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Re: Jersey City Moves Forward with Largest Mixed-Income Housing Development in Tri-State Region
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And taxpayers will pay for all the infrastructure costs like they did with Newport, it ran into the millions, one reason why the cost of water and sewerage bills are so high.

Posted on: 6/5 0:31
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Re: Jersey City Moves Forward with Largest Mixed-Income Housing Development in Tri-State Region
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I'm impressed. 16 acres of the 100 total aces are being developed. The city gets $26 million for developing the 16 acres, or about $1,625,000 an acre. The city paid about $1 million an acre for the land plus site improvements and bond interest. The city will also see several hundred units in bona-fide affordable housing.

Looks like the numbers may work out on this one after all. I was highly skeptical.

From the developers point of view, it works out to paying Jersey City about $14,600 per unit. That's very attractive though some of the units will be rent resticted.

Could you imagine how much a developer spends in land and zoning approvals to build a single unit? Probably upwards of $70,000 in this part of the city. I'm surprised the city didn't ask for more.

Posted on: 6/3 0:35
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Jersey City Moves Forward with Largest Mixed-Income Housing Development in Tri-State Region
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8,000 Unit Development Site will be 35% Affordable Housing, Reshaping West Side of Jersey City

http://riverviewobserver.net/2020/06/ ... ment-in-tri-state-region/

Posted on: 6/2 18:48
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