Thursday, April 13, 2006

3,404 Luxury Condos Proposed for Rutherford

More on the Highland Cross project in Rutherford, NJ.

From NorthJersey.com/Record:

Builders try to sell town on proposal for condos

Developers are projecting that new students would overflow the school district's facilities with or without their controversial proposal to build what some regard as an "entire new city" on a vacant industrial site along Route 17.

But during a public meeting Monday, residents questioned the projected increases in student populations and continued to rally against the development of high-end condominiums, retail stores and hotels.

More than 200 people packed Borough Hall to attend the third public presentation by developers Lincoln Equities Group LLC and Tarragon Corp., which seek to build 3,404 luxury condos on a 52-acre parcel known as the Highland Cross Redevelopment Area.

15 Comments:

Anonymous Anonymous said...

Oh yeah, another condo offer with a free Plasma TV

http://philadelphia.craigslist.org/rfs/150726495.html

4/13/2006 08:50:00 AM  
Anonymous Anonymous said...

Oh wait, even the victory condos in downtown philly are offering the same. Thats the first sign that things are not going as planned

http://philadelphia.craigslist.org/rfs/150560957.html

4/13/2006 08:53:00 AM  
Blogger bairen said...

Instead of a plasma TV they should give you something more practical. How about your choice of two of the following; a psychiatrist, marriage counsellor, divorce or bankrupcy attorney as you go upside down for the next 10 years of your life.

4/13/2006 09:11:00 AM  
Blogger pesche22 said...

grim,,,

its offical.. the banks are running
Mills Corp.

wait till we see what happens with
the meadowlands project.

this will not be good for the nj
taxpayer. this is another blunder
by our pols.

this is going to be a diaster

4/13/2006 09:16:00 AM  
Blogger bairen said...

Just think of the extra traffic. Will a light rail be built to connect this "new city" to NJ Transit at tax payers cost?

Any increase to Rutherford's property tax rolls will be more then eaten up by the infrastructure and service increases this McCity will need. Maybe Rutherford could spin this development off to be its own municpality. We all know Jersey doesn't have enough municipalites.

4/13/2006 09:42:00 AM  
Blogger aloha_mr_hand said...

Is this proposed development at the old Curtiss-Wright factory?

(Somehow I think the C/W factory was further west, maybe in Wood-Ridge Has-Heights)

Just out of curiosity, who certifies that these former industrial sites are safe for residential development?

I'd hate to buy a place only to discover down the line that it's unsafe.

Thanks very much for the great blog!

4/13/2006 10:00:00 AM  
Blogger chicagofinance said...

pesche22 said...
its offical.. the banks are running
Mills Corp.


Mr. Fishes: what does this comment mean?

4/13/2006 10:33:00 AM  
Blogger Shailesh Gala said...

Came across this study done on Housing by Harward in 2004. I thought, I never say this but even though I make over 100K, I feel I am in Low income bracket in NJ.

Read complete study at
http://www.jchs.harvard.edu/publications/markets/son2004.pdf

From the summary

Unfortunately, affordability pressures are unlikely to ease.
Many of the low-wage jobs created by the economy do not
pay enough for a household to afford (at 30 percent of
income) even a modest one-bedroom rental anywhere in the
country. Similarly, retirement incomes are so meager that
many seniors face heavy housing cost burdens on top of escalating
healthcare costs.

Adding to the pressures on low-income households is the cost
of supplying new affordable housing. Restrictive regulations
and public resistance to high-density development make it
difficult to replace or add lower-cost units. Prospects for additional
income supports or housing subsidies are equally bleak.
As the federal deficit balloons, the calls to cut spending on
social and housing programs are growing even as the demand
for and costs of these programs continue to escalate.

4/13/2006 10:39:00 AM  
Blogger pesche22 said...

chic,,

just what i said jpmorgan
is running mills,,, read the
wsj ,, article on mills corp.

4/13/2006 11:17:00 AM  
Blogger Roadtripboy said...

The very idea that they would try to do to Rutherford what was done to Jersey City really appalls me. Rutherford is a charming, old, established town. I can't stand the way developers are allowed to overdevelop an area, taxing the infrastructure beyond what it is capable of handling. This decreases overall quality of life for everyone and can have a negative effect on property values. But I guess as long as a few developers/investors make a financial killing, all is right with the world.

4/13/2006 10:30:00 PM  
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4/19/2006 12:08:00 AM  
Blogger Spindrift said...

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4/24/2006 07:05:00 AM  
Anonymous Anonymous said...

The builder must think we are all idiots. They claim that it won't increase school taxes or traffic. Mixed use = taxpayer abuse. These idiots bought the land zoned commercial and that's how it should remain. Too bad if they lose money. That's the risk. 3400 concos means 7000 kids and 7000 more cars in an already miserable congested area. The latest scam these builders are using is mixed use. Mixed use means a dinky little laddy da strip mall with a coffee shop and as many units as they can possibly cram on there. Route 17, 3 and downtown traffic is already horrible. And for all the people that will take the train, where will they park their cars? Train parking is already non existent!!

FIGHT BACK!! Write your legislator and your assemblymen!!

5/24/2006 11:46:00 AM  
Anonymous Anonymous said...

BTW.... I have a very bad feeling about club xanadu. I drive by there and all I see are some piles of dirt and some trailers. Loks like a scene right out of the Soprano's. I have a feeling that we the people will be paying for this when it fails.

5/24/2006 11:50:00 AM  
Anonymous Anonymous said...

. Pets Underfoot? Keep them out of the way ... preferably out of the house. Many people are acutely uncomfortable around animals. Nothing can stop a sale faster than man's best friend, wagging its friendly tail at a prospect with an allergy.
Go here for more ideas.

6/21/2006 12:00:00 PM  

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