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Thread: Jersey City Rising

  1. #4996

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    its funny how the rendering for 30 Journal Square shows a pile of dirt where the two tower project is supposed to be built. I hope they break ground soon all these projects to make Journal Square great again.

  2. #4997
    Jersey Patriot JCMAN320's Avatar
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    Thumbs up Jersey City Unemployment Lowest in 25 Years

    Quote Originally Posted by towerpower123 View Post
    I am impatiently awaiting the two tower Kushner project. That project is the largest naysayer of Journal Square development progress because it is such a prominent site. The huge Journal Squared tower has counteracted it somewhat, but that big almost untouched lot continuously says that you can't build in Journal Square. Hopefully they will actually build soon.
    KABR is pushing for a ground breaking within 2016. You are right I've been saying it since that since I was in high school; that exact site is the key for Journal Square's transformation given its viability and frontage on the plaza. Of all the projects that are under construction or about to get underway in and around Journal Square, that one will have the most dramatic effect.

    In other news while not development related it is definitely a huge sign of the healthy economy that Jersey City has fostered. See more below.

    =-=-=-=-=-=-=-=-=-=-=-=-=-=-=

    Jersey City unemployment rate hits 25-year low

    By Terrence T. McDonald | The Jersey Journal
    Email the author | Follow on Twitter
    on February 04, 2016 at 3:29 PM, updated February 04, 2016 at 4:19 PM


    This chart from the U.S. Bureau of Labor Statistics shows the decline in Jersey City's unemployment rate.

    JERSEY CITY — Wonder Bagels owner Issa Salloum has watched Jersey City's fortunes rise over the last 20 years.

    Salloum opened the city's first Wonder Bagels on Sip Avenue in the late 1990s, and followed up with one on Danforth Avenue two years later. The third, at Jersey Avenue and Columbus Drive, came in 2006. He opened a fourth in 2014 in McGinley Square, a neighborhood that has seen a flood of newer residents, and a fifth is set for Central Avenue in the Heights.

    "The potential in Jersey City has always been there," he said. "That's how we look at it. It's a city that's diverse and vibrant."

    And, new statistics show, increasingly employed. Jersey City hit a milestone in December when preliminary figures show its unemployment rate dipped to 4.1 percent, the lowest the city's jobless rate has been in at least 25 years. The last time the rate went below 5 percent was December 2006.

    The city's unemployment rate has seen a fairly steady decline since September 2009, when it reached 11.9 percent. By December 2015, Jersey City's jobless rate was lower than the statewide rate, which was 4.4 percent, and lower than New York City's rate of 5 percent.

    Mayor Steve Fulop, who was elected mayor in May 2013 when the unemployment rate was 8.8 percent, said his administration can take "partial credit" for the decline. Fulop said he's made job creation a priority, from working with the state to attract corporations to relocate to Jersey City to establishing a new loan program for small businesses to streamlining the permit process at the building department.

    The newest construction boom Downtown that began before Fulop's election and has since pushed south and west has also helped, he said, with thousands of construction and ultimately permanent jobs coming to the city.

    "All of those coming together is what leads to the big numbers," Fulop told The Jersey Journal.

    The city says there are 7,000 units under construction now and another 19,000 approved.

    James W. Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, cited the city's booming residential construction sector as one of the reasons its economy is performing well. The turnaround of New York City's economy and the move away from suburbanization have also helped, Hughes said.

    Between 1950 and 2014, New Jersey added 2.3 million jobs while New York City added just 82,000. Hughes said "that era has passed," and between 2004 and 2014, New York City added 552,000 jobs while New Jersey lost 37,000.

    "New York City is going through the strongest growth period in its history," he said. "New York City is really the regional economic locomotive and Jersey City's the first car on the train."

    Things are not all rosy. Salloum, who said each of his stories employs about 10 people, expressed doubt that his location in the Heights would open, saying it hasn't become easier to deal with the city's building department. He did praise construction code official Ray Meyer for "always coming through" to help.

    For years residents and business owners have said the department is slow to issue permits. At a town hall meeting soon after Fulop's 2013 election as mayor, one resident told him, "I have a dream that I can walk into the buildings department one day and get help."

