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Thread: Jersey City Rising

  1. #4471

  2. #4472

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    Beautiful pics, Nexis! Great news JCMAN about NJCU's business school expansion into Harborside II and the renovations at the Harborside complex.

  3. #4473
    Jersey Patriot JCMAN320's Avatar
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    Thumbs up JC Working Towards Being Best Mid Sized City in US

    Yes excellent pictures Nexis as usual. You definitely got one hell of an eye. City its a very good sign especially since Harborside is going to finally get that 24/7 aspect to it with a massive amount of residential coming online at URL and Trump.

    Found a great article from back in September that shows a terrific rendering of the new SPU tower from the corner of Montgomery St and Bergen Aves.:

    ======

    City on a tear to become the best in America

    By Dan Orlando
    11:29 AM, SEPTEMBER 3, 2014


    St. Peter's Tower

    Jersey City, an area that has spent the 2000s embracing the nuances of gentrification along its waterfront, is now anticipating the completion of several dynamic-changing buildings within an interior that, according to the city’s division of planning, is “in need of rehabilitation.”

    To follow in the footsteps of Hoboken, its neighbor to the north, Jersey City has lined up multiple projects to add luster to the location as a whole and up the value of properties within the state’s second-largest municipality.

    It’s an initiative that has Mayor Steven Fulop at the forefront. “We’re correcting decades of perception issues,” Fulop told Real Estate Weekly. “Of corruption, of mayors going to jail, of legal issues, of asymmetrical development. Perception generally lags reality.

    “We started with a tax-abatement plan to really encourage development away from the waterfront,” said Fulop, adding that the measure was “very, very aggressive,” but necessary due to the negative preconceptions of the area.

    The abatement is a 30-year tax break for developers that opt to invest in the city’s inner wards. While some investors may be wary, initial coaxing has begun to produce positive results.

    In June on this year, Kushner Real Estate Group opened 18 Park, a 422-unit luxury rental building that has already seen more than 250 apartments claimed. Aside from upscale living options, 18 Park also gives the area 10,500 s/f of retail space as well as placing 34,000 s/f of classrooms and recreational spaces at the Boys & Girls of Hudson County’s disposal.

    “We continue to see an increase in demand from residents for new living options both on the waterfront and in in-town neighborhoods. This is fueled in part by the continued increase in living costs in Manhattan and Brooklyn which is pushing people to consider other outer borough locations, and Jersey City has become an extension of that,ˮ said Jonathan Kushner, president of KRE Group.

    According to Kushner, more and more people are accepting Jersey City today as a viable, dynamic destination in its own right. He said, “The area always offered one of the most convenient and comprehensive public transportation systems with multiple PATH stations and ferry terminals offering quick service into Manhattan, as well as spectacular views of Manhattan, which has long attracted Manhattan professionals to the city’s waterfront high-rises.

    “In recent years, that appeal has expanded inward into in-town neighborhoods with new, forward-thinking, highly-amenitized residential buildings and a new breed of supportive lifestyle attractions and services, like a branch of the popular Williamsburg arcade-bar, Barcade, farm-to-table restaurants, boutique storefronts, and an ever-growing arts scene.ˮ

    In 2010, KRE, along with Ironstate Development Company, developed 225 Grand, a 15-story rental building with 348 apartments near the Marin Boulevard Light Rail Station. After leasing every apartment within 10 months, Kushner said the company was inspired to break ground on its sister building, 18 Park. Just up the road, the partners will also develop 235 Grand, which will have more than 600 rentals.

    “We’re extremely confident in the future of Journal Square, which offers its own mass transportation hub and is targeted for the next wave of off-the-waterfront development,ˮ said Kushner, whose firm is also developing Journal Squared directly adjacent to the Journal Square Transportation Center. That fully entitled project will feature 2.4 million square feet of mixed-use multifamily housing and retail development. When complete, it will have three high rise towers of 54, 70, and 60 stories, with 1,840 rental apartments, 36,000 s/f of retail space, and 920 parking spaces. It will include a plaza that will draw foot traffic, provide a “kiss-and-rideˮ for commuters and provide easy access to the PATH train.

