JERSEY CITY | 33 Park Ave | FT | 44 FLOORS

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$141M residential tower planned for Jersey City waterfront; developer seeking tax abatement

A developer is proposing to build a $141 million, 44-story residential tower in the Liberty Harbor North section of Jersey City's waterfront, according to filings with city officials.

The firm, identified in documents as LHN Owner Urban Renewal LLC, is seeking approval for a 10-year tax abatement for the project and is scheduled to appear Tuesday before the City Council. Late last month, council members unanimously approved the project on first reading.

A memorandum on the proposal says the applicant estimates beginning construction this month, with completion coming within two years. If approved, the project would produce an estimated 400 construction jobs and 20 permanent jobs, according to documents posted on Jersey City’s municipal website.

The proposal calls for a mixed-use project with 448 market-rate residential units, 5,290 square feet of commercial space and 544 parking spaces in the waterfront area just north of Liberty State Park, according to the memorandum. Two hundred of the spaces will be reserved for the use of a future hotel that is not part of the application.

While the builder is identified as LHN Owner Urban Renewal LLC, the filings also identify developer Brian Fisher. His Purchase, N.Y.-based firm has built several other major residential projects along Jersey City’s waterfront, including Crystal Point and Liberty Towers.

The project is known as 33 Park Ave. and would sit on what is now vacant land between Marin Boulevard and Saint Peter’s Street, according to the city filings.

Under the proposed tax abatement, LHN Owner Urban Renewal LLC would pay about $1.6 million, or 10 percent of the property’s annual gross revenue, for the first six years. The developer would also pay a $31,200 yearly administration fee and about $78,000 to Hudson County during that time.

In the seventh year, the payment would be the greater of 10 percent of the annual gross revenue or 20 percent of conventional taxes, with a phase-in that would bring the payment up to about $2.8 million by the 10th year, according to the memo.

The developer also plans to dedicate portions of the land for the widening of Park Avenue and Marin Boulevard, among other improvements totaling about $3 million.

The project, which received site plan approval from the city planning board in January, is located in the Liberty Harbor North Redevelopment Plan Area.

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September 9, 2014
http://jclist.com/modules/newbb/prin...post_id=358200