From the Hudson Reporter:
Towers in JC, luxury lofts in UC
A significant number of new residential towers, rehabilitated factories, and redevelopment areas are already under way in formerly blighted regions of town.
For instance, the former site of the Jersey City Medical Center will see 1,200 condominiums. And an 80-acre area on the northern waterfront is under years of construction that will turn it into a new neighborhood with 10,000 residential units.
In brief, here are some of the projects in Jersey City already under construction:
Liberty Harbor North is an 80-acre community stretching from Grand Street to the Morris Canal overlooking Liberty State Park. When the project is completed in next five to 10 years, it will include 10,000 residential units and five million square feet of retail and office space. The first 215 units went on sale in October.
The Beacon, a $350 million, 1,200-unit condominium project, is being built on the site of the old Jersey City Medical Center at Baldwin Avenue and Montgomery Street. The first condos could be available for purchase in 2007.
Trump Plaza: Jersey City, a $415 million condominium project with a 55-story tower housing 445 condo units and a 50-story tower with 417 units. Construction began in September 2005 and continued into 2006, with occupancy scheduled to begin in November 2007.
Columbus Plaza, a project on Columbus Drive and Warren Street, will ultimately contain 1,150 units of housing. Phase I will be completed in early 2007, including a 35-story tower with 392 residences, a 1,120-car parking garage, 27,000 square feet of ground floor retail, eight townhouses, and a new on-site entrance to the Grove Street PATH subway station.
Grove Pointe, on Newark Avenue between Grove Street and Marin Boulevard, is a 29-story building that will contain 525 luxury residential units, 67 condominiums, and 458 rental apartments. The apartments are expected to be completed late next year.
This project will also include the revamping of a one-block section of Newark Avenue and the triangular park area at the entrance to the Grove Street PATH station.
77 Hudson St. broke ground this year. Its two 500-foot skyscrapers will be located at the corner of Hudson and Sussex Streets. One tower will hold 420 condominiums to be sold by K. Hovnanian, and the other will hold 481 apartments operated by Equity Residential.
Equity Residential is expected to rent out the apartments during the winter of 2008 and K. Hovnanian is expected to have the condos occupied during the spring of 2009.
These projects received approval in 2006 from the Planning Board:
The Metropolitan, a 67-story building, was approved in October to be built on the site of a Pep Boys Automotive store near Newport Center Mall. The 755-foot tower, when completed, will have 809 residential units with 817 parking spaces.
The Grover Cleveland and the Ulysses S. Grant were approved in December, two towers with 326 units with the same number of parking spaces, on Tenth Street. The project will be built by Newport Development Associates, with construction to start in six to nine months.
In December, the Jersey City Planning Board approved a $350-plus million, two-tower project of 52 and 46 stories respectively in Journal Square near the PATH Transportation Center that will see over 1,000 condominium units, about 150,000 square feet of retail and over 800 parking spaces. The project’s construction is to take place starting late next year.
What ever happened to “no more land”?
jb
Columbus Plaza, a project on Columbus Drive and Warren Street, will ultimately contain 1,150 units of housing. Phase I will be completed in early 2007, including a 35-story tower with 392 residences, a 1,120-car parking garage, 27,000 square feet of ground floor retail, eight townhouses, and a new on-site entrance to the Grove Street PATH subway station.
And on-site entrance to the subway station? Damn! That’s pretty sweet.
On site subway access that is Extra Prime, call your Realtor now and reserve your unit!
That is a gigantic amount of condos coming to the area, and while some areas of JC are nice the old JCMC is a pretty hard core area.
I can’t see them being all 500K+ apartments since most of the people in that area don’t make that and secondly the higher market segment probably works in Manhattan and if they can afford a 1M unit they want to stay in NYC since they are already paying for it ( Taxes, Metrocard to the Path each way, ect )
I could see being in JC if I could get like a beat up building ( out of my range ) and have like a real garage and some space. JCMC while it does not pay the best gets a diverse case load.
But all that construction and then all the building in NYC makes me think we are going to have a glut and even my little place is screwed.
JB, I’m a nursing student due to Graduate in 03
I have been meaning to write you a letter since I have been a long time reader of this board since I think 03.
I wanted to maybe submit a letter for a topic about “so now what?” because I think that my friends and I in our late 20’s are trying to figure out how to game this so we don’t get stuck paying for someone elses retirement as some of my friends are paying 50-60% of their income to feed the house.
Sorry I meant 07 reading since 03, worked a very long set of shifts this week.
“The Beacon” aside due to sketchy location far from the train, that’s something like an additional 14,000 units not including the St. Francis development and the small developers working on just one or two buildings. And there’s plenty of inventory on the market already in downtown JC, though I think the nicer places are moving and the less-appealing places are not.
I sold my downtown Jersey City condo at a nice profit, closing on Wednesday. I realize it’s not possible to time the market, but I don’t want to do anything TOO stupid. I am definitely waiting until spring to act and wonder if anyone thinks I should rent and wait longer, perhaps to the end of 2007. So many people tell me that they don’t think prices will go down more (I think they’ve gone down ten percent from the JC height given my selling price), but that they will just not go up more.
But when I see the inventory there already, anticipate more coming on the market in the spring, and then consider thousands of new units also coming up, it seems obvious that something will have to give, as it did in Hoboken in the late 80s/early 90s. Or am I missing a part of the puzzle? I realize that real estate figures come in slowly, so it doesn’t appear to drop the same way the stock market does. But everyone keeps telling me that in “hot” markets, prices will not go down, even though they won’t go up for a long time. But won’t these thousands of additional units flood the market?
I like downtown Jersey City and want to stay there. Though I’d prefer a house, I think I am stuck with condos because I have a max of $350k. Does it make sense to pay rent and wait until the end of 2007, paying perhaps $1400 a month rent waiting for a drop that may not equal the amount I’d pay in rent during that time? What do people think?
Everyone says JC is hot. I own a rental two fam in journal square. I hope in 5-10 years my property will appreiate or some develper will eminent domain my block for a high rise. I would not buy any of these over priced condos. With all the people with 5 yrs Arms, the market will not sustain itself. Either u will be stuck with a overprice condo or you will have to sell for less than u bought it for. Just to much activity in condo market 4 my taste