From the New York Times:
Loft Project in Jersey City Attracts a Big Name
Only a decade ago, the 13-block warehouse district near the waterfront here was little more than a tumbledown assemblage of buildings.
Over the years, it had become a refuge for artists and others, offering cheap rent for those priced out of Lower Manhattan and Brooklyn. But as Wall Street companies began migrating across the Hudson River, development on the waterfront surged. Builders, among them Donald Trump, saw opportunity and began creating luxury housing out of faded buildings, or constructing new ones.
On Monday, officials and developers gathered at a hotel built on an old pier to announce a major coup: one of the world’s most famed architects will transform a warehouse, once an artist enclave, into luxury lofts.
The architect, Rem Koolhas, is a winner of the Pritzker Architecture Prize and the designer of the Seattle Public Library, the Las Vegas Guggenheim, and the Prada store in Lower Manhattan.
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The building Mr. Koolhaas intends to design will be 1.3 million square feet and include 710 condominium units. In addition, there will be 120 “work-live units,” some of which will be offered to artists at below-market rate. The plan also calls for 16,000 square feet of art galleries and about 52,000 square feet for retail use. The owners say they hope to start building next year and finish by mid-2009.
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