Journal Square Towers gets one step closer...

[bdlaw]

I dunno.  At least Grove PointE isn't on top of the hill for all to see...

[worm]

When I read how much a one bedroom was going for, I nearly snarfed my coffee.  But, NON is right.  The Square has so much potential because of how completely derelict it's been for a while now.  If Harwood succeeds in building both these towers with all of the necessary amenities to make the  former citizens of Newport comfy, than I think  in time, those prices will seem within reason.  Right now however,that vision is  a little clouded by having to walk by the half a dozen vagrants who hang out by the handicap ramp and throw up by the dunkin donut's dumpster.

[cyclotronic]

Looking at the home page of that site, they mention that the State Square rental building is "almost fully tenanted".  Anyone know if this is true?  I'd heard they were having trouble filling it (excluding the low-income units which went quickly of course.)  The building is kind of ugly -- it's sort of like a twin to Groove Pointe -- but it could have been much, much worse.

But this is The New Journal Square™.

[NON]

Is there any word on when this would actually be up, and habitable?

Not looking to move there, I just question the 1 bedroom for 2 big ones a month.  Then again, proximity to PATH.  But still.  2,000?  For a one bedroom?  In JSQ?

I had previously heard expected completion sometime in 2010, but i can't find where i got that from.

$2,000/month for a 1-bedroom is a lot for JSQ in 2007, but if they succeed at pulling in Newport-style renters, who basically leave their shoeboxes exclusively to go to the PATH and into New York, it's a legitimate alternative. And given that 1BR's in Newport currently go for way more than $2K/month, i can only imagine what they'll be up to when these two buildings in JSQ open.

[MCA™]

But this is The New Journal Square™.

[bdlaw]

Is there any word on when this would actually be up, and habitable?

Not looking to move there, I just question the 1 bedroom for 2 big ones a month.  Then again, proximity to PATH.  But still.  2,000?  For a one bedroom?  In JSQ?

[NON]

Harwood Closes on Journal Square Parcel

May 21, 2007
Written by Timothy A. Gilday

Planned Residential Towers Moving Forward in Jersey City Redevelopment Area

Harwood Properties LLC has closed on its $28 million acquisition of a 1.5-acre parcel in the Journal Square Redevelopment Area of Jersey City, NJ, for the development of two residential towers containing 1,000 units.

Harwood is planning the project in cooperation with the Journal Square Redevelopment Agency. The site, adjacent to the Journal Square Transportation Center, is currently used for parking lots.

The towers will both total around 50 stories and could cost $350 million to construct, according to local reports. Included in the project would be a ground-floor retail center, a rooftop fitness center, and 675 parking spaces on five floors. Typical one-bedroom units are expected to rent for around $2,000 per month.

Harold Sutton, owner of Centurion Realty LLC, and William "Skip" Dolan of Dolan Commercial Real Estate Services Inc. worked with Harwood Properties' Lowell and Scott Harwood to bring the redevelopment to fruition. "I'm looking forward to starting this project as soon as possible. It's time to bring back the excitement to the Square," said Lowell Harwood.

Since 1936, the Harwood family has operated a business empire in Jersey City that includes part ownership of the State Square apartment complex and numerous New York City properties. Lowell Harwood runs the business along with his son and daughter, Craig and Leslie Harwood, and his nephews, Brett and Scott Harwood.


http://www.costar.com/News/Article.aspx?id=7D477A2DC42E20F418612D6660F9693E

thanks to costar realty news and GrovePath for this article.

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