Register now !    Login  
Main Menu
Who's Online
52 user(s) are online (32 user(s) are browsing Message Forum)

Members: 2
Guests: 50

tern, Stringer, more...




Browsing this Thread:   1 Anonymous Users




« 1 2 3 (4)


Re: A 30-YEAR DEAL? Journal Square developer aims for massive abatement
#11
Home away from home
Home away from home


Hide User information
Joined:
2006/4/10 9:29
From Mars
Group:
Registered Users
Posts: 2642
Offline
While I agree there is now a sense of entitlement to the tax ambatements, they are responsible for a large amount of redevelopment in the city. I also think though that in places like Journal square, tax abatements should be given out for large complexes. Newport would probably still be built without them, so maybe we shouldn't be handing them out there.

As far as schools are concerned, Ill admit its not really a priority for me now or in any time in the near future. But that being said, I tend to think one shortfall of Jersey City is high end private schools. New York obviously has a number of good private schools, but they are expensive and have waiting lists. Jersey City really should capitalize on the fact that compared to manhattan, real estate is very cheap, which is one of the biggest obstacles to educational institutions--private schools, charter schools, colleges, ect-- real esate prices prevent expansion in the very places they are needed. I think in part the city should work to encourage a high end non-religous affiliated school to come to the city, to help satisfy the needs of the school age folks.

Posted on: 2007/3/12 19:24
Print Top


Re: A 30-YEAR DEAL? Journal Square developer aims for massive abatement
#10
Home away from home
Home away from home


Hide User information
Joined:
2005/6/7 23:24
From New Urbanist Area
Group:
Registered Users
Posts: 1334
Offline
I don't like the idea of linking the requirement of paying property taxes for schools to the issue of whether or not the property owner has school age children in the system.
A good public school system is a benefit to all residents of the city, whether or not they send their children there. It educates the next generation of citizenry for the work force, for performing their various civic responsibilities such as voting and jury duty, and, to take a more cyncial view, should at the very least keep kids off the street and out of trouble. Furthermore, a good school system will prevent families from fleeing the city once their kids become of school age, and that affects the community as a whole.

My wife and I don't have children yet. But we have never felt that our school taxes were going to someone else. I certainly have questioned whether the money was spent wisely or efficiently. But that's different from whether or not the taxes are going to a public good.

Joshua

Posted on: 2007/3/12 17:28
Print Top


Re: A 30-YEAR DEAL? Journal Square developer aims for massive abatement
#9
Home away from home
Home away from home


Hide User information
Joined:
2005/3/21 15:01
From Exchange Place
Group:
Registered Users
Posts: 1246
Offline
Are they building condos or rentals? Last year, they mentioned condos. Now it is rental only?

I never understood how a developer would hang around for twenty or thirty years to pay the PILOTS. Once they sell all the condos, isn't it not their problem anymore?

Posted on: 2007/3/12 14:58
Print Top


Re: A 30-YEAR DEAL? Journal Square developer aims for massive abatement
#8
Home away from home
Home away from home


Hide User information
Joined:
2006/4/10 9:29
From Mars
Group:
Registered Users
Posts: 2642
Offline
I tend to think the value of abatements on Harwood (and the Beacon) is in the influx of new development around the projects. I think this is more true of Harwood than the Beacon, since the Beacon will end up being a relatively closed city within a city. But as for Harwood, those new residents will be spending some money in local shops. The increase in foot traffic will lead to higher rents. The higher rents will lead to a greater assessed value of the surrounding buildings. As a result, redevelopment of the existing low rise buildings into more valuable mid and high rise will generate more tax dollars, or at the least the value of the existing properties will go up, increasing the property taxes. The longer term effect will be that by more people living there, there will more pressure for more people to live there-- i.e., the Harwood towers will make the area more desirable a place to live, so more people will want to live there or be willing to live there, and again rents will go up and / or more dense buildings will go in, either way leading to more taxes being paid. Also, I get the impression that the target audience for the Harwood towers is going to be non-families, professionals and young couples, which really shouldn't impact the school system much. If anything I think it more likely that the percentage of school age children would be more likely to go down as families are priced out of a gentrifying neighborhood.

Posted on: 2007/3/12 12:49
Print Top


Re: A 30-YEAR DEAL? Journal Square developer aims for massive abatement
#7
Home away from home
Home away from home


Hide User information
Joined:
2005/4/15 16:40
Group:
Registered Users
Posts: 390
Offline
Ditto on Louche's questions, especially in light of the school system being handed back to the City probably within the next year.

