Jersey City Rising

**z22** · July 3rd, 2006, 12:03 AM

Does anyone have more detail on San Remo, Monaco I and Monaco II?

All I have is from this website which doesn't say much:
http://www.zwire.com/site/news.cfm?n...d=523586&rfi=6

Also, where exactly on the Washington Blvd? Are they going to be built at the current parking lot of the Doubletree?

**tbal** · July 3rd, 2006, 12:27 AM

Excellent find, z22-
This is the only online article I have seen for Monaco I and II and the San Remo. My guess is that the construction will start within a year, since the Westin is going up nextdoor to the Doubletree, and to remain competitive, Double Tree will need to expand to offer the type of amenities the Westin will offer. The site for the proposed towers is particularly desirable because of its location near the Newport mall, Shoprite/BJ's, the Newport PATH station, and proximity to the lightrail, so I'm sure that Roseland will want to capitalize on this soon.

**z22** · July 3rd, 2006, 06:34 PM

And I guess the first picture in the article has some clues about those buildings. I wish the photographer focused more on the rendering, not that guy.

Hopefully when JCman is here, he will give us more info.

Have a nice holiday anyway.

**JCMAN320** · July 4th, 2006, 12:08 AM

LET THE FLAMMING BEGIN!!!!!!!!

Sorry for my hiatus I was at Indianapolis for the Grand Prix. Great city by the way!

OK calling JC a slum. Who the hell are you kidding?? JC is not a slum. Thats like calling Brooklyn a slum. JC has many many many great areas. Yes we have rough areas but show me one city that doesn't. You know I wish I could see from your point of view but luckily enough for me I can't get my head that far up my ass!! JC is 400 years old!!!! JC is a great old city and at one time all parts of it were nice, but like all cities in the 70s an 80s it hit its rough spots. If you would go around JC for yourself you would see how many nice areas it has. Investor you make ingnorances look like it got beat with the ugly stick and went back for seconds. Try and educate yourself instead of being ignorant and arrogant.

I don't know any more on the American Can Company than what I have read in the paper. Also with the artists they are already here and have moved from DUMBO and the Village to here so too late.

**OmegaNYC** · July 4th, 2006, 12:53 AM

JCMAN, it's good to see you're back! Man I was just waiting for the flamming!

**investordude** · July 4th, 2006, 10:10 AM

My point is simply that the areas that are edgy in Jersey City don't strike me as bohemian enclaves. My hope is people can have a realistic conversation without getting uncivil with people they disagree with. JCMan, I admire your enthusiasm for Jersey City, but I also feel I share optimism for the city and just have a different perspective on making things better.

From my eyes, I think its obvious that large parts of Jersey City have been down on their luck beyond the waterfront. The hope of new construction changes that. Most of that new construction (the Beacon, Journal Square, etc) is in places that desparately need investment and more affluent tax payers. For the most part, they aren't displacing artists - they're displacing abandonment. And they bring art customers to Jersey City, which it needs if it aspires to build an arts community.

If some people get displaced by this, its capitalism and its ultimately better for most of the people in the city and the broader region.

**FiveNines** · July 5th, 2006, 07:17 PM

Originally Posted by investordude

My point is simply that the areas that are edgy in Jersey City don't strike me as bohemian enclaves. My hope is people can have a realistic conversation without getting uncivil with people they disagree with. JCMan, I admire your enthusiasm for Jersey City, but I also feel I share optimism for the city and just have a different perspective on making things better.

From my eyes, I think its obvious that large parts of Jersey City have been down on their luck beyond the waterfront. The hope of new construction changes that. Most of that new construction (the Beacon, Journal Square, etc) is in places that desparately need investment and more affluent tax payers. For the most part, they aren't displacing artists - they're displacing abandonment. And they bring art customers to Jersey City, which it needs if it aspires to build an arts community.

If some people get displaced by this, its capitalism and its ultimately better for most of the people in the city and the broader region.

You make a couple of good points - and we can debate whether or not Jersey City contains 'bohemian enclaves.' I would agree that the artist colonies in Jersey City are not as apparent or numerous as those in Williamsburg, DUMBO or the several locales in Manhattan. I suppose the question is, should art be a part of the foundation for any city that is growing rapidly? Take a look at the Wells Fargo building. Now from my understanding that building is a mixture of wealthly residents and artists. Can the two coexist? Probably not; and you're correct, it is capitalism.

There's seems to be two types of thinking when it comes to urban renewal projects (and believe me I'm no city planner by any strech of the imagination). One school of thought believes that city planning should be the focal point; that redevelopment is driven by a vision of the city at some point in the future (i.e. we think it should look like this). The other school of thought suggests that urban renewal is more of an organic process - that it just grows into whatever it is destined to grow into. Sucessful renewal cannot be 'artificially' created or planned and that each new addition to the community seeked to be part of it.

I don't know if one's necesarily better than the other but JC may be a combination of the two right now. And again, whether or not JC has a vibrant artist culture or not, the growth along that particular area (powershouse district) will not be a hotbed of artists when it's all said and done.

