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Originally Posted by CIA
Turns out Mack Cali is purchasing 25 Christopher Columbus Drive - plans remain the same (749 units and 52 floors) with groundbreaking planned for next year.
Mack Cali has also purchased 107 Morgan St, which is 1.38 acres currently being used as a parking lot. The plan is to develop into multi-family apartments.
Looks like Urby II and III groundbreakings are at least 5 months away. Attention may be shifting to other development sites...
What's most surprising is Harborside VIII & Harborside IX, located northeast of Urby is planned to breakground in 2018. Not much is known except it will be two towers: one with 675 units and the other 1,325. The total for both sites is about ~2.9 acres. I'm going to pay a lot of attention to what's planned at Harborside IX. To contain 1,325 units, it's going to have to be massive!
Other notes:
Journal Squared is over 80% leased (at least 430 of the 538 units)
Vantage is about 30% leased (135 out of 448 units)
Something called VYV is 7% leased (30 out of 420 units)
Jersey City's rental market is very healthy. Ubry II & III may be taking a backseat to 25 Christopher Columbus and the mysterious Harborside 8 & 9 towers.
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That's some pretty big news there. Seems like Mack-Cali is buying up a lot of Jersey City property. I don't know if that's good or bad - probably means development will be slower, with one developer holding a bunch of properties and not wanting to compete with himself.
107 Morgan is the huge lot across from 321 Warren right? That lot could probably hold 4 towers, although I'm not sure what the zoning allows.
And FYI - VYV is the first of the Metro Plaza/Hudson Exchange towers.
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