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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Home away from home
 
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Are you listening, Fulop?
Posted on: 2018/6/18 16:47
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Repeating the point Brewster has made repeatedly: Change the zoning so that 6+ unit buildings that are being torn down are not replaced with a 2 family and you will pretty much take care of the lack of affordable housing issue.
Anything the government does requires union labor working at the 'prevailing wage'. Last prevailing wage job I priced out raised labor costs about 270% over the private sector. The "affordable housing" will not be affordable for those paying for the interest on the bonds.
Posted on: 2018/6/18 16:41
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Affordable housing does nothing for local residents. It is where people on a list outside the city receive housing. In the 1990s, I was asked to do voter registration so I went to the new housing then, all affordable. I could not find one person who was an American citizen in the housing. After all, where do you think all of those refugees to once they come here?
Posted on: 2018/6/18 16:28
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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It?s a flawed plan, but better than the Fulop/Kushner plan to bring in 8,000 Hasidim from Brooklyn. Look at what?s happened in Lakewood as the school board has to pay for busing the lids to religious schools.
Posted on: 2018/6/18 15:25
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Home away from home
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Posted on: 2018/6/18 15:10
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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What could go wrong... Seriously, affordable housing is expensive. $100 million for the lot plus remaining remediation plus infrastructure for another $70 million or so plus $200,000 for each affordable unit, with the city wanting at least a couple thousand. Then throw in interest and other fees. That's well over half a billion that will need to be subsidized by the market rate condos/rentals!
Posted on: 2018/6/18 13:48
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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So we are bonding $170 million, the city is still paying off $128.9 million for Fiscal year adjustable bonds took out in 1991 for missing state aid for 6 months. There are 6 years left on that bond payment.
Posted on: 2018/6/18 12:36
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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well, i hope the objective of this potential purchase is to make a decent rturn on tax payer money with providing affordable housing as a secondary goal.
Posted on: 2018/6/18 12:24
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Home away from home
Joined:
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JERSEY CITY ? In a move that may well become the largest development in Jersey City since the 1980s, the City Council is slated to introduce a bond ordinance that would pay for the purchase of more than 90 acres along the Hackensack River.
The council has set a special meeting for June 20 at which it is expected to authorize the administration to purchase from Honeywell International the property that could result in the construction of 4,000 to 8,000 residential units along Route 440 on the Hackensack River. Mayor Steven Fulop said that the City Council is set to adopt the most aggressive of three options concerning property that is current jointly owned by the city and Honeywell. Read more: Hudson Reporter - Jersey City set to buy massive Bayfront property M O R E
Posted on: 2018/6/18 2:22
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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The subsidy better be in zoning only.
http://www.njbiz.com/article/20180524 ... -development-site-for-50m Quote: Meridian Investment Sales recently listed the Avenir mixed-use development site in Jersey City for $50 million. $50 million for 3.35 acres... no way Honeywell lands gets anywhere near that per acre but that must be the city's goal if they get into this business or the project has a high risk of failing.
Posted on: 2018/5/24 16:45
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Home away from home
Joined:
2004/2/6 23:13 Last Login : 2021/7/30 1:08 From Jersey City
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unfortunately everything.
as per the article, the city already owns 40% of the site but may owe Honeywell $25m, and at $1m per acre only has $15m value into the site. so the question could be how to leverage JC Together's affordable housing objective? there were two downtown projects on Marin Blvd that received state EDC tax subsidies that averaged $500k per affordable unit with an additional long term tax abatement. that is a bitter pill for the average tax paying homeowner to swallow. so, my thinking, whether the city attempts to take this is on or just subsidize private developers (for both), what is an acceptable level of subsidy per affordable unit? can the subsidy be in the land and zoning (height and density.) Quote:
Posted on: 2018/5/24 16:09
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Society Hill was built more on landfill than a toxic refuse site, although I do recall the green, blue and purple guys in the dye joints across the way on 440.The chemical industry became really dangerous after WW2, and I think Roosevelt Stadium was built earlier. The shoreline still brings up glass bottles from the thirties and forties. We ate a lotta crabs from the river back in the fifties and I'm still around in good health in my late sixties.
The development will be a smart move for those who get in early. Waterfront property in the Metropolitan Area only gets pricier as time goes by.
