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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Posted on: 7/3 9:32
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Councilman Yun said by the time it is finished, the money to be borrowed will be $200 million. Since he reads everything, I will go with that number.


Posted on: 7/3 9:26
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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BUSINESS & ECONOMY
Jersey City set to move forward on 100-acre Bayfront development
BY David Cruz, Senior Correspondent | July 2, 2018, 5PM EST


At close to 100 acres, the Bayfront property, located in the city’s southwest Greenville section represents the most significant development opportunity in the city since the downtown boom began in the 80s and 90s. A once chromium-polluted brownfield, Bayfront is now clean and ready for redevelopment. With affordable housing at a premium, Jersey City Mayor Steve Fulop has proposed buying the property — of which the city is already part owner — from Honeywell, the successor company that cleaned it up. Fulop thinks the development could feature up to 30 percent affordable units, but it won’t be cheap.

“Up to $105 million for the specific property, and then we’re going to go out for bonding of $105 [million] plus $80 [million] approximately for infrastructure, so it’s a big undertaking. It’s about $180 million,” said Fulop. “Our models project that, over some time, we’re going to be able to return that as an investment to the taxpayers, maybe make some money and get some inclusionary housing in there.”

But borrowing $180 million, government officials call it bonding, is no small step, and the city council held a hearing on the proposal late last month to gauge public support. Needless to say, opinions were expressed.

“I am opposed to the city of Jersey City floating bonds for the Bayfront project,” testified resident Christine Bamberger. “Jersey City should not enter into the banking business of floating bonds for real estate development regardless of how the plan is couched or the options are couched right now.”

Abundant Joy Community Church Pastor William Ashley, who was part of a group of citizens who pushed the city to buy the property, said its redevelopment was overdue.

“We recognize that the details are yet to be worked out. We recognize there are numerous questions that need to be asked and answered,” he said. “We stand with you in saying that this is a bold step. It’s game changer and there’s no place else in this state that has taken this bold initiative.”

Councilwoman Denise Ridley, who represents the Greenville section where the project would rise, says affordable housing is a good goal, but so-called workforce housing, the kind of housing working class professionals can afford, should be part of the mix.

“Workforce housing would be geared more toward everyday Greenville residents. It’s more feasible for people who might be police, fire, teachers,” she said. “Sometimes with the affordability portion of it, you lose a lot of people. We want to make sure that, yes, we want the affordable units, but we don’t want to lose those potential people that are here in Greenville. I think a lot of people hear affordable and they automatically assume that they’re going to qualify, and a lot of people will not.”

A proposed extension of the light rail across busy Route 440 is already in the works, with NJ Transit earmarking $5 million for an environmental impact study. That extension could double the number of units here to 8,000, an almost 20 percent population increase for Greenville.

The council has already given preliminary approval for the city to go get the money. The mayor says, if all goes well, you could see shovels in the ground by the end of next year.

Posted on: 7/3 8:05
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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The public will get a chance to speak out on the city's $180 million plan to purchase the 100-acre Bayfront site on the Hackensack River waterfront.

http://www.nj.com/hudson/index.ssf/20 ... 80m_bayfront_plan_in.html

Posted on: 6/19 6:34
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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No rent control on new construction in J.C.

NJ state law (unless it has been changed since I last checked) exempts new construction from local rent control laws for 5 years.

Posted on: 6/18 17:04
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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If they are 6 units then they are under rent control so when taxes or water goes up maybe 4%, they can only go up an amount set by city hall. Lately, those increases have been less than one percent.

Posted on: 6/18 15:03
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Quote:

hero69 wrote:
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.


Wow good one. I nearly spit up my lunch. Since when has a Democrat run administration cared about tax payers? They are simply a revenue stream.

Posted on: 6/18 14:20
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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MDM wrote:
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.


Are you listening, Fulop?

Posted on: 6/18 12:47
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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: 6/18 12:41
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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: 6/18 12:28
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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: 6/18 11:25
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Quote:

JCGuys wrote:
Quote:

hero69 wrote:
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.


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!
i too think this is a foolish idea. isn't there enough affordable housing in bela, greenville, and other nearby cities.

Posted on: 6/18 11:10
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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hero69 wrote:
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.


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: 6/18 9:48
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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: 6/18 8:36
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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: 6/18 8:24
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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 – 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: 6/17 22:22
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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.

Located in the city’s Marion neighborhood, the site contains 659,000 buildable square feet, with the property slated for 486 apartments across eight stories along with 25,000 square feet of commercial space. Senior Executive Managing Director David Schechtman and Managing Directors Lipa Lieberman and Abie Kassin are representing the seller in the transaction.

The 3.35 site has been approved by the Jersey City Planning Board and is eligible for a 20-year Payment in Lieu of Taxes.


$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: 5/24 12:45
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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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:

bodhipooh wrote:


What could possibly go wrong with the city acting as the master developer?


Posted on: 5/24 12:09
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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: 5/24 10:37
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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bodhipooh wrote:
Quote:

iGreg wrote:
Quote:

neverleft wrote:
.
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



"The city would act as the master developer, potentially divvying the land up among multiple developers."

#notoriety



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.
i'm all for affordable housing but $180 million, even $100 million sounds like a lot of money. people are priced out of markets all the time, why can't these people who are being hurt by gentrification move to kearny or paterson or bayonne or the bronx?

Posted on: 5/23 10:40
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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iGreg wrote:
Quote:

neverleft wrote:
.
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



"The city would act as the master developer, potentially divvying the land up among multiple developers."

#notoriety



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: 5/23 5:05
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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neverleft wrote:
.
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



"The city would act as the master developer, potentially divvying the land up among multiple developers."

#notoriety


Posted on: 5/22 21:17
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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: 5/22 20:58
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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papadage wrote:
The soil under Society Hill was dug out.

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: 1/17 14:46
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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papadage wrote:
The soil under Society Hill was dug out.


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: 1/17 14:02
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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: 1/17 13:15
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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: 1/17 12:20
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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: 1/17 0:00
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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: 1/16 20:53
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Quote:

Monroe wrote:
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.

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: 1/16 20:42
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