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Re: Developers at odds over future of Jersey City neighborhood
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Home away from home
 
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That's interesting. So a guy with many millions in real estate as collateral couldn't or wouldn't just borrow development money from a bank in this era of historically low rates? Either he was trying to wring every penny out of the deal or the banks know why he's not a good risk.
Posted on: 2018/7/12 0:46
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Re: Developers at odds over future of Jersey City neighborhood
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Home away from home
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This is interesting. I assume this is the Mecca project:
http://wiki.realmart.com/golden-100-i ... ed-a-full-house-audience/ Looks like he was offering EB5 for investors in this building. How on earth does he have the connections for that?
Posted on: 2018/7/12 0:33
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Re: Developers at odds over future of Jersey City neighborhood
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Home away from home
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What the rich and connected want, they take.
Happened in New Orleans after Katrina, happens to poor neighborhoods and public housing all over. Damn shame
Posted on: 2018/7/11 20:43
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Re: Developers at odds over future of Jersey City neighborhood
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Home away from home
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I asked this question before, why did the owner not start construction on his project that gained approval 1.5 years ago? The smaller lot owners now have targets on their backs because of this guy. Yes eminent domain is shitty, but Mecca really drove a knife through the back of his neighbors for stalling construction as long as he did. They should be equally angry at him.
Posted on: 2018/7/11 20:09
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Re: Developers at odds over future of Jersey City neighborhood
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Home away from home
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Or maybe they wanted to do nothing, sit back and watch their values soar with low taxes on undeveloped property. The land has been appreciating far faster than improvements. I get doing nothing, I do it very well myself, but that isn't what they agreed to over a decade ago.
Posted on: 2018/7/11 16:24
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Re: Developers at odds over future of Jersey City neighborhood
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Home away from home
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Maybe the local owners wanted to see the results from the multi year delayed reval? Or maybe they wanted to see if any infrastructure improvements would take place (like extending Jersey Ave, or fixing Grand St, or improving sewerage?)
Posted on: 2018/7/11 15:29
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Re: Developers at odds over future of Jersey City neighborhood
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Home away from home
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2017/1/3 18:17 Last Login : 2020/10/12 20:58 From Jersey City
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Letter from resident in Journal.
https://www.nj.com/opinion/index.ssf/2 ... d_from_developer_tak.html
Posted on: 2018/7/11 15:05
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Re: Developers at odds over future of Jersey City neighborhood
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Home away from home
Joined:
2017/1/3 18:17 Last Login : 2020/10/12 20:58 From Jersey City
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At Planning Board on July 24...postponed from yesterday.
Posted on: 2018/7/11 13:43
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Developers at odds over future of Jersey City neighborhood
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Home away from home
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Developers at odds over future of Jersey City neighborhoodJERSEY CITY — A four-block Downtown Jersey City neighborhood that sits in the shadow of the New Jersey Turnpike Extension is at the center of a tug-of-war between developers with competing plans to transform the area into the city's hottest new residential neighborhood. Developer Sandy Weiss of Manhattan Building Company has plans to build nearly 900 apartments in the area, but property owners have their own development proposals that the city is looking to halt to make way for Weiss' project. The property owners now face the prospect of having their lots seized via eminent domain as the city argues they've had more than a decade to change the neighborhood and haven't. https://www.nj.com/hudson/index.ssf/20 ... _of_jersey_city_neig.html
Posted on: 2018/7/7 6:01
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