JERSEY CITY | 80 Bay St | FT | 40 FLOORS


#1

Continuing the discussion from JERSEY CITY | The Waterfront Redevelopment:

Renovation of Jersey City Powerhouse now includes plans for 40-story highrise

By Terrence T. McDonald on September 10, 2014 at 3:06 PM

http://imgick.nj.com/home/njo-media/pgmain/img/jersey-journal/photo/2014/09/10/-f59717a036720441.JPG
Matt Gade

Jersey City is moving forward with plans to build a $179 million retail and commercial complex inside the long-dormant Powerhouse in Downtown Jersey City, a project the city says will be “game changing” for the neighborhood.

The plans include a new component, a 40-story residential tower housing 370 units and 200 parking spaces. Baltimore-based Cordish Companies, the developer behind the project, calls the tower an “expansion” of the 108-year-old Powerhouse, located on Washington Street.

Mayor Steve Fulop said the tower is a vital component to making the long-stalled Powerhouse redevelopment financially feasible. Because of its historic nature, renovating the 180,000-square-foot behemoth will cost a tidy sum, and Cordish is facing a funding gap of as high as $40 million, Fulop said.

“The project won’t make sense for any developer economically without some sort of structure next to it,” he told The Jersey Journal. “The math won’t work.”

Blake Cordish, vice president of the Cordish Companies, which transformed an old power plant into an entertainment complex in Baltimore’s touristy Inner Harbor, said the company doesn’t have renderings of its plan for the Powerhouse yet. But Cordish told The Jersey Journal he would deliver “a world-class development.”

The newest plans for the Powerhouse were revealed in an Aug. 11 letter from Cordish to city officials. In it, Cordish said he anticipates a nearly four-year process for stabilization, remediation and construction. There’s no timetable for the anticipated start of this process.

[…]


#2

The funny part is that the NIMBYS want the power station to stay. They say that its an essential part of the neighborhood and that it would ruin the urban fabric. If anything, its a giant eyesore. Eh, but then again, most of them can’t think logically.


#3

I don’t see anything urban about a power station; if anything, it’s suburban since it’s not installed underground and hidden. They have a slippery argument…


#4

So main takeaways:

  • Powerhouse transfers ownership from Port Authority to the city
  • Powerhouse stabilization and redevelopment can continue
  • The triangular plot will be owned by the city where the transformers in front of the Powerhouse will go, as well as the 40-story high rise that’s planned. (check article above)
  • Jersey City gets 35 million from payments from the Port Authority
  • Port Authority will conduct a feasibility study for a Marion PATH Station

Pretty great news all around! The Powerhouse really needs some care. It can be a huge catalyst for this area. I made this graphic so people understand this better.