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Precedent?!! - did he sleep through what happened in PAD with Toll Brothers and 111 First Street zoning alterations?

Very NIMBY.

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Thank you for the information Garfield. I just purchased at Canco -- closing in 3 weeks.

I'm a resident at Canco. Don't know much about raising up their price. I guess what I got was a pretty good deal few months back ago.

The staffs are nice, always greet you or hold the door for you. Management are quick on things, very quick on responding issues. If there are any issues with plumbing, window leak, or appliances, they'll come within 10mins to have a look and have it fix while I'm work. I can't ask for better.

Location wise, it's close to Path and Little India is between it. I admit the street is smelly (even in winter, can't imagine when it's summer), but it's convenient if milk and few other things are needed. Plus, I read few people complain about little india, it's gross and it's dirty..... it's 2 blocks away, if it's not for the milk, there's no reason to walk thru that street. Also, it's an active street in the city, it's full of people with restaurants and mini markets in it, wutcha expect? I've seen streets that's dirtier with not a soul walking around.

I've seen better apartments (can't afford) and I've seen shitty apartments (dirty and sketchy) but Canco suits me very well.

I was checking out some of the listings online and they are actually RAISING some of their prices. They raised prices on some units almost 15%. I like the finishes here but the location is not my favorite. Has anyone been in the units/bought there?

Jersey City likely to allow Coalco, developer of Canco Lofts, to add density to new project in return for park

Wednesday, March 10, 2010

A New York developer may get to build at a higher density near the old American Can Company building in exchange for offering Jersey City another public park.

The City Council is set to consider an ordinance tonight that would add a density bonus to new residential construction in the Marion Works Office/Residential Overlay Zone District, which is bordered by Newark Avenue, St. Paul's Avenue, Garrison Avenue and the industrial zone on Van Winkle Avenue.

Jersey City Assistant Planner Maryann Bucci-Carter spoke on the proposed ordinance at Monday's caucus meeting. The ordinance would allow for greater density "when improved public park space is provided."

"It essentially will give us the opportunity to gain a new park," she told council members.

Bucci-Carter said the ordinance would allow the developer, New York-based Coalco, to build 35 more units per acre, which would bump the project up from four stories to six at what is now a parking lot at Senate Place and Dey Street.

Ward A Councilman Michael Sottolano questioned whether the city was setting a precedent by changing the zoning law to benefit a specific developer.

Bucci-Carter replied that the area is unique in its lack of residential amenities.

Coalco converted the American Can Company factory on Dey Street into Canco Lofts, a condominium complex with more than 500 units.

In June 2008, the City Council revamped the developer's tax abatement deal after Coalco complained of stalled sales.

The council voted to keep a 30-year term for the abatement, but reduced the payments in lieu of taxes due the city from 16 percent of gross annual revenue to 10 percent for the first 10 years, 12 percent for the next 10 years, and 14 percent for the final 10 years.

MELISSA HAYES