    Work is underway for Phase I, which includes the 54-story tower, the pedestrian plaza, and the majority of site work required for the three phases. The first tower will house 540 rental apartments, 139 interior parking spaces, 72 surface parking spaces, and 20,000 s/f of indoor and outdoor amenity space and should be finished by mid-2016.

    The effort to transform Journal Square has inspired some unusual joint venture partnerships, too.

    Earlier this month, Jersey City Planning Board green-lit the 21-story McGinley Square, a partnership between Maryland-based Sora Development and the local St. Peter’s University.
    “This is a clear sign from everyone’s perspective that development is now moving off of the waterfront, away from the Hudson River and inland to an area of the city that mightily needs it,” said Eugene Paolino a partner at Genova Burns Giantomasi Webster who represented St. Peter’s in the sale. “That’s a good sign.”

    The tower will cost $220 million and will be constructed over the university’s parking lot, located between Tuers and Jordan Avenues on Montgomery Street.
    “It will have 595 residential units. Of those, 153 will be student housing,” Paolino said. “About 88 will be affordable housing and workforce housing and the balance will be luxury rental.” The structure is expected to include a multiplex cinema, and a “considerable amount of retail on the ground floor,” according to Paolino.

    It will also house a 717-car parking structure that will replace the original lot. Paolino said there are also plans for an “upscale restaurantˮ on the 21st floor.
    “It takes an empty surface parking lot and transforms it into a real spark, or a real ignition for development in an area of the city that hasn’t seen that kind development for perhaps 50 or 100 years,” Paolino said.

    “This is an unusual endeavor. St. Peter’s is a non-profit, Jesuit institution for higher learning. It’s been in New Jersey for more than 100 years and — perhaps for the first time — an entity like that is engaged in a joint venture to develop property for its own benefit, as well as having an interest in the entire development.

    “Clearly this area is a depressed area that requires attention from the city, and now the city is giving it that attention,” Paolino added. Developers and others with their hand in increasing the city’s value, match Paolino’s enthusiasm.

    “I think that more gentrified neighborhoods in Jersey City will reinforce the 24/7 community of the city,” said David Opper, senior vice president at CBRE New Jersey and a member of the leasing team for Mack-Cali’s Harborside Financial Center, an area dubbed Wall Street West that bred the first luxury apartment development in Jersey City when financial firms began moving there to escape spiraling Manhattan office rents.“It will bring more people in, which positively impacts the city through an increase in job and housing activity.”

    Mitchell E. Hersh, president and chief executive officer of Mack-Cali Realty Corporation, told Real Estate Weekly, “The waterfront area of Jersey City will benefit from continued investment in amenities and businesses throughout the city.ˮ

    Mack-Cali owns and operates what is considered the one of the most comprehensive office complexes in the tri-state area at Harborside, a five-tower cluster of Class A waterfront offices that are occupied by some of the globe’s most powerful financial companies.

    Hersh is credited with building the power hub that, despite broad cuts in the financial industry, continues to draw firms looking for cheaper rents and modern offices. Later this month, he is expected to announced a massive renovation program to re-design of interior common areas, outdoor public spaces, retail, dining and entertainment options in a move that will keep white collar jobs flowing into the area and eating into the pipeline of residential projects.

    Significantly, while divesting itself of suburban office assets that threaten to drag down share values, Mack-Cali has become a major player in the northern New Jersey apartment market, buying up Roseland Properties, one of the area’s most prolific residential developers, in 2012, and subsequently investing in massive apartment projects, including the tallest residential tower in the state.

    In January, Mack-Cali, in partnership with Ironstate Development, began construction on a 69-story apartment tower catering to hip urbanites and featuring “micro-unitsˮ for single professionals. It is the REIT’s eighth apartment project in Jersey this past year.