Those with tax abatements will not get an increase in property tax percentage to help with the rising costs, but I also don't want to see JSQ drop in the other direction. This whole situation seems like a teeter totter.

Posted on: 2007/3/12 10:41
Print Top


Re: A 30-YEAR DEAL? Journal Square developer aims for massive abatement
#6
Just can't stay away
Just can't stay away


Hide User information
Joined:
2006/12/11 9:01
Group:
Registered Users
Posts: 96
Offline
I just did a quick calculation - assuming that the average rent was $1500/mo (probably low) and 10% of gross revenue comes to about $5.4 million (check this,I bought my calculator for 99 cents) w/o taking in to account parking and rents from retail. How does that stack up with what the property was yielding in taxes vs increased need for city services, etc.? Should you add in the additional income taxes and sales taxes some residents (moving from outside state and city), should you subtract possibly 1000+ PATH riders on a saturated system?. If, as many believe, development is inevitable is it better to get abatement income now then wait for the market to take its course and maybe build nonabated properties 5-10 years from now? There are probably 50 other variables that could be thrown in.

I guess my question about all of this is - how do I determine if this is a good deal for the city, and hence for me (and maybe you), a homeowner.

Posted on: 2007/3/12 9:45

Edited by loucheNJ on 2007/3/12 10:29:07
Print Top


A 30-YEAR DEAL? Journal Square developer aims for massive abatement
#5
Home away from home
Home away from home


Hide User information
Joined:
2004/9/15 15:03
Group:
Registered Users
Posts: 9101
Offline
A 30-YEAR DEAL?
Square developer aims for massive abatement

Monday, March 12, 2007
By KEN THORBOURNE
JOURNAL STAFF WRITER

With the blessing of Jersey City Mayor Jerramiah Healy, the developer of the largest project to come to Journal Square in decades is seeking one of the biggest tax abatements ever handed out by the city.

Harwood Properties of Jersey City has filed an application seeking a 30-year tax abatement with payments in lieu of taxes amounting to 10 percent of gross annual revenues.

The standard in recent years has been 20 years, paying 16 percent PILOTs.

"Journal Square has seen better days and it's obviously an area that needs a boost," said Healy. "This incentive (the abatement) will be a shot of adrenaline to the renaissance that will come about due to this project."

There have been exceptions to the 20 years/16 percent norm. Most recently, the first three buildings at the Beacon - the condo renovation project at the old Jersey City Medical Center - were granted 30 years at 10 percent abatements.

But the yet-to-be named $600 million Journal Square project - to feature two towers, 52 and 46 stories, containing 1,034 apartments, 150,000 square feet of retail, and three levels of parking - would be the first rental project in memory of several city officials to snag such a deal.

Lowell Harwood, managing partner of Harwood Properties, declined to comment since the matter still has to be reviewed by the city's Department of Housing, Economic, Development and Commerce, endorsed by the city's tax abatement committee and OK'd by the City Council.

The city would receive $3.5 million in annual PILOT payments, plus a one-time $2.3 million contribution to the affordable housing trust fund.

The city would get $1.3 million more than it would under conventional taxes - but the developer would pay nothing to schools and only a modest amount to county services. The total amount the developer would pay under conventional taxes could not be calculated yesterday.

"It (the project) will be paying the city nearly 10 times the taxes the property is currently paying," said Jersey City Redevelopment Agency Executive Director Robert Antonicello. "That is what the residents of Jersey City need to keep in mind."

City Council President Mariano Vega, chair of the city's tax abatement committee, said he'd look at how many jobs and how much economic activity the project would generate before making up his mind.

The application promises 400 full-time jobs during the three- to four-year construction period and 300 plus permanent jobs once the project is built.

Harwood Properties either owns or is under contract to buy all the buildings on the block next to the PATH Transportation Center - except 15-16 Journal Square, home to McDonald's, Song's Hallmark, HT Wireless and a dentist's office, city officials said.

City officials have condemned this building and expect to turn it over to Harwood by the end of this month.

Posted on: 2007/3/12 9:13
Print Top


Re: Approval sought for two towers on the Square (54 & 47 stories -- 1,034 apt & 3 levels of retail)
#4
Just can't stay away
Just can't stay away


Hide User information
Joined:
2005/1/9 14:01
Group:
Banned
Posts: 121
Offline
Quote:
wrote:
Jersey Reporter
SHOWING OFF PLANS – Ted Hammer, architect for the two-tower project to be built in Journal Square, makes a presentation to the Planning Board on Tuesday.

