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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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I definitely think that Downtown JC is going to attract a lot of New Yorkers. I mean, I've lived in Brooklyn and I'd choose JC anyday b/c I get to work in about 6-10 minutes (versus 35+ from Park Slope Brooklyn) and you don't have to pay the NYC tax, plus rents are a bit cheaper. And, I like that we sorta have a combo of city life...with the burbs being so close. I can easily get to all my favorite suburban places, have a car, etc. A lot harder in Manhattan or Brooklyn, etc.

That being said, I do hope the market cools down...we'll be ready to buy in 2-3 years :)

Posted on: 2006/5/20 21:37
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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Quote:

Hello wrote:
Did anyone save this map? I tried getting it again and no luck.


The map is still there:

http://www.nj.com/jjournal/pdf/developmentmap.pdf

Posted on: 2006/5/20 4:28
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey City
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Did anyone save this map? I tried getting it again and no luck.

Posted on: 2006/5/20 3:44
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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Quote:

OneSkirt wrote:
Does anyone know what the PATH has planned to handle all of these people?? (like they have a plan, right??)


Increase the frequency of the service. Instead of every 20 minutes do every 10 minutes.

Add more cars, use boats, helicopters, add an airport, flysaucers etc... these are all simple solutions.

Posted on: 2006/5/1 22:47
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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Home Depot was approved -- I think it was already zoned for a box store -- so no one really had any say about it. It sailed through. I hate the idea of big Box stores in JC, luckily it'll be between the in and out lanes for the Holland tunnel and at least it is something I'll use -- Thank god it isn't another big Bed, Bath and Beyond -- or a Linens-n-Things.

Enough of the plastic closet organizers already!

I might be wrong but I think there is a few other smaller merchants also going in next to Home Depot - maybe a drug store of some sort -- anyone see the plans?

Posted on: 2006/5/1 13:18
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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Quote:

GrovePath wrote:
You can download the PDF file map at this link
http://www.nj.com/jjournal/


On the map, it says Home Depot is approved (#44) at Marin Blvd between 12th and 14th St. Is this true? I thought it was rejected.

The date on the map is February 14, 2006.

Posted on: 2006/5/1 2:58
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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I was amazed at how much is being built south of Grand between the highway and west of Paulus Hook, not from the map but from walking by there. The market is indeed cooling and 15,000 unsold units coming on the market now really makes one wonder. I think a lot of the development will happen but I doubt that the developers will get the prices that they expected.

Nevertheless, access to NYC jobs from JC is great and JC is rapidly being "discovered" by those who work there. Not having to pay the NYC 4% income tax makes JC very inviting to those who would otherwise consider the outer boroughs. I suspect that to the extent that development in the NYC metro area continues it will tend to be concentrated in JC.

Quote:

new2jc wrote:
This map is really something, what an eye opener! I didn't know this much is being built.

Do people think it will all happen even in the softening Real Estate market?

I noticed that a few projects that are happening aren't even on this map. I think I read on here that there is more going on on Brunswick then they show on this map. The map also doesn't show what is happening at St. Francis site in Hamilton Park, and it is funny that they didn't make Hamilton Park Green for open space but maybe they have other plans for that!
Just kidding.
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GrovePath wrote:
You can download the PDF file map at this link
http://www.nj.com/jjournal/

Posted on: 2006/4/28 3:13
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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One thing that I think may help is that the exchange place station has been expanded to handle another 2 cars. I suspect that the Grove street renovation also will allow for bigger trains if the platform is made longer due to the recent renovation. Compared to the NYC subway the PATH is uncrowded.

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OneSkirt wrote:
Quote:

Skadave wrote:
Quote:

OneSkirt wrote:
Does anyone know what the PATH has planned to handle all of these people?? (like they have a plan, right??)


http://www.panynj.gov/AboutthePortAut ... sRelease/index.php?id=755


Ok, so I read that. Thanks for the link. But they really don't talk about how they are going to handle the huge increase in ridership volume that 15,000 or so new residences will cause?

New cars with extra doors & computer screens? Neato, but do these cars hold more bodies comfortably and safely? Bettter emergency plans? Great, but what about the daily emergencies and discomforts that would be caused by station overcrowding? Don't we all recall the human traffic jams on the Grove St. platform in the years after 9/11 when Exchange place was closed? There were PATH police on the platform just to make sure no one fell in the tracks, and the benches were removed. The station is too small, the platform way too narrow, and the stairs too few. If that is not addressed, we got BIG problems coming to downtown my friends.

