Quote:

We'll see if the planned Whole Foods survives Ras Baraka.

Also, ours is a unique investment that will provide very unique, highly amenitized loft units unlike anything that exists in Jersey City, within a block of a PATH station.?

and all my life I thought amenitized meant what you did at the end of a prayer.

Yet, Newark is building a Whole Foods.

Envy Newark after the WF project bears organic fruit.

Yet, Newark is building a Whole Foods.

From GlobeSt.com:

"Meanwhile, Jersey City ? the state?s second-largest city behind Newark ? is exploding with all sorts of development projects, but most impressively with multi-family development. More than 11,000 units are in the development pipeline (See ?Jersey City Surges,? in this month?s issue of Real Estate Forum.)

?We feel really bullish on Jersey City,? said Mill Creek?s Tepper. Last month, his company acquired a long-vacant warehouse in the Powerhouse Arts District for $38 million, which it will rehabilitate and turn into 366 loft rental units.

Asked by panel moderator David B. Wolfe, a partner at Skoloff & Wolfe, if Mill Creek was concerned about the large influx of rental housing to come in Jersey City, Tepper replied, ?First of all, we don?t believe that when there are 12,000 planned units that 12,000 will come out of the ground. Also, ours is a unique investment that will provide very unique, highly amenitized loft units unlike anything that exists in Jersey City, within a block of a PATH station.?

Speaking on a separate panel (?Opportunities in Investment and Finance?) Adam Altman of KABR Group said he believes an array of multi-family development happening at the same time helps bolster neighborhoods in Jersey City.

?The Mill Creek project is going on right behind ours,? said Altman. His company is partnering with Kushner Cos. to build Trump Bay ? a second tower to the five-year-old Trump Plaza Jersey City ? a block from Mill Creek?s warehouse conversion. ?We don?t see a conflict there. This is creating a context to a neighborhood,? he said, ?and allowing different retail pockets to evolve, all of it existing within the halo of New York.?

Altman said his company is confident the flow of renters will continue strong into Jersey City, as the Hudson Yards and Freedom Tower projects are completed in Manhattan, generating thousands of new jobs for young ?Millennials? ?who will be attracted to lower-cost apartments across the river. In Manhattan and parts of Brooklyn, apartment rental rates have soared to around $65 per square foot, Altman said.

?Who doesn?t think that many of them won?t take the PATH or hop on a ferry across the river for $45 per square foot, or less, in Jersey City?? he said."

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