From the Jersey Journal:
The ‘new’ Journal Square takes another step forward
By KEN THORBOURNE
Within 30 days, two buildings standing in the way of a two-tower development in the heart of Journal Square in Jersey City will be seized by the city through eminent domain and transferred to the developer, a city official said yesterday.
The acquisition of the third and final building is delayed because the property owner needs time to hire a lawyer, said Robert Antonicello, executive director of the Jersey City Redevelopment Agency.
The two buildings in the process of being condemned are 12 and 14 Journal Square, respectively the sites of a former Wendy’s and a current Kentucky Fried Chicken.
The third building slated to be taken, 15-16 Journal Square, houses four businesses – a McDonald’s, Song’s Hallmark, HT Wireless and a dentist’s office.
“We’re losing customers because they’re not sure if we’re going to be around,” said Mohamad Abushaar, the manager of HT Wireless. “It (relocation and redevelopment plans) has everybody so mixed up, so confused.”
Collectively, the buildings represent the only properties on the block next to the Journal Square Transportation Center not already sold to or under contract to be sold to Harwood Properties, the Jersey City firm designated to build two mixed-use towers on the site.
Thank god, just get it done. JSQ needs this it will be a boon for residents nearby and commuters. Newer facilities, shopping and parking near a transportation hub. This means big things for the area. This is the good that has come out of the bubble, redevelopment in areas that sorely needed it, once the land is aquired and the shovels go in the ground there is no turning back. The revival is moving, now if we could only duplicate this process in Newark, Paterson, Camden, etc.
Agreed. Journal Square will be irrevocably changed if the development happens. I hope they put in a good supermarket too. Prices for apartments in the Journal Sq. area are pretty reasonable compared to downtown. You can get big old apartments that have been renovated and are twice the size of downtown for 1/2 the price. Will the development on the Square mean that us “up-towners” (after the current down market for sellers bottoms) are going to be priced out?
It is my opinion that the market will stablize in Jersey City with downtown projects off water selling in the $400 psf range, on water will be $500 psf, less developed(further from PATH, Ferries) areas of downtown will be $300 psf. Rents downtown will range from $15-25 psf, at JSQ I think they will have to remain lower at $7-12 again varying by location and quality.
I think that downtown is not close to build out yet and with the looming recession, only buildings currently on the table will get built. Given this the supply of land, projects comming on and the state of the economy the market in JC will have to go back down.
I am happy about this because I live downtown and the availablity of another good neighborhood nearby is appealing. When the beacon gets built out, morris canal development moving along, Hoboken to the North, Liberty Harbor getting built to the south, and newark ave improving, Jersey City will finally deliver on the potential that is there.
I am absolutely bearish on the Market but bullish on Jersey City especially JSQ if the buy price is good which I have seen. Given the price run up in LIC and Brooklyn, the gold coast of NJ looks like a good buy. This being said I expect massive price drops in NY and correspondingly smaller ones on the Gold Coast.
Lots of projects are slated for JSQ, I own a Two Family about 1/2 block from this project. I think they will be looking to emeinet domain my block also in the futrue, this sucks.
The hole eminent domain will probably slow as the market turns bearish.
I just contradicted myself WOW
Amazing – Jersey City is taking a leaf out of the Chinese playbook – stealing property from one private owner and giving it to another.
Well, I am not sure how far the eminent domain will go into surrounding streets in the Journal Sq. area. But the Square itself was a mess, and the landlord was given every opportunity to clean up his act from what I understand. But Zhang is right, the court will permit a taking from a private owner in order that another private owner can develop as long as it is within the public interest. But in essense there is nothing particularly Chinese about this, this power has its roots in English law and I suspect most countries have similar approaches.
I also hear that there are towers scheduled for building on Kennedy Blvd, but can’t find any concrete info on that one. I guess we can say goodbye to my favorite 99 cent shops!