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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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heights wrote:
$1800 seems kind of high for "affordable" the average rent in Jersey City is hovering over a grand if not less. I would think $800 would be the better number. Perhaps it is the market value for the neighborhood income.


Average rent in that particular area is much higher then $800. $2k++ I would say.

Posted on: 2015/4/21 12:46
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Ground broken on first of two high-rises in Jersey City

THE RECORD April 18, 2015,

Jersey City Mayor Steven Fulop recently joined representatives of Fisher Development Associates and members of Hudson County’s civic and business communities to break ground on a new 44-story luxury rental building on the Gold Coast of downtown Jersey City.

Located at 33 Park Avenue between Luis Munoz Marin Boulevard and Seventh Street, the new high-rise residential offering will feature 448 upscale apartment homes and a full suite of world-class amenities and services in a convenient location, adjacent to the Liberty Harbor Light Rail Station, and PATH and ferry service to Manhattan.

Designed by architect Perkins Eastman, the iconic glass curtain wall tower will be the first of two connected by a five-story podium consisting of a lavish amenities center and enclosed parking garage. When completed, the two-phase project will house 900 luxury rental residences, retail space, a state-of-the-art health club, outdoor zero entry swimming pool, indoor and outdoor screening areas, a full-size sports court, and more. Plans also include the development of a 267-room, full-service, Class "A" Marriot hotel by Tramz Hotels.

http://www.northjersey.com/real-estat ... ngs-jersey-city-1.1312024


Posted on: 2015/4/18 6:33
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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If a Governor like Cuomo can tout a jobs creation program like his in NY, then a Mayor in NJ can do the same!

http://nypost.com/2015/04/12/governme ... ng-28m-to-create-76-jobs/

Posted on: 2015/4/13 1:14
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Created Jobs are a function of total hours of labor over a period of time. This could be one person over several years of the duration of the job or several different people split over many different short term jobs.

Here is one example on how its calculated for the bailout program:

http://www.justice.gov/recovery/pdfs/jobs-guidance.pdf

Posted on: 2015/4/12 22:49
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Sommerman wrote:
Is the rendering deceptive in that it doesn't show an hotel between the two buildings or is the hotel not located between them?

Did the building get an abatement?

Is it too late to create the neologism 'masterabater' for these big developers? And yes, I deliberately chose the word neologism.
sweetie, of course, the developers will get abatements.....millions and millions

Posted on: 2015/4/12 11:42
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Is the rendering deceptive in that it doesn't show an hotel between the two buildings or is the hotel not located between them?

Did the building get an abatement?

Is it too late to create the neologism 'masterabater' for these big developers? And yes, I deliberately chose the word neologism.

Posted on: 2015/4/10 11:12
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Does a single delivery of building materials count as a 'job'? How did they come up with 1,000 jobs for this project? I've never seen more than about 50 or so construction workers at a site at any given point in time on any of the largest construction projects.

Posted on: 2015/4/10 1:05
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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will there be a park

Posted on: 2015/4/10 0:55
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Developer marks start of 44-story apartment building in Jersey City

NJ BIZ    By Joshua Burd,    April 9, 2015 at 3:04 PM

Fisher Development Associates broke ground Thursday on a 44-story luxury rental building in Jersey City's Liberty Harbor North district, the company said.

The 448-unit building at 33 Park Ave. will be the first of two high-rises at the waterfront site, with plans also including the development of a 267-room Marriott hotel, Fisher said in a news release. The firm expects to complete the first tower by spring 2017.

Meantime, Fisher said the entire project is projected to generate nearly 1,000 construction jobs and nearly 200 permanent jobs in the rental buildings and hotel.

It’s the latest development in the city for Fisher, which is based in Purchase, New York. The firm has built properties on the Gold Coast including Liberty Terrace, Liberty Towers and Crystal Point.

Read more:  http://www.njbiz.com/article/20150409 ... t-building-in-Jersey-City

Artists Rendering


Posted on: 2015/4/10 0:45
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Posted on: 2015/4/9 21:52
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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T-Bird wrote:
Heights - I think you are in the wrong thread (the micro-units, maybe?) Nothing in this building will be $1,800 per unit. Studios will likely be north of $2,500.

Ye you are right T-Bird I pasted my posting to it's rightfull thread which is the micro-apartments. Hopefully the webmaster will remove my posting from this thread.

Posted on: 2014/9/10 19:13
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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I live at Gulls Cove which is across from 18Park. We were told a few months ago by our HOA that the property next to 18Park would be a hotel and a rental with 2 40-storey towers. Yet to see any renderings. The exact site is the empty lot next to 18Park that also abuts Marin Blvd.