    City spokeswoman Jennifer Morrill said the administration has "streamlined and digitized" how applications are reviewed by the building department. The review process takes seven to 10 days, she said, adding that the department is now open on Saturday mornings and two nights a week to assist business owners and residents.

    Salloum added that he always gets discouraged as he readies to open a new store.

    "When you go through a painful experience, you tend to forget about it and you think maybe this time it's going to be better and the minute you start you think, what did I get myself into?" he said with a laugh.

    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...rt_river_index

  3. #4998
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    That number seems odd? A lower number then NYC or Boston...its very strange...

  4. #4999

    Default 12-story development planned for old Hudson County office site


  5. #5000
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    Thumbs up Domini Beat Me To It

    12-story development planned for old Hudson County office site

    By Terrence T. McDonald | The Jersey Journal
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    on February 05, 2016 at 1:21 PM, updated February 05, 2016 at 3:23 PM


    Renderings show plans for 87 Newkirk St., a mixed-use development planned for Journal Square in Jersey City. Courtesy of CBRE Group

    JERSEY CITY — Developers are looking to build a 12-story, mixed-use development in Journal Square that would include 111 residential units and 5,000 square feet of retail space.

    The mid-rise building is planned for 87 Newkirk St., a currently vacant lot behind Jersey City's municipal court complex. The units will be a mix of studios and one-, two- and three-bedrooms apartments.

    The site was formerly home to a building leased by Hudson County for years that was demolished in 2014.

    The development is one of a host of new projects planned for Journal Square. KRE Group is building three residential towers just north of the Journal Square PATH transportation hub, while Kushner Companies and KABR Group are planning a total of three towers on two lots two the south, including one behind the old headquarters of The Jersey Journal.

    Just about two blocks from 87 Newkirk St., developer Argent Ventures is looking to build 980 residential units on the 5.2-acre site of the former Mueller's pasta factory.

    Real-estate firm CBRE Group arranged the sale of 87 Newkirk St.

    "Journal Square, in itself a transportation hub, is becoming the frontier, boasting one of the lowest vacancy rates in New Jersey, attracting young professionals who are the key renter demographic," said Charles Berger, of CBRE, said in a statement.

    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...rt_river_index
    Last edited by JCMAN320; February 8th, 2016 at 11:29 AM.

  6. #5001
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    Cool KABR In The news Again

    30-year tax break slated for Bergen Ave. development in Jersey City

    By Terrence T. McDonald | The Jersey Journal
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    on February 05, 2016 at 3:50 PM


    720 Bergen Ave., soon to be home to a five-story, 58-unit building set to receive a 30-year tax break from Jersey City. Terrence T. McDonald | The Jersey Journal

    JERSEY CITY — City officials are proposing a 30-year tax break for a $13.5 million residential development planned for McGinley Square.

    KABR Group is the developer behind the five-story building, which will include 58 residential units, about 3,200 square feet of ground-floor commercial space and 32 parking spaces.

    The building is proposed for an L-shaped lot that includes the parking lot across the street from the Wonder Bagels at Bergen and Fairmount avenues. The site is just over the border in Ward F, which has not seen the kind of real-estate investment that has taken place Downtown and in nearby Journal Square.

    "This is another example of how our plan to incentive investment off the waterfront is working," Mayor Steve Fulop said in a statement. "We specifically changed our policies as they relate to abatements to encourage this type of investment to bring new mixed-use development to Ward F and other areas of the city."

    The residential entrance of the building will be on Fairmount Avenue.

    In lieu of conventional taxes, the city will receive a percentage of annual gross revenue — which is expected to be $1.4 million at full occupancy — with the amount increasing in increments until the end of the abatement. Developers will also contribute $106,563 to the city's affordable housing trust fund.

    Over the course of the abatement, developers stand to save as much as $2.9 million total.

    The abatement application does not indicate when construction is scheduled to begin.

    KABR also owns two lots across the street, at Bergen and Fairmount avenues, that it plans to develop.

    The City Council is scheduled to give initial approval to the abatement on Wednesday.

