JERSEY CITY, NJ-TD Bank says in its Regional Multifamily Outlook that, while 2,000 new apartment units will open along New Jersey's waterfont in the next two years, steady deman for them is expected. That demand will mostly flow from New York City where demand is ever more voracious and land is scarce and more expensive to develop.
Mack-Cali CEO Mitchell E. Hersh said last week that his company plans to move forward quickly wth the first 763-unit tower for its URL Harborside project here, as reported in GlobeSt.com last week. The residential towers - three are planned - are a joint venture iwth Ironstate Development.
In New York, TD predicts 27,000 new units opening by year's end in 2015. Still, there should be no fear of overbuilding, according to the bank's multi-family report:
"While fears of overbuilding in the multifamily sector have plagued other metros across the U.S., there is little risk of this happening in New York, " it said, noting that URL project and other smaller projects are pending in Hudson County.
The Original Story Appears Below
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JERSEY CITY, NJ-Ironstate Development Co. and Mack-Cali Realty Corp., whose residential project recently won $33 million in state tax credits, will begin work on the first phase of the project by the end of the year, GlobeSt.com has learned.
URL Harborside, the first phase of a project that will include three residential towers along the Jersey City waterfront, was awarded the credits under terms of the Economic Opportunity Act signed into law last month. The project is expected to create approximately 700 construction jobs.
The first-phase tower will be a 69-story building with 763 apartment units, built atop a parking pedestal.
An exact date for the groundbreaking has not yet been announced. URL Harborside (Urban Ready Living™) will ultimately include three residential rental towers, ancillary retail space, and parking. It adds a housing component to Mack-Cali's Harborside, a “city within a city” office complex.
“A development of this magnitude will increase the level of economic activity in one of New Jersey's key urban centers,” said David Barry, Ironstate's president. “This will be a transformative project that will introduce an innovative new lifestyle alternative to the marketplace and help encourage additional investment in the City.”
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