Saturday, September 16, 2006

Pep Boys Going Condo

From the Jersey City Reporter:

67-story tower to overlook Newport Mall

A 755-foot residential tower called the "Metropolitan" is being proposed for land just south of the Newport Mall, at the site of where a Pep Boys Automotive store is currently located.

If it gets its city approvals, the structure at Sixth and Washington streets would be the second largest building in New Jersey. The largest building is already in Jersey City: the Goldman Sachs building at 30 Hudson St. stands at 791 feet.

Within a 10-block radius, there are several condo towers either under construction or that have been approved for construction, including: the 55-story Trump Plaza Jersey City on Washington Blvd. and Bay Street; the 33-story Athena on the corner of Washington Boulevard and Second Street; and the proposed San Remo I, San Remo, and Monaco condo towers located off Washington Boulevard behind the Doubletree Hotel.

The Metropolitan, when completed, will have 809 condominium units, 809 parking spaces on seven floors, and 12,445 square feet of retail space.

The tower is one of several that may be built in that 18-acre shopping area currently anchored by a Shop Rite supermarket and BJ's Wholesale Club. But those shopping stores will still remain.
Jersey City attorney Francis Schiller, representing the developers, said the Metropolitan project would be the first phase of a larger development project that would span over 20 years, with retail always having a presence in the plaza. Schiller said there will be a meeting with the city's Planning Department to create a master plan specifically for the plaza.

What prompted G&S Investors to look at a residential component? Lehne said the decision was based on them seeing the continuing development in Jersey City.

Schiller said there is no height restriction in the area, which is governed by the Hudson Exchange Redevelopment Plan. The height of this building, Schiller said, would provide "great view corridors" of the New York Skyline to the east and the Watchung Mountains to the west.


Anonymous Anonymous said...

"great view corridors" of the New York Skyline to the east and the Watchung Mountains to the west.

What about to the prairies, to the oceans white with foam???

BC Bob

9/16/2006 08:24:00 AM  
Blogger chicagofinance said...

The project is soooo 2004.

I will say that leveling that strip mall would be a boon to that area.

9/16/2006 08:37:00 AM  
Blogger Richie said...

This area of JC is a slave ground for workers. I worked in this area for a short period of time, at 8:00am in the morning, you just see heards of people walking from the condo towers to the trains/mass transit.

The parking SUCKS in the area, I'm talking $30 for a day of parking in the newport mall parking garage.

9/16/2006 08:38:00 AM  
Anonymous Anonymous said...

i work right by the new hovnanian project going up on hudson. I believe it is 77 hudson. I joke with my colleagues when we hear the pile driver and I say "hear that? that is the sound of house prices dropping!" It is usually met with good humor and then, every now and then, there is the skeptic that still believes "prices will not drop in my area".

100% percent of the time it is somebody who has purchased in the past couple of years that protests. Of these i know a number of them are ARM people. I really do make best efforts to not be cocky and nasty about the thing and just nod agreeingly with them. Afterall, this must be a terrible blow for them.

I have often read in these blogs about not being too cheery about the collapse. For the sake of those that are in loans up to their eyeballs i agree. what did they know? However, I have to tell you that at least once a day I plan, scheme and dream about how i might build a small real estate of my own in the coming years. I truly am sorry if it is on the shoulders of others.

Finally, of some of these newer building that just opened like the condows behind liberty tower. You know the ones right by the river? I believe i see two tenenats at night. The rest of the windows are dark and undressed. Brownstones i have seen a dozen refinished and sitting.

9/16/2006 09:21:00 AM  
Anonymous Anonymous said...

"The parking SUCKS in the area, I'm talking $30 for a day of parking in the newport mall parking garage."

9/16/2006 09:38:34 AM

.....and right up the street on Kennedy Blvd the blind cleric and his nephew operated.

BC Bob

9/16/2006 09:48:00 AM  
Anonymous Anonymous said...

67 story tower??

I guess when the realtor jumps, the first thing they will say is; see its not that bad.

BC Bob

9/16/2006 09:51:00 AM  

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