New Skyscraper in Newark! (Jersey City: apartments, lofts, condos)

[lentzr]

Did anyone read the article about the new 44-story skyscraper that will be going up in Newark? The URl is...N.J. Performing Arts Center gets $38M tax credit for high-rise in Newark | - NJ.com

Anyway, it will become the tallest building in the city and will be built right across from the NJPAC. Costing 200 million to build it will be primarily apartments and condos with retail shops on the bottom floors. Both Booker and Christie are supporting the proposal. Construction should begin in 12 to 18 months.

So what do you think about this construction project in the Brick City? Will it finally stimulate the gentrification of Newark or will it be another project that goes nowhere? Discuss.

[Nexis4Jersey]

To catch up with Jersey City , we need to encourage more of these. At least 15-20 more of these. Build them in Abandoned lots and on top of parking areas like JC did.

[openheads]

Great news for NWK. This along with the "Teachers Village" restoration on Halsey St, the tower Shaq will build (much smaller than this project), the river front walk, Richarson Lofts & the NJIT gateway project, Newark is slowly, slowly, slowly coming along.

[GiantRutgersfan]

Originally Posted by Nexis4Jersey

To catch up with Jersey City , we need to encourage more of these. At least 15-20 more of these. Build them in Abandoned lots and on top of parking areas like JC did.

I think that NJ should pick either JC or Newark to revitalize. And I think JC would be the smart choice. There is a limited amount of funds, and I think if the revitilization is done right, Jersey city could become the next hot spot near Manhattan (similar commute to Manhattan as Brooklyn).

I think the state should focus on making JC at the moment. There are already a few nice sections in the city and its smaller then Newark, with a much better commute to the city.

[Nexis4Jersey]

Originally Posted by GiantRutgersfan

I think that NJ should pick either JC or Newark to revitalize. And I think JC would be the smart choice. There is a limited amount of funds, and I think if the revitilization is done right, Jersey city could become the next hot spot near Manhattan (similar commute to Manhattan as Brooklyn).

I think the state should focus on making JC at the moment. There are already a few nice sections in the city and its smaller then Newark, with a much better commute to the city.

Well JC already has its Future Sealed tightly , but Newark still needs more focus. Seeing as its at a Major Railway , Highway JCT, and has an In't Seaport / Airport then it shouldn't require that hard a push. Maybe a few years and billions of $$$ in clean ups and investments. Newark can get the materials faster and cheaper then JC because of its location.

[captne76]

I'd rather see it in Newark. J City never made much sense. The terrorizers can have JC to practice blowing stuff up.

[GiantRutgersfan]

Originally Posted by captne76

I'd rather see it in Newark. J City never made much sense. The terrorizers can have JC to practice blowing stuff up.

I am not even sure what this means....

[captne76]

Originally Posted by GiantRutgersfan

I am not even sure what this means....

In a nutshell it means J City never made much sense to me, you can keep it, being that close to NYC is a neg in my book, you can bulldoze it and maybe start all over. But I don't live there and it's just my opinion.

[liamnwk]

Originally Posted by captne76

In a nutshell it means J City never made much sense to me, you can keep it, being that close to NYC is a neg in my book, you can bulldoze it and maybe start all over. But I don't live there and it's just my opinion.

Meaning its an ethnic (legal/illegal) melting pot


Newark Rising - Index


Anyway Look for the keys words in the article, this is the 4th announcement made with still no plans on how to pay for it.

[BobKovacs]

Originally Posted by liamnwk

Anyway Look for the keys words in the article, this is the 4th announcement made with still no plans on how to pay for it.

Exactly. And seeing how there's still a glut of existing vacant space, as well as a lack of available funding, the chances of this tower being built by the dates they mention are slim to none.

The problem with Newark is that it can't command the same rents/sales prices as JC and other locales, yet the construction costs are the same- the proformas don't work. A few years back, I was involved in a cost study for a developer who was planning to build some highrises in Newark, and within 5 minutes I knew the numbers would never work. His estimated construction costs were around 30% lower than reality, and his theory was that he'd be able to get the unions to lower their wages to suit what he needed. We decided not to waste much time dealing with him, since that wasn't going to happen, and the unions laughed in his face when he approached them with the idea.