    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...rt_river_index

  7. #5002
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    Quote Originally Posted by Nexis4Jersey View Post
    That number seems odd? A lower number then NYC or Boston...its very strange...
    To take it a step further we have outpaced every city in the REGION for lowering unemployment. Which means this statistic is being held against other cities in our area that are being measured by the same metric.

    Why is this strange to you?

  8. #5003

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    Anyone know the status of Veteran's Park near the Colgate Clock? It appears the work has stopped.

  9. #5004
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    Thumbs up NJEDA Approves Incentives for JC Relocations

    Quote Originally Posted by beastofbergen View Post
    Anyone know the status of Veteran's Park near the Colgate Clock? It appears the work has stopped.
    There was a public notice posted back in the Fall for a meeting regarding the second phase of the park. I'm assuming work will resume in the summer if they are having public hearings on the final construction.

    In other news NJEDA is providing incentives for two companies to move to Jersey City. Competing locations are in Queens and Brooklyn respectively.

    =-=-=-=-=-=-=-=-=

    Government
    EDA approves $22M in incentives for two Jersey City projects


    By Andrew George, February 9, 2016 at 10:33 AM


    Two companies could earn EDA incentives if they move to Jersey City, rather than elsewhere. - (FILE PHOTO)

    The Economic Development Authority voted Tuesday to approve more than $22 million in incentives for two projects based in Jersey City.

    Leading the charge was World Business Lenders LLC, a Manhattan-based commercial lender, which was approved for a 10-year, $16.8 million Grow New Jersey award to relocate its headquarters and approximately 225 full-time employees to a 35,040-square-foot location on Hudson Street.

    WBL is said to also be considering an alternative site in Queens. If New Jersey is selected, the EDA estimates the project will yield a net benefit of over $85 million back to the state over 20 years.

    Also considering making a move from New York to Jersey City is W&W Jewelers, which was approved for a 10-year, $5.4 million Grow New Jersey award to relocate its headquarters to a 3,726-square-foot site in Journal Square.

    W&W is also contemplating a relocation to Brooklyn. The Jersey City project would call for the creation of 45 new full-time jobs, offering a net benefit of $4.2 million back to the state over 20 years, according to the EDA.

    http://www.njbiz.com/article/2016020...-city-projects

  10. #5005
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    Cool Along With Montgomery Gardens Rebuild This Is Happening

    Real Estate
    Boston firm spending $40.2M to buy, renovate Jersey City affordable housing community


    By Joshua Burd, February 10, 2016 at 2:24 PM


    A rendering of the improved Brunswick Estates, an affordable housing community in Jersey City. - (WINNDEVELOPMENT)

    WinnDevelopment will pay $40.2 million to acquire and renovate 131 units of affordable housing in Jersey City, the Boston-based firm announced.

    The company, the development arm of the national multifamily firm WinnCompanies, said this week that it had closed on financing for the rehabilitation project. Its plans call for an extensive interior and exterior upgrade to Brunswick Estates, a 32-year-old income-restricted community of nearly 400 residents.

    In a news release, WinnDevelopment said the project will address deferred maintenance needs, including lingering damage from Hurricane Sandy, and a lack of community space, adequate security, ADA compliance and energy efficiency. The renovation work will create some 70 construction jobs.

    The public-private partners in the Brunswick Estates project are: The city of Jersey City, including the Jersey City Department of Community Development; the New Jersey Economic Development Authority; the New Jersey Housing and Mortgage Finance Agency; Citi Community Capital; The Richman Group Affordable Housing Corp.; New Jersey Community Capital; Boston Community Capital; and Greater Bergen Community Action Inc.


    Brunswick Estates in Jersey City, as the complex looks today. - (WINNDEVELOPMENT)

    The deal was brokered by Dane PCG, which is based in New York City.

    “The completion of this acquisition is the first step in what we believe will be an important development not only for the residents of Brunswick Estates, but also for the community of Jersey City,” Lawrence H. Curtis, president and managing partner of WinnDevelopment, said in a prepared statement. “We worked hard with our public and private partners to get to this point, and we look forward to a March 10 groundbreaking to celebrate the start of these renovations.”