    Upstart developers like HAP Investments LLC are also zeroing in on Journal Square. A prolific Harlem player post-recession, HAP paid $28 million for a site at 500 Summit Avenue earlier this year and announced plans to build a high rise apartment building, offices and retail. “We are excited to have purchased this strategic site in Jersey City and look forward to building a future development that will provide new rental housing for local residents as well as others in the Metropolitan area, in addition to adding needed office and community facilities to this thriving urban location,” said Eran Polack, CEO, HAP Investments at the time.

    The proposed tower, to be known as HAP Tower, will have views of Manhattan from a majority of the floors. The site can accommodate a 42-story rental building with commercial office and community facility space. The anticipated cost of the one million square foot development estimated to be $400 million, according to HAP.

    Mayor Fulop understands that in order to generate a higher standard of living, Jersey City will need a bit more than nicer homes to compliment the already thriving financial district.

    In June, the mayor announced a plan to renovate the landmark Loews Theater in Journal Square and retain talent agents AEG Live to turn the space into a rival for Manhattan venues such as Bowery Ballroom and Irving Plaza.

    It will cost $30 to $40 million to overhaul the theater; money well spent according to Fulop, who has called it “our first signature trophy entity for the cultural arts. Having a world class venue like the Lowe’s theater is really going to further Jersey City as a destination.”

    In conjunction with providing a stage for top attractions, Fulop said Jersey City is actively courting some of the East Coast’s top eateries and restaurateurs. “The more investment that we get in the inner portion of the city, it benefits more residents,” said Fulop.

    But can Jersey City ever truly surpass the other areas of Manhattan’s periphery? Fulop is quite confident that could very well be the case, telling Brokers Weekly that “Jersey City will be known as the best mid-sized city in America” within a decade’s time.

    As new buildings and rents continue to rise, so do the city’s chances of achieving that lofty goal.

    http://www.rew-online.com/2014/09/03...st-in-america/
    Last edited by JCMAN320; December 30th, 2014 at 05:08 PM.

  4. #4474

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    As someone who is planning on moving to Jersey City soon and buy property, I was very excited to discover this thread. Thanks everyone for the contributions.

  5. #4475

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    Has anyone been down by the Whitlock Cordage site by Lafayette Park? Did 2008 hit the brakes on it? When I read about it... jeez, over a decade ago, I was sure that that would be a game changer for the whole area around Garfield ave. station.

  6. #4476

  7. #4477
    Jersey Patriot JCMAN320's Avatar
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    Quote Originally Posted by oquatanginwan View Post
    Has anyone been down by the Whitlock Cordage site by Lafayette Park? Did 2008 hit the brakes on it? When I read about it... jeez, over a decade ago, I was sure that that would be a game changer for the whole area around Garfield ave. station.
    Yes the Great Recession did put the breaks on it and it is about 85% complete. The New Jersey Housing and Mortgage Finance Agency (NJHMFA), which took over the property after the developer went belly up just put Whitlock Cordage up for sale for so a developer can finish developing the rest of the property: http://thejcra.org/ . Couple this project with new 17 acre Berry Lane Park, Lafayette is going to change forever and it has already started gentrifying. This will just accelerate it.

    Kmail glad you found this thread useful. Where in Jersey City are you looking to move to? Any questions feel free to PM me.

  8. #4478

    Default PATH cuts

    My only concern for the progress is the proposal to cut 24 hour service which is essential for this area. It will really hurt the city in terms of attracting people who are on the fence about moving to JC vs Bk or Queens. It will hurt the people who commute to work at night and to those coming back from the city on the weekend. The fact that this is even a proposal shows you how useless Christie is as a governor. Its pretty frustrating and I hope it doesnt go through.

  9. #4479
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    Plus it would hurt people going to/from the airport.