Posted on: 2014/9/10 18:24
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Ohhhh, I did not know that - any renderings floating around T-bird?

Posted on: 2014/9/10 17:44
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Within the "block". Two towers and the hotel will all share the same base, with the hotel between the two towers. The second tower probably is three or four years away. Not sure of the timing on the hotel.

Posted on: 2014/9/10 17:27
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Cool, thanks for clearing it up - so the proposed hotel would be just south of THIS new tower, correct?

Posted on: 2014/9/10 17:16
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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It is definitely south of 18 Park. I don't think anything has been approved for the Pest Control site.

Posted on: 2014/9/10 17:12
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Are we certain that this will be south of 18 Park and not east of it (south of St. Peter's football field, between the football field and the marina)?

Does anybody know what is slated for that lot? (where Western Pest Services building is now)

Posted on: 2014/9/10 17:08
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Quote:

moobycow wrote:
Where is 'Saint Peter's Street'?


St. Peter's Street is an unbuilt street that will parallel Marin to the west. It will form the western boundary of this project.

Heights - I think you are in the wrong thread (the micro-units, maybe?) Nothing in this building will be $1,800 per unit. Studios will likely be north of $2,500.

Posted on: 2014/9/10 17:03
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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$1800 seems kind of high for "affordable" the average rent in Jersey City is hovering over a grand if not less. I would think $800 would be the better number. Perhaps it is the market value for the neighborhood income.

Posted on: 2014/9/10 16:54
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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If you plan on beginning construction this month it seems to me that the abatement is a given or you plan to go ahead with or without the abatement. I thought the policy was to save the abatements as incentives to build outside the waterfront/dtjc area.

Posted on: 2014/9/10 16:09
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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It will be on the empty lot just south of, and immediately adjacent to, 18 Park. It's probably one of those streets that is yet to be built and mapped in the LNH development area.

Posted on: 2014/9/10 16:01
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Re: $141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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Where is 'Saint Peter's Street'?

The only place I can think of there that would fit a tower is between the light rail and the end of the harbor, just south of the football field.

EDIT: Never mind, it has to be on the other side of Marin. There's apparently a street there called Park. Still not sure what Saint Peter's street is.

Posted on: 2014/9/10 12:19

Edited by moobycow on 2014/9/10 12:36:24
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$141M residential tower planned for Jersey City waterfront; developer seeking tax abatement
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$141M residential tower planned for Jersey City waterfront; developer seeking tax abatement

By Joshua Burd - NJBIZ
September 9, 2014 at 10:45 AM

A developer is proposing to build a $141 million, 44-story residential tower in the Liberty Harbor North section of Jersey City's waterfront, according to filings with city officials.

The firm, identified in documents as LHN Owner Urban Renewal LLC, is seeking approval for a 10-year tax abatement for the project and is scheduled to appear Tuesday before the City Council. Late last month, council members unanimously approved the project on first reading.

A memorandum on the proposal says the applicant estimates beginning construction this month, with completion coming within two years. If approved, the project would produce an estimated 400 construction jobs and 20 permanent jobs, according to documents posted on Jersey City?s municipal website.

The proposal calls for a mixed-use project with 448 market-rate residential units, 5,290 square feet of commercial space and 544 parking spaces in the waterfront area just north of Liberty State Park, according to the memorandum. Two hundred of the spaces will be reserved for the use of a future hotel that is not part of the application.

While the builder is identified as LHN Owner Urban Renewal LLC, the filings also identify developer Brian Fisher. His Purchase, N.Y.-based firm has built several other major residential projects along Jersey City?s waterfront, including Crystal Point and Liberty Towers.

The project is known as 33 Park Ave. and would sit on what is now vacant land between Marin Boulevard and Saint Peter?s Street, according to the city filings.

Under the proposed tax abatement, LHN Owner Urban Renewal LLC would pay about $1.6 million, or 10 percent of the property?s annual gross revenue, for the first six years. The developer would also pay a $31,200 yearly administration fee and about $78,000 to Hudson County during that time.

In the seventh year, the payment would be the greater of 10 percent of the annual gross revenue or 20 percent of conventional taxes, with a phase-in that would bring the payment up to about $2.8 million by the 10th year, according to the memo.

The developer also plans to dedicate portions of the land for the widening of Park Avenue and Marin Boulevard, among other improvements totaling about $3 million.

The project, which received site plan approval from the city planning board in January, is located in the Liberty Harbor North Redevelopment Plan Area.

http://www.njbiz.com/article/20140909 ... per-seeking-tax-abatement

Posted on: 2014/9/10 6:50
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