From the Jersey Journal:
Jersey City is about to get a lot more crowded.
The city is expecting nearly 3,000 residential units to come online before the end of the year, while developers are expected to break ground on another 3,000 in the next 10 months.
The new additions will include a 950-foot condominium tower on Hudson Street that will be the tallest building in New Jersey, a 50-story high-rise outside the Grove Street PATH station and a 448-unit tower in Liberty Harbor North that will rise 44 stories.
And the changes aren’t only in the Downtown, where most of the new large-scale development has taken place for the last three decades. Hundreds of units are set to go online by the end of the year on Senate Place, just south of Canco Lofts, and at the Beacon.
Developers Eric and Paul Silverman have been building in Jersey City for over 30 years — before it was cool. The brothers’ new building, Charles and Co., a 99-unit Grove Street building with office and retail space, is opening this summer. Eric Silverman told The Jersey Journal the city’s newest boom is part of a global trend of more people choosing city living over suburbia.
More than that, he said, Jersey City is special.
“People have finally recognized that Jersey City has a lot of natural assets: good architecture, a good grid pattern, the multiple modes of transportation,” he said. “It has everything.”
The list of buildings opening or breaking ground in Jersey City this year changes so rapidly it’s hard to keep track.
All told, the city expects the new developments opening this year to contribute to an expected 8,000 increase in the city’s population. By next year, Mayor Steve Fulop says, the city will be the largest in the state.
Jersey City has seen building booms before, but Fulop said this one is different because it is “benefiting every neighborhood.”
Less lucrative tax abatements for Downtown residential buildings are allowing the city to grow its rateable base, he said, leading to more residents sharing the tax burden. And more lucrative tax deals for developers outside of Downtown, which was home to the city’s last building boom, are helping lure developers to build elsewhere in the city, he said.