  10. #4480
    Jersey Patriot JCMAN320's Avatar
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    Cool PATH Cuts IMO and Kushner Square

    Quote Originally Posted by nafco View Post
    My only concern for the progress is the proposal to cut 24 hour service which is essential for this area. It will really hurt the city in terms of attracting people who are on the fence about moving to JC vs Bk or Queens. It will hurt the people who commute to work at night and to those coming back from the city on the weekend. The fact that this is even a proposal shows you how useless Christie is as a governor. Its pretty frustrating and I hope it doesnt go through.
    Yeah this to me is a non starter; I can't see this happening. Jersey City, Hoboken, and Hudson County are different and separate from the rest of NJ in terms of our economies and lifestyle. We need the overnight service because we afford a similar if not better lifestyle than Brooklyn or Queens and is vital to our economy to stay competitive with NYC. All of the Hudson County mayors and Senators have come out against this and held a large press conference outside the Grove Street PATH station today condemning this proposal. Christie will go down as one of the worst Governors this State has ever had and there have been a lot of them! Surprised Cuomo signed off as well.

    In other news here is more great news for Journal Square!!

    ======

    Jared Kushner buys site of long-delayed Journal Square property for $27M

    By Terrence T. McDonald | The Jersey Journal
    Email the author | Follow on Twitter
    on January 05, 2015 at 12:03 PM, updated January 05, 2015 at 1:38 PM


    Kushner Companies announced Monday, Jan. 5, 2015, that it has bought the vacant One Journal Square in Jersey City, the site of a long-delayed project that was once set to house 1,500 rental units and 150,000 square feet of retail space in two 60-story towers mere steps from the Journal Square PATH station. Reena Rose Sibayan | The Jersey Journal

    JERSEY CITY — Just call it Kushner Square?

    Kushner Companies announced today that it has bought the vacant One Journal Square in Jersey City, the site of a long-delayed project that was once set to house 1,500 rental units and 150,000 square feet of retail space in two 60-story towers mere steps from the Journal Square PATH station.

    Kushner, headed by CEO Jared Kushner, partnered with KABR Group to buy the property for $27 million, the companies announced today. The two entities are also developing a site across the street — 30 Journal Square, the former headquarters of The Jersey Journal — into a 40-story residential tower.

    Meanwhile, around the corner, KRE Group, headed by President Jonathan Kushner, is building Journal Squared, a three-tower project at the top of Magnolia Avenue. The first phase of that $666 million development, a 53-story tower, is set for completion next year. In total, the three towers will house over 1,800 units and 36,000 square feet of retail space.

    Jared and Jonathan are first cousins, sons of feuding brothers Charles and Murray. Murray Kushner is chair of KRE Group.

    In a statement, Jared Kushner said he is "bullish" on Jersey City, and indicated that the soon-to-be-released new plans for One Journal Square "will help drive the city’s continued renaissance."

    "We will work with the city and state to create a property that will inspire a new life and lifestyle for Jersey City," he said.

    Jared Kushner and KABR are also developing a 50-story, $194 million luxury residential tower at 65 Bay St. Downtown.

    The One Journal Square project had previously been called City Centre Towers, located on a 1.5-acre site that was once home to the Hotel on the Square. The hotel and surrounding structures were demolished in 2009 to make way for the two towers.

    At the time, then-Mayor Jerramiah Healy said the City Centre Towers would be a "great step forward" for Jersey City, but the lot has remained vacant since then.

    Terrence T. McDonald may be reached at tmcdonald@jjournal.com. Follow him on Twitter @terrencemcd. Find The Jersey Journal on Facebook.

    http://www.nj.com/hudson/index.ssf/2...l#incart_river

  11. #4481

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    Quote Originally Posted by JCMAN320 View Post

    Kmail glad you found this thread useful. Where in Jersey City are you looking to move to? Any questions feel free to PM me.
    Thank you JCMAN. I'm actually looking mostly in the Journal Square area. I'm very happy with all the development I'm hearing about and I think I could get a much better price there compared to Downtown. And it sounds like it will be a great place to live and will only get better in the next few years.

    And the news that someone has purchased that long stalled property as stated just above is awesome!

  12. #4482

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    Have there ever been any proposals to bury 78? Is this just a pie in the sky idea? It seems to me that the elevated highway creates a dead zone right in the middle of the city and will be future a roadblock to further interior development. It's also positioned in such a way that there could be a very nice green belt system all the way to Liberty State Park, coupled with a light rail loop.