On the plus side, other Jersey City buildings designed by Mr. Hammer's firm, HLW International, include Plaza 10 at Harborside Financial Center and 95 Greene Street.
On the minus side, HLW also designed Waterfront Corporate Center in Hoboken.

Posted on: 2006/12/16 16:17
Print Top


Re: Approval sought for two towers on the Square (54 & 47 stories -- 1,034 apt & 3 levels of retail)
#3
Home away from home
Home away from home


Hide User information
Joined:
2004/9/15 15:03
Group:
Registered Users
Posts: 9101
Offline
Journal Square gets 1,034 units - and more
Two towers will include Times Square-like news ticker

Ricardo Kaulessar -- Jersey Reporter -- 12/16/2006

SHOWING OFF PLANS – Ted Hammer, architect for the two-tower project to be built in Journal Square, makes a presentation to the Planning Board on Tuesday.
Journal Square will see its first new major development project in years, as the Jersey City Planning Board approved at their Tuesday meeting two towers to be built near the Journal Square PATH Transportation Center.

The towers, at 52 and 46 stories respectively, will include 1,034 residential units and approximately 150,000 square feet of retail space with 805 parking spaces. The first three levels of the project, which will include a basement, are to be designated for retail. On top of the retail base will be the parking area.

The project, estimated at $350 million, is to be built by Jersey City-based developer Harwood Properties, known for the parking lots that they have operated in the Journal Square area for over 50 years, and as one of the developers of the State Square apartment complex on Kennedy Boulevard.

Lowell Harwood, the managing partner of Harwood Properties, attended Tuesday's meeting but did not comment on the project. Instead, the attorney for the project, Eugene Paolino, spoke about its impact.

"This project will bring life back to this part of Jersey City that has lacking for so long," he said, "and Mr. Harwood should be commended for having the vision to create a project that will do that."

Mayor Jerramiah Healy, upon hearing of the project's approval, said, "This represents a huge step forward for Jersey City and Journal Square. Lowell Harwood and his family have a longstanding history in Jersey City, and I am certain that this project will be spectacular for the Square and restore it to its original splendor."

Towering over Journal Square

Advertisement
AOT 2007

At the meeting, the Planning Board was given a PowerPoint presentation of the preliminary site plan.

The attractive features of the towers include a Times Square-type wrap-around ticker displaying news, sports, and weather. There will be an on-site indoor swimming pool, a roof garden, playground, and dog run, and a fitness center.

Each tower will have game and conference rooms.

There will also be an entrance and exit for delivery trucks on Sip Avenue.

The board was informed that the project will cause the relocation of various features in the Square, including the 9/11 Memorial Fountain, cabstand, and kiosk.

The Planning Board requested that the development be moved further west in order to increase the width of the walkway from Sip Avenue to the Journal Square Transportation Center from five feet to 10 feet. Paolino said this movement could be done "if possible."

Planning Board Commissioner Michael Sottolano expressed concern that the project would bring in too many billboards and signage to the vicinity, but Paolino said the project is Jersey City's "answer to the Time Warner Building."

City Planner Maryanne Bucci-Carter commended the project but said there will have to be more work on the site plan.

Tom Leane, another project consultant, responded that it would be another nine months before plans are finalized, after which construction will commence.

The board concurred that the project is long overdue.

"Journal Square has suffered enough, and I am glad for its rebirth and rejuvenation," said Sottolano.

Journal Square turns residential

Robert Antonicello, the executive director of the Jersey City Redevelopment Agency, hailed the importance of the project's approval.

"This project signals the transition of Journal Square from a retail center to a more residential community," he said. "It will put Journal Square back on the map."

Antonicello said the project is part of a larger effort by the Healy administration and other city agencies to revitalize this long-neglected area.

Antonicello also said there will be a $1.2 million façade improvement program that will affect storefronts from Kennedy Boulevard to Bergen Avenue, as well as other initiatives.

"We are also looking to re-brand what Journal Square is about," said Antonicello. "Other improvements will include a new mural in Journal Square to be done by the city's Mural Arts Program."

Presently, two of three buildings that are on the site of Harwood's two-tower project have been acquired by the Redevelopment Agency on behalf of Harwood. Those two buildings contained a Wendy's restaurant and a greeting card store. Harwood is in the process of acquiring the third building, where a McDonald's is based.