Posted on: 2018/5/24 14:37
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Home away from home
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Posted on: 2018/5/23 14:40
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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What could possibly go wrong with the city acting as the master developer?   Serious question: isn't 105 MM for 100 acres a little too much? Or, is that the going rate for crap land located in the middle of nowhere? I truly don't have the slightest clue regarding valuation for this type of lot in such a location.
Posted on: 2018/5/23 9:05
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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"The city would act as the master developer, potentially divvying the land up among multiple developers." #notoriety
Posted on: 2018/5/23 1:17
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Jersey City pitches $180M plan to buy 100-acre riverfront site Updated 5:29 PM; Posted 3:33 PM By Terrence T. McDonald tmcdonald@jjournal.com The Jersey Journal JERSEY CITY ? Jersey City is considering whether to buy the 100-acre Bayfront site on the Hackensack River waterfront, a potentially $180 million plan that Mayor Steve Fulop told council members would be an "aggressive" albeit expensive way to ensure a large amount of affordable housing on the city's west side. http://www.nj.com/hudson/index.ssf/20 ... e.html#incart_river_index
Posted on: 2018/5/23 0:58
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Louis Manzo who was the Health Inspector for Jersey City under Cucci said the land was capped and the chrominum goes sideways. He actually wrote a book and fictionalize Jersey City has a shore town that had chromium. In that book he wrote about the behavior of chrominum.
Posted on: 2018/1/17 19:46
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Right..SHI had a few small traces of contamination, SHII did have more and it was dug out and removed. SHIII (Droyers Point ) had the most and sections of that phase were clay capped and built on. The SH development didn?t need a tax abatement because it was planned and built at the height of a real estate market boom in the late 80?s. It was going to be detached 2 family houses but the plan changed to condos. (to fit more units in $$) There were long buyer lines at every development being built all over NJ especially Hovnanian projects. People would camp out for days. (sort of like todays Apple and sneaker releases) As I posted before a lottery was held for SHI. Tens of thousands of people from all over the tri state area signed up for a chance to buy a condo with the models not even finished yet. They had the drawing down at the LSP RR building. It was a mad house. When the market collapsed in the 90?s with SHI being 80% complete there was a fear that the three phases would not be built but they were and are still going strong. PS ? people from SH go to Bayonne Park for recreation. (and they don't glow) .
Posted on: 2018/1/17 19:02
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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The soil under Society Hill was dug out.
Posted on: 2018/1/17 18:15
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Bayfront next door neighbor, Society Hill, was developed in the 1980s without tax abatements but I am sure this will get a load of tax abatements. Did I forget to mention that Society Hill is also built on toxic soil?
Posted on: 2018/1/17 17:20
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Wasn't a new LR station part of the plan? Is that no longer part of the plan?
Posted on: 2018/1/17 5:00
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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A river so polluted I wouldn't dip a toe in. You have to cross the highway of death to get to the LR. Walking distance to Lincoln Park, with clubs? If you have a death wish. As far as market rate, who knows. Did I miss any downtown developments with 50% low income? Whitlock Cordage is better than nothing, but BeLa ain't downtown.
Posted on: 2018/1/17 1:53
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Well, you are just full of useful information tonight 1) It's right on the river 2) It's walking distance from an HBLR station 3) It's walking distance to the new golf course and Lincoln Park 4) The market rate units will not be cheap 5) Fulop's policy for a few years has pushed for more affordable units in DTJC
Posted on: 2018/1/17 1:42
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Checkout the renderings on the link... all very bucolic, then I see #4... and my eyes are attracted to the 5 Wind Turbines in the aqua blue Hackensack River. I flashed back to that crazy afro adorned quiet spoken scenery painter on PBS Bob Ross painting that scene.
"You know, let's connect the deep blue water of the Hackensack to the blue cloudy sky by painting in 5 happy little wind turbines just to make the neighborhood a little more eco friendly".
Posted on: 2018/1/17 1:14
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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First Fulop had a secret deal to make it an Orthodox Jewish project, now he wants to plop low income families as far away from downtown as possible.