  13. #4483
    Jersey Patriot JCMAN320's Avatar
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    Quote Originally Posted by oquatanginwan View Post
    Have there ever been any proposals to bury 78? Is this just a pie in the sky idea? It seems to me that the elevated highway creates a dead zone right in the middle of the city and will be future a roadblock to further interior development. It's also positioned in such a way that there could be a very nice green belt system all the way to Liberty State Park, coupled with a light rail loop.
    Let me start by saying I have to commend the city planners of JC and Hudson County when the highway construction of the mid 20th century kicked into high gear because we were spared a great deal compared to what other cities had to deal with. Route 440 and 1&9 was snaked along the Western edge of Jersey City on what was just wetlands then when it got to Communipaw it followed the Morris Canal's old route through the wetlands turning East when it got to Bayonne through to the Eastern edge industrial edge of Bayonne sparring the Bayonne's Western waterfront and parks. Also didn't unnecessarily destroy any neighborhoods.

    139, which is getting a make over, plunges under JC from the Skyway and towards the tunnel and didn't require the demolition of entire neighborhoods because it paralleled the existing Bergen Arches that were dug for the Erie Railraod.

    Similarly I-78 comes in parallel to 440 then turns North over what was wetlands on JC's eastern wedged between existing freight tracks and our industrialized south Eastern shore. Then rises over what was an area of warehouses and laundries and filled in land between Bergen Hill and Downtown before turning towards Holland Tunnel. The Holland Tunnel approaches and egresses did the most damage tearing up the old Horseshoe neighborhood.

    I am by no means a fan of elevated highways going through cities but what works in the Turnpike/ I-78 favor is that once it leaves the embankment portion of its route after Lafayette it begins to rise dramatically over that area between Downtown and JSQ to what seems an unnecessary height. The fact that it doesn't hang low over that area like other elevated interstates helps alleviate the overwhelming feeling of it. I think burying isn't even on anyone's mind given the myriad of problems that Seattle is having trying to bury their elevated roadway in soil that is fill material similar to that area of Jersey City when Mill Creek ran along that corridor. Hard to believe this was allowed to progess: http://grist.org/cities/seattles-unb...t-fustercluck/ It would be a great conversation to start though.

    JC does plan to put some sort of greenbelt from York and Center Street along that corridor to Enos Jones Park, but without any plans to tear down the elevated I-78. Redevelopment zone list and map with areas: http://www.jerseycitynj.gov/data.aspx?id=14834

    I don't think it will be or is a barrier to development moving inland since it is already happening along Newark Avenue from Downtown to JSQ and Five Corners, on Montgomery Street to McGinley Square and finally along Grand Street towards the Junction.
    Last edited by JCMAN320; January 6th, 2015 at 04:56 PM.

  14. #4484

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    I'd much rather see the Parkway and 280 in Newark buried and replaced with a combo greenbelt/mass transit, but I doubt it will happen this century.

  15. #4485
    Jersey Patriot JCMAN320's Avatar
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    Thumbs up Parking Lot Gets Closer to Demise

    Quote Originally Posted by Steven Elliott View Post
    I'd much rather see the Parkway and 280 in Newark buried and replaced with a combo greenbelt/mass transit, but I doubt it will happen this century.
    Yeah Newark got completely screwed with highway construction carving up and destroying its neighborhoods. I think covering over 280, 78, and the Parkway would be priority to the State (if they ever considered it) over burying an elevated section of 78/Turnpike in JC considering the trench highways in Newark are far more egregious.

    Came across another article in regards to the Municipal Court parking lot being sold to a developer to become a luxury apartment building for JSQ and of course court officials and NIMBYS are going nuts over loss of parking. There is always doom and gloom about a parking-geddon when something like this is proposed. Who wouldn't want a tax exempt city owned parking lot back on the tax roles re purposed as a new apartment building?

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

    Paving way for parking lot to become housing
    Court workers and some neighbors opposed to loss of spots


    by Al Sullivan
    Reporter staff writer
    Jan 04, 2015

    The City Council approved an ordinance in mid-December that will eventually allow a parking lot near the Municipal Court building to be sold to a residential developer. However, the municipal workers’ union is upset, as their contract requires parking to be provided for them.