Posted on: 2006/4/28 2:31
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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Everyone knows that their is a glut of Luxury Housing all around the NYC area as well as JC, the issue is a shortage of affordable housing for people who aren't millionaires.
I think the biggest problem is that is now fashionable for the super rich to buy aparments in manhattan to use 1 month of the year, or as a gift for their kids when they go to NYU etc.
And it's going to get worse, all those thousands and thousands of new millionaires and billionaires from india and china and europe and russia are now going to but a manhattan apartment as a status symbol, further pushing out the merely well off to New Jersey.
Also, Jersey City needs to find an alternative source of income that is fair -- like an income tax for example... instead of the property taxes that force the elderly out of their homes.
Luxury apartments have tax abatements, and the projects don't pay any. Let's not forget that hoboken is messing with it's tax codes and Pilots so they don't have to share tax money with Jersey City. Oh yeah, let's not forget Corzine, he is cutting all the aid to the public schools, and after school programs as well as Jersey City University.
I blame the current problems on municipal fragmentation in New Jersey.... unlike New York which can pool it's resources together to be fairly well run, towns in New Jersey that are only a mile square insist on having their own independent services, which is extremly ineffcient.

Quote:

JSalt wrote:
It'll be interesting to see the way things go.

There are certainly a lot of factors working in favor of the developers -- the longstanding housing shortage in the NYC area, outrageous prices in Manhattan, a luxury condo boom, plus the hype generated by Trump and others may move more people to consider JC that wouldn't have before.

OTOH, if the city can't get its act together with crime, with meeting infrastructure needs etc. that'll be a big turnoff for people, especially in the Bloomberg era when people coming to (or from) NYC actually expect cities to be well run. An economic downturn (which doesn't seem impossible the way fuel prices are going) could also dampen the luxury market. Plus it seems obvious to me that the sheer fact of so much residential construction ALL OVER the NYC area will at least slightly soften the market in the short run -- when buyers have so many options I'd think it'd drive prices down a little.

The developers are all saying that all these apartments togehter aren't enough to meet current demand, but demand may or may not stay where it is.

Posted on: 2006/4/27 22:27
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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It'll be interesting to see the way things go.

There are certainly a lot of factors working in favor of the developers -- the longstanding housing shortage in the NYC area, outrageous prices in Manhattan, a luxury condo boom, plus the hype generated by Trump and others may move more people to consider JC that wouldn't have before.

OTOH, if the city can't get its act together with crime, with meeting infrastructure needs etc. that'll be a big turnoff for people, especially in the Bloomberg era when people coming to (or from) NYC actually expect cities to be well run. An economic downturn (which doesn't seem impossible the way fuel prices are going) could also dampen the luxury market. Plus it seems obvious to me that the sheer fact of so much residential construction ALL OVER the NYC area will at least slightly soften the market in the short run -- when buyers have so many options I'd think it'd drive prices down a little.

The developers are all saying that all these apartments togehter aren't enough to meet current demand, but demand may or may not stay where it is.

Posted on: 2006/4/27 21:42
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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Quote:

Skadave wrote:
Quote:

OneSkirt wrote:
Does anyone know what the PATH has planned to handle all of these people?? (like they have a plan, right??)


http://www.panynj.gov/AboutthePortAut ... sRelease/index.php?id=755


Ok, so I read that. Thanks for the link. But they really don't talk about how they are going to handle the huge increase in ridership volume that 15,000 or so new residences will cause?

New cars with extra doors & computer screens? Neato, but do these cars hold more bodies comfortably and safely? Bettter emergency plans? Great, but what about the daily emergencies and discomforts that would be caused by station overcrowding? Don't we all recall the human traffic jams on the Grove St. platform in the years after 9/11 when Exchange place was closed? There were PATH police on the platform just to make sure no one fell in the tracks, and the benches were removed. The station is too small, the platform way too narrow, and the stairs too few. If that is not addressed, we got BIG problems coming to downtown my friends.

Posted on: 2006/4/27 21:09
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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OneSkirt wrote:
Does anyone know what the PATH has planned to handle all of these people?? (like they have a plan, right??)


http://www.panynj.gov/AboutthePortAut ... sRelease/index.php?id=755

Posted on: 2006/4/27 16:18
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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Does anyone know what the PATH has planned to handle all of these people?? (like they have a plan, right??)

Posted on: 2006/4/27 16:11
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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just printed out the map, and looking at all these development projects. count me as one of those amazed.

Posted on: 2006/4/26 21:15
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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Yep. . . you are right. I apparently cannot read a map.

Posted on: 2006/4/26 20:50
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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Skadave

You mean the corner of Barrow and Columbus, not Newark -- It is a very big lot - it will be called columbus corner and have 58 units.

The map does show that there are two more approved developments coming onto Newark Ave, besides the two huge towers going up on Newark at Grove Street right now.