    Brunswick Estates is a townhouse-style complex featuring 14 clusters of buildings with apartments units ranging from two to five bedrooms, as well as a central building, the news release said. Its new owner hopes the project spurs additional investment and beautification along the Montgomery Street corridor, which serves as a visible gateway to Jersey City’s downtown.

    “We are pleased to provide $2 million of Affordable Housing Trust Fund dollars toward the renovation of these 131 units of affordable housing so residents have quality, affordable housing for years to come,” Jersey City Mayor Steven Fulop said. “By investing in affordable housing, we are investing in the entire community and providing first rate affordable housing that complements the ongoing revitalization of neighborhoods throughout Jersey City.”

    http://www.njbiz.com/article/2016021...sing-community

  11. #5006
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    Thumbs up One JSQ Secures Loan!

    FINANCE & ACCOUNTING
    Kushner closes on $25M Journal Square refinancing


    BY REW • FEBRUARY 11, 2016

    Kushner Companies announced that it has secured a $25 million loan from Santander Bank to refinance One Journal Square.

    Kushner Cos. is developing the property in Jersey City as part of a joint venture with KABR Group and WeWork.The deal closed on Friday.

    “Santander ensured a smooth closing process and we look forward to further expanding our relationship,” said Laurent Morali, Managing Director and head of Acquisitions and Capital Markets at Kushner Companies.

    “Jersey City is a strategic market for Kushner Companies and we’re excited to continue developing our presence in this location.”

    One Journal square will be a mixed-use development with commercial, retail and residential components. Kushner Cos. will be pursuing a construction loan later in 2016.

    The 1 Journal Square refinancing comes on the heels of Kushner’s $14 million closing of the Warren at Bay project on January 29 with partner KABR. The mixed-use project will be located at 124 Warren Street in Jersey City.

    http://rew-online.com/2016/02/11/kus...e-refinancing/

  12. #5007

  13. #5008
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    When is the second and 3rd URL tower supposed to break ground?

  14. #5009

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    Quote Originally Posted by Nexis4Jersey View Post
    When is the second and 3rd URL tower supposed to break ground?
    Second tower will break ground in 2016. Third tower will break ground upon completion of second tower.

  15. #5010
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    Thumbs up No Tax Hike for 3rd Straight Year Along with Record Low Unemployment

    Fulop: no tax hike in 2016 Jersey City budget

    By Terrence T. McDonald | The Jersey Journal
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    on February 16, 2016 at 10:45 AM


    No tax increase this year for Jersey City, Mayor Steve Fulop announced on Feb 16, 2016. Jesse Brothers | The Jersey Journal (Jersey Journal file photo)

    JERSEY CITY Mayor Steve Fulop plans to introduce a 2016 municipal budget that comes with no tax increase, his office announced today.

    If formally adopted by the City Council, it would represent the third year in a row the city has crafted a spending plan with no tax hike. In a statement, Fulop noted that municipal taxes are set to remain flat "despite rising costs."

    "Our goal is to be responsible stewards of taxpayer dollars, which means growing the tax base to not increase the burden on residents, while at the same time improving services and the quality of life," Fulop said.

    Fulop, who will likely seek the Democratic nomination for governor in 2017, is making his statements about the budget public the same day Gov. Chris Christie will propose a statewide budget. The mayor has sought to offer contrasts between his governance of the city and Christie's of New Jersey.

    In his statement, Fulop said he has "set Jersey City on sound financial footing."

    The budget will include $95 million in additional tax ratables, $8.7 million in land sales, $7.1 million in construction permit fees and more, according to the city. The plan will also pay for 80 new police officers, more recreational programming, senior services and park investments, the city says.

    In 2013, after Fulop became mayor, a zero-increase budget introduced by the previous administration was amended to include a roughly 8 percent tax hike. In 2014, Fulop produced a budget with a 2.1 percent tax cut. Last year's budget had no tax increase.

    The city plans to ask the council to introduce the budget next week. It will likely not be formalized until much later in the year.

    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...rt_river_index

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