Quote:

I think it's perfectly fair to have a discussion about the area around it. I find it odd that 70 people had no problem with paying over half a million dollars in "one week" to live next to the projects.

It's barely (20 minutes) within walking distance to the PATH and it's certainly not an area that I'd want to walk around at night (and I'm a big dude).

I'd like to buy around JC, but can't really justify taking a gamble of an area around projects that don't look like they're closing any time soon is going to magically reform itself. Even if you get rid of the multi-story projects there's still single-unit projects 2 blocks away.

I went to an appointment at The Beacon Sales Center this afternoon and thought I?d share the info:

Studios ? High $200K to Mid $300K ? between 596 sqft and 750 sqft
1 Beds ? Low/Mid $300K to Mid $500K ? between 750 sqft and 900 sqft
2 Beds ? Low/Mid $400K to Mid $600K ? between 975 sqft and 1300 sqft

The best unit currently for sale was 1280 sqft for 575K on the 17th Floor, NE Views. Maintenance for the unit is a little crazy: $965 per month, that includes Gas, Water, Amenities. Nevertheless, the amenities are bloody excellent, for example it's got a 1500 sqft all-year indoor pool, plus a ton of other stuff ? very impressive.

This is a 5+ phase development completion in about 5-years, but only the first two buildings currently for sale. Completion of the first two units is Jan 2007.

Number of units available in the first 2 buildings phase: ~120
Number of units sold in the first 2 buildings in "one week": ~70

My wife and I met a gentleman called Henry and he was very informative.

One final note: Let's try and not have a discussion about the area, it's obviously on the way up, which will hopefully benefit everyone.

Time for a glass of wine.

Former Hospital Could Become 1,200 Condos

'Beacon' development will preserve Med Center architecture, may include museum

Excerpts:

Ultimately, according to the redevelopers of the site, Metrovest Equities, the entire project could include a $350 million renovation of the hospital buildings, including 1,200 rental and condo apartments, shops, a central courtyard, a dog run, a restaurant, a grocery store, and the parking garage.

The buildings to be redeveloped in phase one will be the center building at the Baldwin Avenue main entrance to the hospital, and two buildings adjoining the center building. The main entrance for the new project will be on Montgomery Street.

The developer

Filopoulos also spoke during the presentation, answering questions from the Planning Board.

He said the Beacon will have features accessible to local residents. He said there will be a museum dedicated to the history of the Medical Center, as well as a supermarket and an early child care center.

Filopoulos also said that the size of the residential units being built in the first phase will average 900 square feet because of the way the original medical buildings were designed and constructed. Future units being built in the other phases will average 2,000 square feet.

Also:

http://www.njcu.edu/programs/jchistor ... ue_Maternity_Hospital.htm

As part of the Jersey City Medical Center Complex at Montgomery and Baldwin Avenues, the Maternity Hospital will undergo renovation. Rather than demolishing these locally significant and historic structures, the Jersey City Redevelopment Agency named Metrovest Equities of Manhattan to rehabilitate the buildings. The complex will be called the Beacon and redesigned for rental and condominium apartments as well as commercial space and cultural venues. The renovation project is to be completed by 2010 for a projected cost of $350 million.

Lastly, from the JCEDC site
http://www.jcedc.org/new/jj040405.html

The initial stage of the three-phase project, called the Beacon, would target three buildings, turning them into 314 condominium units, a rooftop restaurant, a public pre-K /daycare center, and 64,821 square feet of office/retail space. The initial round of construction also would include all roadway, landscaping and utility work, as well as the construction of a new 1,049-space parking garage.

When completed, the complex will feature 1,200 condominium units, a public theater, a gourmet market, parks, shops, a dog run, a library and business center, screening rooms, a spa and a museum devoted to the Jersey City Medical Center.

I just noticed a huge banner on the side of the old JCMC. The verbiage was for the Beacon

There's next to no info on the site...just wants your personal info.