209 - 217 Newark will be mixed use commercial with 76 units and
361-377 Newark (next to the cute old diner towards the Turnpike past Brunswick) this will be 25 units and I think some commercial.


Quote:

Skadave wrote:
Take a look at number 70 which is located on the south east corner of Barrow and Newark avenue (the space is currently occupied by that strange store that sells used electornics, bus passes, and scooters). They are proposing to make that into luxery condos too.

Posted on: 2006/4/26 20:33
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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Take a look at number 70 which is located on the south east corner of Barrow and Newark avenue (the space is currently occupied by that strange store that sells used electornics, bus passes, and scooters). They are proposing to make that into luxery condos too.

Posted on: 2006/4/26 19:49
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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Look at the northeast corner - the inlet between JC and Hoboken: Future filling in of Long Slip Canal. What is that about? I thought a footbridge was going across there. Anyone know?

Posted on: 2006/4/26 19:42
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Re: Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey
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This map is really something, what an eye opener! I didn't know this much is being built.

Do people think it will all happen even in the softening Real Estate market?

I noticed that a few projects that are happening aren't even on this map. I think I read on here that there is more going on on Brunswick then they show on this map. The map also doesn't show what is happening at St. Francis site in Hamilton Park, and it is funny that they didn't make Hamilton Park Green for open space but maybe they have other plans for that!
Just kidding.
Quote:

GrovePath wrote:
You can download the PDF file map at this link
http://www.nj.com/jjournal/

Posted on: 2006/4/26 17:59
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Residential Projects Dominate Landscape - 15,000 Residential Units are Coming to Downtown Jersey City
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You can download the PDF file map at this link
http://www.nj.com/jjournal/

Residential projects dominate landscape
Monday, April 17, 2006
By JARRETT RENSHAW
JOURNAL STAFF WRITER

Jersey City's office market boom has hit a wall, making way for a surging housing market that will change the face of the city's Downtown for decades to come, city officials and experts say.

While the 1980s and 1990s saw financial companies such as Goldman Sachs, Merrill Lynch and JP Morgan Chase transform Jersey City's shores into the Gold Coast, today's market is dominated by housing giants like Toll Brothers, K. Hovnanian and Donald Trump.

More than 15,000 residential units are expected to flood the Downtown area over the next several years, putting pressure on municipal services, according to the city's Division of Planning. Though more than seven million square feet of office space was developed from 2000 to 2005, planning officials say the current office market is very sluggish and will remain so for the foreseeable future.

"There are currently no office projects under construction, and none planned," says a planning report authored by Planning Director Robert Cotter earlier this year. Those two opposite trends have prompted at least one expert to declare that "the job growth era is over in Jersey City."

From 1992 to 2000, the state created 243,000 high-paying office jobs, driven by Jersey City's growth on the waterfront, says James Hughes, dean of Rutgers University's Edward J. Bloustein School of Planning and Public Policy.

But since 2000, there has been a net loss across the state, thanks to increases in the state income tax and other business taxes, said Hughes.

"New Jersey has become an unfriendly place to do business," Hughes said.

The most recent sign of this trend is 77 Hudson St., where Hartz Mountain Industries just scrapped plans to build a 32-story office tower because the

company believed that Jersey City cannot absorb the new space.

The company sold the land for $65 million to K. Hovnanian, which now plans to build two 48-story towers, with more than 1,300 condo and rental units combined.
City officials and experts say Manhattan is driving the housing trend, as it previously did with the growth of the office space market in Jersey City.

The high costs of buying a home and living in Manhattan, combined with the market demand for luxury condos in the region, has created such high demand for housing in less costly Jersey City.

"If everything that is being constructed were built tomorrow, we still would still not satisfy the housing demand," said Downtown city Councilman Steven Fulop, who also works in the financial industry.

Mega mogul Donald Trump summed up the city's housing surge when he visited the waterfront last year to announce his $415 million project that will feature the Garden State's two largest residential towers, at 55 and 50 stories - Trump Plaza Jersey City

"I am the largest developer in Manhattan, and I am coming to Jersey City. So a lot of people come the other way, and I am coming this way, and I am pretty good at predicting trends, so let's hope that's a trend," Trump said.

And when the Athena Group and Golden Tree InSite Partners announced a $110 million condo project on the Hudson waterfront in October of last year, the president and CEO of the Athena Group said "Jersey City is in the midst of a phenomenal housing boom."

With the boom in residents come issues that need to be addressed, says Fulop.

"We need to continue to hire more police officers, but we need to make sure we're hiring more than we are retiring," said Fulop.

Posted on: 2006/4/26 13:07
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