Posted on: 2018/1/16 23:27
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Former toxic site shouldn't just be for the rich, Jersey City mayor saysIn a major shift that would transform a 100-acre mixed-use community planned for Jersey City's western waterfront, Mayor Steve Fulop said his administration will seek to make 50 percent of the planned residential units on-site affordable housing. Fulop announced the proposed change, which could increase the number of affordable units on the Bayfront site by 900 percent, in a letter he sent earlier this month to Honeywell International. Honeywell co-owns the formerly chromium-contaminated site with Jersey City and will partner with the city to find developers. http://www.nj.com/jjournal-news/index ... ic_site_shouldnt_jus.html
Posted on: 2018/1/16 18:38
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Home away from home
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Kushner Companies scraps planned Orthodox Jewish community in Jersey City
Had it been granted the $150M bid, the company could have built 8,100 homes at formerly contaminated Bayfront site May 10, 2017 11:30AM UPDATED, May 10, 12:30 p.m.: Kushner Companies was the leading bidder on an industrial site called Bayfront in Jersey City that would become home to a planned Jewish community geared toward members of Orthodox sects who are being priced out of Williamsburg, Brooklyn. But when Bloomberg reporters asked company spokesperson James Yolles about the bid on Tuesday, Yolles said that the company already dropped any intentions it had to buy the site from Honeywell and Jersey City for $150 million. An unnamed Kushner employee also told the news site that these plans were dropped late last year, but the office of Jersey City Mayor Steven Fulop said it was unaware of this and has yet to receive any word of Kushner?s withdrawal from consideration. It?s unclear if the Kushners decided to abandon the project for ethics reasons, but Honeywell, a Fortune 100 list conglomerate, has billions in government contracts that could prove tricky in any dealmaking tied to the Kushners. The development would likely also require federal subsidies to improve the infrastructure within and surrounding the site. ?It?s a good sign that they are pulling out,? Larry Noble, general counsel of the Campaign Legal Center, told Bloomberg. ?Though the question is whether or not it?s just because of the publicity or because they actually see there is a potential conflict of interest in these situations.? In a statement to The Real Deal, Yolles said ?a decision was made late last year not to pursue the project because the company was not persuaded by the economics of the deal.? Last weekend, the company made front page news when White House senior adviser Jared Kushner?s sister Nicole promoted a Jersey City project at One Journal Square to Chinese investors. The sales pitch made mention of Kushner Companies? ties to the White House and Nicole told the audience the project was ?important? to her entire family. It was later reported that the project in question is going through a rough spot, losing an anchor tenant in WeWork and at risk of losing a key 30-year tax abatement. [Bloomberg] ? Will Parker https://therealdeal.com/2017/05/10/kus ... community-in-jersey-city/
Posted on: 2017/5/11 1:48
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Well there you go. Political games by Fulop hurts JC in the long run
Posted on: 2017/5/10 16:52
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Kushner firm drops bid to develop Jersey City's BayfrontBy Kushner Companies is no longer seeking to develop a sprawling, formerly contaminated site on the western Jersey City waterfront that officials have said will become the city's "second gold coast." The firm, run by the family of Jared Kushner, adviser and son-in-law to President Trump, was one of multiple bidders seeking to develop the 100-acre property, known as Bayfront. The city's plan is to have more than 8,000 units of residential housing, parks, retail shops and other commercial properties on the site, located along the Hackensack River just north of Society Hill. http://www.nj.com/hudson/index.ssf/20 ... loping_bayfront_in_j.html
Posted on: 2017/5/10 15:48
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Re: Jersey City makes plans for new western waterfront neighborhood along Hackensack River
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Yes Country Village had flooding during Sandy the houses with basements flooded. They always had problems with flooding with heavy rain over the years. Especially the ones with the steep sloping driveways leading to basement garages. After Sandy the city installed one of the 4 super pumps on Mina Drive. Seems to be working out fine. Society Hill I, II, and Droyers Point did not have any flooding inside of any of the condo?s and there were no basements to flood. SH is close to 10 feet above sea level. The Sandy storm surge did come within a few inches of the rear of the first floor units along the river. (it was a real nail biter) The streets in front of the units did flood with a few inches of water because the water came up through the sewers which drain out into Newark Bay. There were just enough inches of water to ruin many cars down there. I recall one even shorted out and burned. Hudson Mall was flooded out being it was built decades ago and is almost at river level. I?m sure Bayfront will be built even higher than Society Hill was especially after Sandy and the new flooding regulations. You can see how high the NJCU West Campus is now and how they also raised the new Lincoln Park Golf Course.
Posted on: 2015/9/4 1:29
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