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Thread: Jersey City Rising

  1. #4831
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    Enough with these Downtown Tax breaks...

  2. #4832
    Jersey Patriot JCMAN320's Avatar
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    Quote Originally Posted by Nexis4Jersey View Post
    Enough with these Downtown Tax breaks...
    They giving them Downtown based on if they include an affordable component and the City has unveiled a new tier tax abatement policy.

    Fulop unveils new plan for tax breaks, boosting affordable housing


    A map of the new tiers that will govern the tax incentives Jersey City developers will receive. Courtesy of Jersey City.

    JERSEY CITY — Mayor Steve Fulop rolled out a new tax abatement policy yesterday, one he said is integral to a push for affordable housing in all neighborhoods of the city.

    The new policy, his second ravamp of city tax abatements since he was elected mayor in 2013, includes new zones that the city says will encourage real-estate development in underdeveloped neighborhoods and new guidelines to encourage affordable housing throughout the city.

    The policy, already enacted for recent projects like the two high-rises slated for the old Pep Boys on Marin Boulevard, was created, city officials say, using neighborhood-level data that allowed the city to separate the city into four zones that have different subsidy possibilities and affordability requirements.

    "We're going to drive development and affordable housing into neighborhoods where it's needed most," Fulop said in a statement. "We had a saying in the Marines – 'no one is left behind' – and we're going to live up that saying here in Jersey City."

    Incentives for developers are gradually increased from the first tier, which is largely the Downtown waterfront, to the fourth, a narrow strip that runs north to south through the inner city.

    Developers in the first tier can get a 10-year abatement if they promise to make 10 percent of their units affordable for moderate-income households (they can avoid that requirement with a contribution to the city's affordable housing trust fund). If they make more units affordable, they can get longer abatements.

    For the city, moderate-income housing is defined as housing available to households earning at or below 80 percent of the area median income as set by federal standards. In Jersey City, area median income is $63,600.

    Jacobs said the city will roll out an "affordable housing dashboard" that will include a list of leasing agents and brokers of affordable developments within Jersey City. The tool will track new projects as they are approved, underway and completed.

    The mayor was a longtime critic of Waterfront tax breaks when he was a councilman. Since he was elected mayor, he's approved a slew of them, saying commercial projects like a proposed Exchange Place hotel deserve them because they create jobs, while residential plans like the Pep Boys towers should receive incentives because the developers are pledging to build dozens of affordable units.

    The new policy was released along with a 34-page housing plan that the city says shows how it plans to influence long-term development. It comes about a month after the city revealed that tax-abated properties would have paid about $80 million more in property taxes last year if they had been taxed at a normal rate.

    Donal Malone, who teaches sociology and urban studies at Saint Peter's University, has been a frequent critic of the city's tax-abatement policy. The new one seems like "more of the same," Malone told The Jersey Journal.

    "There's some tweaking around the edges," he said. "To me, it's just gentrification by public policy."

    According to Malone, the new policy will not lead to the amount of affordable housing the city needs. It still leads to tax breaks for developers to build luxury housing where incentives are not needed, he said.

    City spokesman Ryan Jacobs called Malone's critique "ridiculous," saying the plan won't price families with low income out of the city's now-affluent areas.

    "It is actually the opposite of gentrification," he said. "It makes every neighborhood diverse."

    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...oosting_a.html

  3. #4833
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    The Waterfront/Downtown area does not need any more tax abatements.... You don't see other Gold Coast Cities handing out Tax abatements and breaks like Jersey City does in desirable areas...

  4. #4834
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    We're not like other Gold Coast cities. Also if they are including an affordable component, which has been a huge bone of contention for years that no affordable housing was being built Downtown at all during these building booms over the last decade and a half, I am not against giving them 10-20 year abatements IF affordable housing is built on site and not just put into the Trust Fund to be built elsewhere in the City. The new abatement structure to encourage development throughout other parts of the City has already proved successful in JSQ and is already showing promise for Lafayette with several projects recently approved, under construction, and in the pipeline. It keeps the City affordable while encourage growth.

  5. #4835

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    I would throw out the ability of developers to get out of on site housing requirements for moderate/lower incomes by merely making contributions to the housing fund... I don't want projects but lively mixed income neighborhoods. For the most part though I am on board with the mayor's plan to diversify development throughout the city and agree with JCMAN. I would try to boost affordable units to 25% in fact ,and for that and that reason only could live with sizable abatements. I do think though except in very distressed areas it should soon be capped at 15 years as I think that's more than enough time for incentives to move and stay in a neighborhood.

  6. #4836

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    This KRE project is behind the parking garage of Newport Mall and fills in a large hole at around 6th to 8th street along Marin Boulevard. I am in favor of the tax breaks if and only if they support affordable housing. They should go to places further west in Jersey City, particularly Journal Square, but it at least puts a large number of affordable housing units closer to downtown.

