Friday, September 26, 2014

$179M High Rise, Entertainment Complex for Jersey City Powerhouse

A developer 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 a game changer for the neighborhood.

The plans include 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.

Cordish Companies recently transformed an old power plant in Baltimore's touristy Inner Harbor into an entertainment complex.

The plan is to mimic what they did in Baltimore and create a “a world-class destination" at the Jersey City site. The Powerhouse was originally built in 1906 to provide power to the Hudson Tubes.

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.

With the added cost of trying to preserve the 180,000-square-foot structure, he said, the developer will seek state incentives to build the 40-story residential tower alongside the historic building.

“Keeping the building the way it is, where it’s falling down and in disrepair — that’s not an option.”

The firm anticipates a nearly four-year process for stabilization, remediation and construction.

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