Development Watch

From the Star Ledger:

Condo plan for GE site debated

Transforming the former General Electric industrial complex at the East Orange-Bloomfield border into market-rate lofts and condominiums would be a good fit for the nearly 20-acre site off the Garden State Parkway, proponents of a $200 million housing plan testified last night.
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"The main building, at 5 Lawrence St., is an iconic, monolithic structure which appears to stand on top of the Garden State Parkway," developer Eugene Diaz said. "It might be one of the most recognizable buildings in the state."
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"Everything at this property is screaming, 'I want to be residential,'" Diaz told the zoning board and nearly 100 people who attended the meeting at East Orange City Hall. "This property wants to be a fabulous residential development."

From the Hudson Reporter:

Aftermath of city's settlement with New Gold

Jersey City and New Gold Equities, the owners of the 110 and 111 First St. buildings, agreed two weeks ago to a settlement that lets the developer build 40-story towers at the site, in exchange for the dropping of lawsuits on both sides.
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The settlement which would end all lawsuits filed by New Gold Equities, a New York-based real estate company with principal ownership by real estate mogul Lloyd Goldman, against the city. In turn, New Gold will be allowed to build one, possibly two 40-plus story towers on the 111 First St. site and one 40-plus story tower on the 110 First St. site.

Both sites were work-spaces for artists until New Gold evicted them.
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New Gold is currently working with the New York City-based real estate firm the Athena Group to build the towers. The Athena Group is currently building a 33-story, 250 condo development at 389 Washington Blvd., only several hundred feet away from both the 110 and 111 First St. properties.