Perhaps other areas of JC though...

**OmegaNYC** · July 6th, 2006, 01:02 AM

The way I see it, JC is still growing. Like JCMAN said, this city is over 400 years old, and Jersey City have seen a lot in those years. It's amazing to see where Jersey City is now, then it was 30 years ago. I think in time, JC will see a major thriving artist community not only in the PAD, but in other areas as well. Out of all the major cities in NJ, JC is really the only one that has done a major turn around

**worm** · July 7th, 2006, 01:05 PM

I live in what might be considered an "edgy area" according to investordude. On my block alone, there are four artists, including myself, that I know of. We are all working professionals, so to many, we don't have that williamsburg look that you might think are indicative of an artist enclave. If you have ever ventured out to the McGinley square area, you will find that there is an artist community here. It's just not as obvious as some areas of Brooklyn.

**investordude** · July 8th, 2006, 04:13 AM

I'll try to check out McGinley Square.

According to the emporis website, construction of 77 Hudson began on 6/25/2006. The article previously posted dated 6/23 refers to the site coming soon, but emporis goes further to claim construction has actually begun, which seems like good news.

**investordude** · July 8th, 2006, 04:16 AM

Sorry, forgot to include link in previos post: http://www.emporis.com/en/wm/bu/?id=268011

**tbal** · July 8th, 2006, 09:53 PM

I snapped a few shots of the 77 Hudson site this morning. During the week of June 25th, I-beams were hammered into the ground. The past week was spent on demolishing the sidewalks, curbing, and parking lot surfaces. Here's a link to the pics:
http://s58.photobucket.com/albums/g245/jcwalkingman/

**tbal** · July 8th, 2006, 10:27 PM

BTW - a great site updated regularly is Jersey City Portal.
Check it out at:
www.jerseycityportal.com/forums

There are some unbelievable renderings of 77 Hudson there.

**TimmyG** · July 10th, 2006, 08:06 AM

PAYMENT MISSED

Question mark for more development at Trump complex

Monday, July 10, 2006 By KEN THORBOURNE

JOURNAL STAFF WRITER
The Donald is hedging his bets on a twin-tower condo complex he is building in Downtown Jersey City.
The casino and development mogul told The Jersey Journal he and his main partner in the deal, Hoboken-based Metro Homes, reneged on paying $1.9 million to the city, due June 1, because he's not convinced the project's proposed second tower will become reality.
"I think it's going to be built," Trump said on Friday. "But if the world goes to hell in a handbasket it won't be built - unless you're very foolish."
The first of two towers of what will be Jersey City's Trump Plaza is under construction on Washington Boulevard between Morgan and Bay streets. The first tower - purportedly the tallest residential building in New Jersey at 55 stories - is fully financed and will be a huge success, Trump declared.
But the second tower, planned for 50 stories, "may or may not get built depending on market conditions," Trump said.
"We never really had a starting date on the second tower," he added.
Metro Homes, the majority partner in this venture, did make a $2 million "pre-payment" to Jersey City for Tower I last June, city officials said.
Dean Geibel, Metro Homes's managing partner, said Tower II will be built and the $1.9 million "pre-payment" will be made - just not now.
"Since we know we are not going to be putting this building up right now, it seems a shame to lock it up (the money due the city) in that way," Geibel said.
The "pre-payment" amounts to a no-interest loan to the city; the city repays the money once the developer starts selling units and making payments-in-lieu-of-taxes to the city under its tax abatement agreement.
James McCann, the attorney representing Metro Homes, told the City Council at last week's meeting that banks financing the project are jittery about the prospects for selling out the second tower - perhaps thinking the bubble is about to burst in Jersey City's condo market.
McCann said the banks aren't interested in putting more money into the project until 25 to 30 percent of the units in Tower I are sold, McCann said.
Those units won't go on the market until October, Geibel said, but selling shouldn't be a problem - the 455-unit Tower I has a 3,000-person waiting list, he said. The project, announced last September, is scheduled to be completed in 21 months.
On the table at the City Council meeting, held Thursday morning, was a resolution backing up the due date for the $1.9 million pre-payment to May 1, 2007. In addition, the resolution called for a 5 percent late-payment penalty, and for the developers to buy insurance guaranteeing the money. This "payment bond" would cost the developers roughly $100,000, McCann said.
City officials withdrew the resolution to consider a proposal by McCann to delay when Metro Homes has to purchase the "payment bond."
This fiscal year's spending plan included the $1.9 million pre-payment, but taxpayers won't be left holding the bag since other projects have generated more money than expected, said Jersey City Business Administrator Brian O'Reilly.

**investordude** · July 18th, 2006, 05:48 PM

Just curious, do you think Trump might be thinking of building the second tower as a hotel project and that might be the source of the delay? he seems interested in building a hotel in Soho, so if he's more enthusiastic about the commercial market in Manhattan, what about Jersey?