.com/business/index.ssf..._river_default

    More pictures here:
    http://thejerseycitylife.com/2014/01...side-url-site/
    Last edited by JCMAN320; January 16th, 2014 at 10:48 PM.

  14. #3989

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    Thanks, JCMan... hopefully there will be real activity soon and this project gets going. I hear some criticisms about how ugly the buildings are but while I wish there had been more variety I think once up they will grow on people, and certainly will greatly enhance the skyline of the Jersey City side of the Hudson River.

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