    The ordinance, adopted on Dec. 18, lifts a deed restriction on the Summit Avenue parking lot to allow it to be used for redevelopment. The ordinance takes advantage of a change in state environmental regulations that in the past prohibited redevelopment of parking lots for residential uses.

    The vote occurred over the objections of council members Richard Boggiano and Michael Yun.

    The vote was the first step in eventually conveying ownership of the property to the Jersey City Redevelopment Authority for eventual sale to Vaishno Ma Summit, LL, a private developer, who will build between 55 to 65 market rate luxury residential rental units there.

    The ordinance also ends parking for municipal workers after the 18 months of construction are over.

    The city has tried to do away with the parking privilege for the court employees in the past. But the city employees’ union sued, and a court ruled that the city had to provide the parking as long as the space was available.

    Council President Rolando Lavarro said there are alternatives for relieving parking issues, such as construction of a new parking deck on other city-owned property that exists behind the municipal court. This might be accomplished, he said, by using a portion of proceeds from the sale of the land.

    Yun said the parking lot should be used to benefit the neighborhood in a similar way as does the parking lot behind the Parking Authority headquarters on Central Avenue, allowing residents of the area to park there overnight.


    Negative impact on court and neighborhood

    Boggiano said the plan would have a negative impact on an area already desperate for parking. He also said it would increase problems for police and others who have to testify at the court.

    At the meeting, union member Edward Meane presented a petition from Local 246 of the court workers union containing signatures of 76 employees opposing the move.

    “If this project moves ahead parking will be lost,” Meane said. “What provisions are being made to provide parking?”

    He predicted the measure will likely result in the union filing a grievance and another lawsuit. He said this isn’t just about the court employees, but police, city inspectors, and others who have to attend court for a variety of reasons, and will lack parking.

    Jude Anthony Tiscornia, a public defender for the city, called the move short-sighted.

    “The sale of the land will hinder the fair administration of justice,” he said. “There is no parking on the street now, and I can only imagine how much worse it will be if you throw another 100 vehicles on the street.”

    The city’s contract with the union says that the city has to provide parking. While there are negotiations for a new contract, he said, the city is obligated to honor the old contract.


    Some residents dislike the plan

    Yvonne Balcer, community activist, said the Summit Avenue parking lot is used by people in the neighborhood at night.

    “The city is constantly taking land and not replacing parking areas,” she said. “People have cars, and this is one way for people in that neighborhood to park. The city should be creating parking, not getting rid of it.”

    The sale will require another ordinance officially allowing the JCRA to officially sell the land to Vaishno Ma Summit, LLC. After that, the council must finalize the deal through adoption of a third ordinance.


    Some like the idea

    Not all of the speakers at the Dec. 18 meeting were opposed to the redevelopment.

    Louis Miribal said the project would help bolster property values and increase the tax base by putting the property onto the tax rolls. It would also create jobs.

    Jose Navarez said the area south of Journal Square is a nice area but it is also run down. He pointed out that until recently, the construction boom in Jersey City has been mostly in the downtown area.

    “People around Journal Square have been patient for years,” he said. “We want an area that is safe to walk around in, and this will help improve the area.”

    Several construction union members spoke out in favor of the project, saying it will generate jobs.

    Donald Pepe, an attorney from the firm Scarinci & Hollenbeck, representing the potential developer, said there are a number of other parking lots in the area that are under capacity.He said a parking deck for another property would more than make up for the loss in the area. The project itself will provide the parking required under development regulations but for the new building’s residents, not the court workers or neighbors.

    “The new building will enhance the neighborhood and the city will see about $150,000 in taxes,” he said. He provided a petition with signatures of people in the neighborhood supporting the project.

    Councilwoman Diane Coleman said the deal makes sense.

    “This will put property back on the tax rolls, bring money to the city from the sale and create taxes,” she said. “Journal Square has a lot of homeless people. This will help improve the area.”

    Al Sullivan may be reached at asullivan@hudsonreporter.com.

    http://hudsonreporter.com/view/full_...city_top_story

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