  7. #4837
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    Quote Originally Posted by towerpower123 View Post
    This KRE project is behind the parking garage of Newport Mall and fills in a large hole at around 6th to 8th street along Marin Boulevard. I am in favor of the tax breaks if and only if they support affordable housing. They should go to places further west in Jersey City, particularly Journal Square, but it at least puts a large number of affordable housing units closer to downtown.
    This is the third project now for Downtown with a 20% set aside. The abatements are and have been used in JSQ and other neighborhoods for a little over a year now and its been successful. See my earlier post about the new abatement policy.

  8. #4838
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    Another incredible update from Oron on SSC...

    http://www.skyscrapercity.com/showth...1806225&page=5

  9. #4839
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    Anyone know the situation with the Ironstate tower at 235 Grand Street and its companion midrise building (former Boys & Girls Club site)? Also, I noticed the other day that test piling has taken place at Maddox II on Van Vorst, as well as at the Hudson Exchange North site (former Pep Boys site).

  10. #4840

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    The Boys and Girls Club site seems to be undergoing environmental remediation. If so, that could take 6 months to a year, since the late spring, to fully dig out, box up, and safely ship away the soil. That depends on the funding for the operation, and any lawsuits against the past owners. The Pep Boys site appeared to have full scale piling underway two weeks ago. I think the soil testing occurred LONG before that, since they would have to redesign the foundation system to respond to any problems.

  11. #4841
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    Quote Originally Posted by towerpower123 View Post
    The Boys and Girls Club site seems to be undergoing environmental remediation. If so, that could take 6 months to a year, since the late spring, to fully dig out, box up, and safely ship away the soil. That depends on the funding for the operation, and any lawsuits against the past owners. The Pep Boys site appeared to have full scale piling underway two weeks ago. I think the soil testing occurred LONG before that, since they would have to redesign the foundation system to respond to any problems.

    At the Pep Boys site they're actually still studying test piles...they did quite a few of them but still waiting on results to finalize foundation design. But that process usually doesn't take long - typically 1-3 months. So ground breaking may still happen before the end of the year.

  12. #4842

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    Well, it looks then like 235 Grand at best is a spring/summer 2016 candidate to really get under way.

    In potentially explosive news, YIMBY and Curbed(and skyscraperpage.com and jersey city list has picked it up) remember a few months back Mayor Fulop mentioned Goldman Sachs had an interest in developing one of their two undeveloped lots? Well it does look indeed like 99 Hudson will start soon with its official building permits recently received but the Planning Board will apparently soon hear from Goldman Sachs about their 55 Hudson lot. THIS is a biggie... while it still does appear 55 Hudson has been a bit downsized from its original listing as 95 stories, 990 ft to 76 stories, 900 ft. the GS proposed tower will be 920,000 square feet and rise 95 stories, and likely something over 1,000 ft(yes it does need permission to go higher than 990 ft but at that location, don't see it will not get it). I am confused that it is being referenced as a commercial building according to the plans, since we know GS is done expanding their own space here in Jersey City after even partially renting out some of its floors at their 30 Hudson tower... looks like maybe some office space for other companies plus a hotel/condo mix on the upper floors which for its location makes the greatest sense. Next to it they have 781,000 sq ft of developing potential that would be the last fill in to the Hudson Street/Exchange Place area which was originally going to have a 30 floor, 500 ft companion tower but those plans have long been scrapped and after work on 55 Hudson starts another hotel/condo project would be a no brainer. Two of the best views left to currently develop on by the Waterfront, and conceivable by the end of the decade we can have three 900 ft plus towers to crown our waterfront skyline! And if casino gambling gets approved next year outside of Atlantic City, certainly that proposed 90 story, 1,200 ft plus casino/residences/hotel (hopefully a less Vegas-y look... first renders were a hot mess). FOUR 900 ft towers... plus the upcoming two URL towers, the San Remo, whatever will go where 111 First lot is, the huge expanse of ten additional towers to Hudson Exchange after the first two set to break ground....the lot across from the Modera Lofts, the huge Evertrust lot... several more Journal Square towers...what a skyline to look forward to, have I forgotten anything, lol?!!!!!

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  14. #4844
    Jersey Patriot JCMAN320's Avatar
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    Thumbs up Mack Cali Moving HQ to JC

    Big win for Jersey City: Mack Cali to move headquarters as it zeroes in on Gold Coast

    By Kathryn Brenzel | NJ Advance Media for NJ.com
    Email the author | Follow on Twitter
    on September 11, 2015 at 3:30 PM, updated September 13, 2015 at 9:25 AM


    Monaco Towers in Jersey City, on Wednesday, Dec. 22, 2010. (Reena Rose Sibayan/The Jersey Journal)

    JERSEY CITY— Real estate giant Mack-Cali Realty Corp. has set its sights on the Gold Coast, announcing plans to move its headquarters to Jersey City and expand along the Hudson River.

