New 50-story Goldman Sachs building likely

Council also discusses hotel tax changes; parking on own property

Ricardo Kaulessar - Jersey City Reporter staff writer -08/25/2006

PLANS FOR A NEW BUILDING ? These are the plans for a new office tower by Goldman Sachs at 50 Hudson St. in Jersey City.

The City Council at its Aug. 16 meeting approved changes to the Colgate Redevelopment Plan, which will allow for the construction of a 50-foot office tower by Goldman Sachs at 50 Hudson St., near the company's existing Jersey City headquarters.

At the same meeting, the council introduced changes to an existing tax on the city's hotels and motels that will enable Jersey City to keep more of the tax.

Also, the council put off voting for controversial changes to the city's R-1 zoning (which governs one and two-family) homes that would let homeowners park on their land if they had 15 feet of space in front of their house.

Goldman Sachs 'campus' on Hudson Street

The investment firm Goldman Sachs is well known in Jersey City as having the state's tallest building, with their 42-story, 792 foot headquarters at 30 Hudson St.

Now they are looking to build tall again.

The City Council approved changes to the Colgate Redevelopment Plan on Wednesday, which is the area of the downtown Jersey City waterfront near the old Colgate Toothpaste factory. Due to the changes, Goldman Sachs is allowed to build a 500-foot tall building instead of 185 feet.

Also, the redevelopment plan also allows for an open air plaza where there will be over 21,000 square feet of retail space. Previously under the plan, an atrium was to have been built.

In the ordinance approved by the council allowing for the changes to the plan, it is stated that the reason is that "Goldman Sachs owns the site and has constructed an underground parking garage under this site" and "The original plan for this site as a worldwide training center has changed and the concept has emerged for a Goldman Sachs campus centered on the Hudson River."

But there are questions about Goldman Sachs seeking to build a new, taller building at a time when their 30 Hudson St. location is filled to half-capacity with employees. The company is also constructing a new headquarters in Lower Manhattan near Battery Park.

Goldman Sachs executive Timor Galen said during the council meeting that the proposed new tower for 50 Hudson St. was necessary to redistribute the workforce between 30 Hudson St. and the future Lower Manhattan headquarters. He also said by next year he expects the 30 Hudson St. building to be "two-thirds" full.

That's great news. Too bad about the public atrium but things have changed since it was planned. They've just started construction on their HQ right across the river and doubling down on JC may make sense in that context. As their leases expire I hope more jobs migrate to JC.

Quote:

Increase to proposed tower approved by city
Thursday, August 17, 2006
By JARRETT RENSHAW
JOURNAL STAFF WRITER

Global financial giant Goldman Sachs received city approval yesterday to increase the size of a proposed office tower on the Jersey City waterfront from 185 feet to 500 feet, but plans to build a public atrium in the new facility were scrapped.

The changes were included in amendments to the Colgate Redevelopment plan unanimously approved by the Jersey City City Council yesterday.

Under the old redevelopment plan, Goldman Sachs promised to build a curved, glass roof public atrium connecting the Hudson Walkway with Hudson Street.

The amended plan now calls for an open-air plaza, which city officials say will provide better views of the Manhattan skyline. The plaza will feature a number of retail shops.

In addition, the city amended the redevelopment plan to allow for a 500-foot building at 50 Hudson St.

Behind the scenes, several city officials raised questions about the intentions of Goldman Sachs.

The company's current Jersey City building - the state's tallest with a capacity for about 5,000 employees - is less than half full. And of the company's 2,140 employees, only 149 live in Jersey City, according to city records.

"Goldman has been a great neighbor, but I just hope that they plan to build it," Downtown Councilman Steve Fulop said.

Goldman Sachs officials said they plan to have their current building "two-thirds" full by next year.