Quote:
Originally Posted by summersm343
Yes... I am aware, but those developments started with smaller scale highrises. You don't start with a 70 story tower...
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It isn't starting with a 70 floor tower.
They already built a few 15-20 floor buildings in the last few years, a 42-floor building is about to break ground, and there are some 300-400 foot former hospital towers that are now luxury lofts. There's also a couple of midrise office buildings from the 70's-80's.
And Journal Square isn't some raw, built-from-scratch community. It looks like a dense neighborhood in Brooklyn, the Bronx or Queens. The Jersey waterfront often has that raw, mini Asian insta-city feel (especially Newport), but Journal Square is a real neighborhood.
The demand is obviously based on the fact that it's a transit hub a few minutes from Manhattan. As long as it's on a short train ride to Manhattan, there's almost unlimited demand for high-end rental housing.