    The real estate management firm plans to move its headquarters from Edison to Jersey City by the first half of 2016, the company said in a release. The move is just part of the firm's latest efforts to focus on waterfront properties in Jersey City, Weehawken, Hoboken and West New York. To fund the expansion, the firm plans to shed 30 to 40 properties in Paramus, Washington D.C, New York City and other locations worth $600 to $800 million, according to filings with the Securities and Exchange Commission.

    "People today want to live, work, and play in the same area," Chief Executive Officer Mitchell Rudin said in a statement. "Changes we are making to our portfolio and improvements we are making in our efficiency will create a sleeker, more responsive company that is better able to achieve its long-term goals and meet the future needs of our tenants and residents."

    The company's initiative comes at a time of heightened interest in the Gold Coast, a name used to describe municipalities along a 19-mile stretch of the Hudson River. A large part of the area's allure, as Mack-Cali points out in its announcement, is its proximity to mass transit and its staggering views of the New York City skyline.

    Mack-Cali, the state's largest real estate investment trust firms, established itself as a rising landlord in the mid- to late '90s by voraciously scooping up office space in suburban New Jersey, especially throughout Bergen County and Parsippany. Though the company plans to dedicate $20 million to updating its Parsippany, Paramus, and White Plains offices, its focus is largely shifting to residential and commercial development along the Hudson River. By 2018, Mack-Cali wants to more than double its residential units to 14,843.

    The firm, which already has a pretty pronounced commercial and residential presence along the Jersey City and Weehawken waterfronts, says it has the ability to construct 5,900 multi-family units on the waterfront, according to SEC filings. Mack-Cali currently owns 4.3 million square feet of waterfront office space and 3,400 luxury multi-family units.

    The firm and Ironstate Developing Company are currently developing URL (Urban Ready Life) Harborside, a 69-story, 763-unit project. Nearby, another Mack-Cali project, M2, is also underway. A $25 million "repositioning" of its Harborside properties in Jersey City will include adding retailers, restaurants, fitness centers, and incubator and communal workspaces, the company said.

    Jersey City Mayor Steve Fulop said he is "thrilled" that Mack-Cali has decided to relocate its headquarters to Jersey City.

    "Over the past two years, businesses have made way for roughly 10,000 new jobs in Jersey City, and each one is more exciting than the last," he said in a statement. "We're very glad to be adding Mack-Cali jobs to the list."

    Kathryn Brenzel may be reached at kbrenzel@njadvancemedia.com. Follow her on Twitter @katiebrenzel. Find NJ.com on Facebook

    http://www.nj.com/hudson/index.ssf/2...city_as_i.html

  15. #4845
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    Thumbs up Another 900+ Ft Bldg Citybooster

    95-Story Supertall Planned For Jersey City Waterfront At 55 Hudson Street

    BY: NIKOLAI FEDAK 8:00 AM ON SEPTEMBER 15, 2015


    Jersey City skyline

    In New York City, the current real estate boom has left the largest marks on the Midtown Manhattan and Downtown Brooklyn skylines, but the rise of Jersey City over the past few years has been equally if not more impressive. And while the latest additions across the Hudson have been predominantly residential, YIMBY has word that a 95-story tower is now in the works at 55 Hudson Street, which could make it the tallest building in both Jersey City, and all of New Jersey.

    In a previous interview with YIMBY, Jersey City’s Mayor Steven Fulop told us that “Goldman Sachs came in regarding a new tower next to their existing building on the waterfront, and we’re just starting to talk about that.”

    And now it seems those plans may soon begin to cycle through the public review process, as the city’s planning documents have been updated with the scoping for 55 Hudson Street.


    While few design or usage specifics are yet available, the project will span 920,000 square feet, and planning documents specify commercial/office intent. Given that the new towers of the World Trade Center and Hudson Yards are much larger in terms of square footage — and stand relatively close to 95 floors — it would seem likely that whatever is entering the pipeline at 55 Hudson Street will be mixed-use in nature, likely including either a hotel or residences on its upper floors. The building will have 17,500 square feet of retail space, and 684 parking spots.

    This part of Jersey City will prove especially active in terms of development over the near-future, as just two blocks to the north, a major residential project is also in the works at 99 Hudson Street. While that building was initially expected to stand 990 feet to its roof, becoming the first “supertall” in New Jersey (standing over the 300 meter mark), it has since been downgraded slightly to 900 feet and 76 floors.

    Whether 55 Hudson Street sees a similar reduction remains to be seen, but anything exceeding 990 feet has to clear the city’s height limits through public review, and it seems likely that 55 Hudson will easily clear that mark.

    While the latest update is encouraging, no completion date has been announced, and plans are clearly still being formulated. If the project does move forward, it may face competition in the height department from the 90-story hotel and casino planned at Liberty Rising, in southern Jersey City.

    http://newyorkyimby.com/2015/09/95-s...on-street.html

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