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Old Posted Sep 22, 2014, 9:39 PM
C. C. is offline
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JERSEY CITY | Powerhouse Tower | 400 FT | 40 FL

Mayor Fulop is the best mayor in New Jersey A+

$179M retail, commercial complex coming to Downtown Jersey City's Powerhouse


Jersey City is moving forward with plans to build a $179 million retail and commercial complex inside the long-dormant Powerhouse in Downtown Jersey City, a project the city says will be "game changing" for the neighborhood.

The plans include a new component, a 40-story residential tower housing 370 units and 200 parking spaces. Baltimore-based Cordish Companies, the developer behind the project, calls the tower an "expansion" of the 108-year-old Powerhouse, located on Washington Street.

Mayor Steve Fulop said the tower is a vital component to making the long-stalled Powerhouse redevelopment financially feasible. Because of its historic nature, renovating the 180,000-square-foot behemoth will cost a tidy sum, and Cordish is facing a funding gap of as high as $40 million, Fulop said.

"The project won't make sense for any developer economically without some sort of structure next to it," he told The Jersey Journal. "The math won't work."
Other JC news:

Jersey City breaks its development record with boom in Downtown, Journal Square: report


Jersey City is seeing a record level of new apartments being built, with booming development in Downtown and Journal Square, according to one report.

The Wall Street Journal says Jersey City has 5,609 units under construction in the Journal Square and Downtown this year. Last year, WSJ says the city only had 3,009 projects under construction.

This is a new record, beating 5,122 projects in 2008, says WSJ, which consulted City Hall for its findings.

So what's boosting JC now? They say the city's convenient transit options and Millenial-friendly environment are key factors.

While Downtown has long been a focus of revitalization and development, Journal Square is only recently finally seeing results from developers' plans formed long ago. Last month, JSQ got its first high-end residential building, Kennedy Lofts, ironically where the former Hudson County welfare office was located on Newkirk.

Jersey City's Housing Boom Expands


Jersey City's residential construction boom is spreading beyond its waterfront area to neighborhoods farther inland where planners and developers have long dreamed about building with little to show for it until now.

In August, for example, Kushner Real Estate Group and National Realty Advisors broke ground on the first of three planned towers at a giant development in Journal Square, known as Journal Squared, which will have a total of 1,840 units and 36,000 square feet of retail. Builders are currently excavating and underpinning the project's foundation.

"We really believe in the market," said Jonathan Kushner, president of Kushner Real Estate Group, citing Jersey City's transit options and growing night life.

Also in the Journal Square area, renters will soon start moving into Kennedy Lofts, a converted office building. There is already a waiting list forming for the units—which run from $1,500 a month for a studio to $2,100 for a two-bedroom, says Heriberto Camacho, with Keller Williams City Life Realty.

Other Journal Square projects are close to moving forward. A venture of developer Kenneth Pasternak and Kushner Cos.—a different branch of the Kushner family—are planning to convert the building that used to house the Jersey Journal, into a mixed-use project including rental apartments.

That same group also is purchasing a huge site across the street from the Journal building. It is approved for a tower that could soar 60 stories.
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