Sunday, February 23, 2014

Massive Residential Projects Get Underway in Jersey City

Jersey City is home to the tallest building in the state — the Goldman Sachs Tower at 30 Hudson Street. Soon it will welcome New Jersey’s second tallest building, and the tallest apartment complex in New Jersey. As Brooklyn becomes more and more inconvenient due to affordability and transportation, people are warming up to New Jersey’s convenience. Jersey City is connected to Manhattan by a web of transit lines that make it an increasingly desirable location for new residents priced out of New York City. 

Developers have taken note of this trend, as evidenced by a pair of high-rise residential complexes that are being built within walking distance to the Exchange Place and Journal Square PATH stations.

When complete, the towers at URL Harborside and Journal Squared will be among the tallest buildings in New Jersey.
Developers recently broke ground on a high-rise residential complex grouped around the Exchange Place PATH Station.

URL Harborside is comprised of a triad of towers, the tallest of which will stand 69 floors and 713 feet.

The new development is only 10 minutes to the World Trade Center and 15 to Midtown Manhattan.

[See ElectricWeb | Blogger, Oct 30, 2013]

Each of the planned 763 residences is designed to be energy-efficient with innovative layouts and communal amenities that appeal to flexible, urban lifestyles.

The developers received $33 million in tax credits from the state Economic Development Authority in October for the first tower. The project is expected to cost $291 million and employ about 700 construction workers.

When complete, the entire project will contain more than 2,300 units and retail space. The first phase of URL Harborside is expected to be complete in 2016.

No date has been set for the other two towers, which are expected to be about the same height. When completed, they will include about 2,358 apartments with commercial space and parking.

The tallest building in New Jersey is the Goldman Sachs office tower in Jersey City at 781 feet. The Harborside building will be 713 feet, about 13 feet taller than the Revel casino and hotel in Atlantic City, to take the state’s second tallest title.

The Journal Squared project broke ground last November. The 2.4 million-square-foot plan groups three towers around the entrance to the Journal Square PATH Station that handles 5 million train passengers annually.

Phase I of the project is now underway. The first tower, J2, will contain 540 residential units and top out at 54 floors.

The building will feature a pixilated facade of square windows accented by a dynamic lighting scheme and a series of landscaped roof terraces with sweeping views of the Manhattan skyline.

Phases II and III will create two additional towers, the tallest of which is expected to rise to 70 floors and 740 feet, making it the tallest in the Journal Square neighborhood and possibly the tallest in Jersey City. The entire project will contain 1,840 units.

[See ElectricWeb | Blogger, Oct 30, 2013]

Jersey City has been experiencing a residential building boom. Many of the amenities that draw people to Brooklyn already exist here, from a vibrant dining scene to tech incubation hubs.

Click to enlarge
For construction workers, these projects represent the promise of more jobs in an industry that is still struggling to recover from the recession and housing slump.

Over 5,000 residential units are under construction in Jersey City and another 12,000 have been approved.

Much of this development has centered around transit hubs in the city.

Much of this growth is due to the city’s decision to allow for increased density around transit hubs.

The planning department has pushed for more density close to transportation, and with prime land vacant available around many stations, the growth will continue.

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