On February 14, 2012, the EDA announced that the applications in-house and in the pipeline exceeded the cap and new approvals would be put on hold while the overall pipeline is reviewed. A spokeswoman for the EDA declined to comment to GlobeSt.com for this article.

Goldberg says, however, that the delay is just a blip in what will be a long-term development project. Bills have been introduced in the New Jersey Legislature to raise the current cap of $1.5 billion to $2.5 billion, adding additional monies for the EDA to administer.

Should the pipeline reopen in September and the application is approved, construction on 99 Hudson could begin in the second quarter of 2013, with the first residents able to move in 24 months later. The building, which will feature high-end amenities and finishes usually found in condominiums, would be complete after 30 months of construction.

Goldberg is not concerned that the long process will mean 99 Hudson will open during a shift back toward home ownership.

“There has been a fundamental change in how people view their real estate,” Goldberg says. “They’re making the decision to be long-term renters. It’s particularly acute in the Northeast.”

Also on the rise is an increase in urban living, to the point where Hartz Mountain and Roseland are adjusting parking ratios in their projects downward because renters don’t have as many cars, he observes.

So for now, Roseland and Hartz Mountain wait, while they focus on another project, The Estuary, now under construction in Weehawken. But Goldberg remains confident that the current suspension of credit applications is just a momentary blip in the development process.

“There’s a commitment by the public sector – the EDA and the legislature – to sponsor this program to do what it’s supposed to do, create jobs,” Goldberg says. “Look at 99 Hudson.”

The project will create more than 2,000 long-term construction jobs over five years. “That’s why these programs were put in place,” he says. “I’m very optimistic.”