There goes the Iron Monkey's rooftop view.

Hartz Mountain, Roseland Properties planning 1,000-unit residential building on Jersey City waterfront

February 22, 2012, 10:55 AM
By Ron Zeitlinger/The Jersey Journal

Hartz Mountain Industries and Roseland Property will build a $450 million, 1,000-unit residential complex on the Jersey City waterfront in Jersey City, the two companies announced this morning.

Officials with the two companies said in a news release that the total size of the project at 99 Hudson St. will be more than 1 million square feet of rental units and retail space and is expected to create more than 2,000 construction jobs over a 5-year period.

"The waterfront in Jersey City features many compelling pieces, but it lacks a center," Carl Goldberg, partner in Roseland Property Company, said in a statement. "We see 99 Hudson providing the components that would turn an interesting area into a classic neighborhood."

Officials said in the news release the project, part of the Colgate Center, will be the largest rental project and one of the top five tallest buildings in New Jersey, but did specify how many stories the building will rise.

In April 2011 Hartz Mountain sold buildings at 90 and 70 Hudson Street for a combined $310 million. In November Hartz Mountain Industries bought the property from Bank of America for $35 million. Merrill Lynch, which owned the land at 99 Hudson St., intended to build an office tower there for back offices. Bank of America obtained the site when it acquired Merrill Lynch.

Officials said the development of the project is contingent on the revival of the state Economic Development Agency's Urban Hub Tax Credit (UHTC) residential program, which was suspended after depleting its $250 million allocation.

"We submitted an application several months ago that fully qualified for the UHTC program," Emanuel Stern, president and COO of Hartz Mountain Industries, said in a statement. "As we have seen through the history of the UHTC program, the economic climate -- especially as it pertains to financing -- will not permit a project like this to proceed without assistance.

"Our application to EDA for the UHTC program delivers instant economic impact and smart growth benefits that will last for decades, so we are hopeful this necessary program is quickly revived so we can commence construction."

Roseland Property Company manages Hartz Mountain's residential projects and is a partner in four of Hartz's residential developments. The project is expected to include "retail and entertainment on the structure," as well as parking for residents and guests, officials said

http://www.nj.com/hudson/index.ssf/20 ... tain_roseland_proper.html