Ricardo Kaulessar can be contacted at rkaulessar@hudsonreporter.com

Posted on: 2006/12/16 10:29
Print Top


Re: Approval sought for two towers on the Square (54 & 47 stories -- 1,034 apt & 3 levels of retail)
#2
Home away from home
Home away from home


Hide User information
Joined:
2004/9/15 15:03
Group:
Registered Users
Posts: 9101
Offline
A 'large step' for Square's tall order

By KEN THORBOURNE -- JERSEY JOURNAL -- Dec 14

What would be the tallest building ever in Journal Square has received preliminary site plan approval from the Jersey City Planning Board.

The development - to be built adjacent to the Journal Square Transportation Center - calls for two mammoth towers, rising 52 and 46 stories, containing 1,034 apartments, 150,000 square feet of retail, and four levels of parking, officials said.

It would occupy the site of the block of buildings that once included the Hotel-on-the-Square.

This project "is going to bring life back to Journal Square," declared Planning Board Member Larry Eccleston, as he voted to move the development forward with some minor revisions.

Lowell Harwood, managing partner of Harwood Properties, the Jersey City-based developer, called the board's 8-0 vote, " a great move for Jersey City. One large step."

In the most detailed public presentation on the proposal to date, representatives of Harwood gave the Planning Board a PowerPoint presentation on the $350 million project, and even provided samples of the bricks and stone likely to be used in construction.

The first three levels of the project - including the basement - will be devoted to retail. On top of these floors will sit four levels of parking to accommodate 805 cars, they said.

The two towers will share a seven-story base, with the seventh floor housing some of the development's swankiest amenities, including an indoor swimming pool, roof garden, playground and dog run, and for each tower, a game room, conference room and fitness center.

The facade of the building will be a combination of brick, glass, metal panels and metal trim, representatives said. The four parking levels - accessible from Sip Avenue - will be camouflaged with visually interesting, shimmering signs, the representatives said.

The building will even have its own Times Square element - a wrap-around ticker giving news, sports and weather, one official said.

The Planning Board readily accepted a few minor deviations from the redevelopment plan for the area proposed by the developer, most of them having to do with setback requirements.

The most significant change requested by the Planning Board of the developer was to move the development slightly further west in order to expand the walkway from Sip Avenue to the Journal Square Transportation Center from 5 feet to 10 feet.

"That may be a problem structurally, but we are checking it out," attorney Eugene Paolino said.

Harwood hopes to break ground early next year and has said the project will take two years to build.

Mayor Jerramiah Healy sounded like he was looking forward to the groundbreaking.

"Many administrations over the past 15 years talked about doing something at Journal Square. We are doing something about it," he said yesterday.

Posted on: 2006/12/14 10:45
Print Top


Journal Square two apartment towers - 54 & 38 stories
#1
Home away from home
Home away from home


Hide User information
Joined:
2004/9/15 15:03
Group:
Registered Users
Posts: 9101
Offline
Approval sought for towers on the Square
Tuesday, December 12, 2006
By KEN THORBOURNE
JERSEY JOURNAL STAFF WRITER

A towering mixed-use development proposed for the heart of Journal Square is set to go before the Planning Board tonight for preliminary approvals.

The $350 million project will include two towers - one 54 stories, the other 47 - with 1,034 rental apartments, three levels of retail stores and parking, said representatives for the developer, Jersey City-based Harwood Properties.

Harwood is seeking about five "minor" changes to the area's redevelopment plan, said Eugene Paulino, the attorney representing the family-run firm. Most of the changes involve how far the project is from the street, he said. The redevelopment plan permits a six-story base while the developer has proposed a seven-story base, he added.

The city has condemned and turned over to Harwood Properties two out of three privately-owned properties on the dilapidated block next to the PATH Transportation Center.

City officials are continuing to negotiate for the third property, 15-16 Journal Square, which houses a McDonald's, Song's Hallmark, HT Wireless and a dentist's office.

Harwood Properties is under contract to buy a stretch of one-level buildings next to the train station - 1-7 Journal Square - from Ralph Tawil, a New York real estate investor who left Journal Square earlier this year after paying the city $1.1 million in building and fire code fines.

Harwood Properties is waiting to bring a development partner on board before buying the Tawil buildings, according to a source familiar with the project.

Three Brothers Pizza and Daily Tortillas are still operating out of Tawil-owned buildings.

Posted on: 2006/12/12 7:32

Edited by Webmaster on 2012/3/10 13:01:57
Print Top




« 1 2 3 (4)




[Advanced Search]





Login
Username:

Password:

Remember me



Lost Password?

Register now!



LicenseInformation | AboutUs | PrivacyPolicy | Faq | Contact


JERSEY CITY LIST - News & Reviews - Jersey City, NJ - Copyright 2004 - 2017