Having built nearly 800 apartments in an emerging section in Jersey City, veteran developer Sandy Weiss and his firm now hope to replicate that approach — seeking to build on their experience of trying to build a new neighborhood from scratch. The company is the designated master redeveloper for about four city blocks just east of the New Jersey Turnpike extension, where it has proposed building more than 2,300 apartments for a mix of income levels.
Cover Story
Our monthly cover story in Real Estate NJ is a must-read, as we bring you an insider’s look at the decisions, personalities and economic conditions that are shaping the market.
Making a market: Developers, city officials look ahead as renters arrive in downtown Newark
A new stock of luxury, market-rate apartments is beginning to take shape in downtown Newark, where stakeholders hope to attract the type of rental population that can create a 24-hour, seven-day neighborhood that has long eluded the central business district.
Developers say they’re encouraged by the early returns, but are preparing for the market to be tested by larger-scale projects and an influx of additional units. City officials are also preparing for what could be a dramatic uptick in interest from builders — which they will have to balance with public policy goals such as expanding affordable housing for Newark residents.
Developers see new, long-awaited opportunities in Red Bank
Red Bank is now embracing redevelopment and smart growth concepts more than it has in recent memory, insiders say, as evidenced by the growing list of projects that are now under construction or in its pipeline. That embrace is a long time coming for developers that have seen all the community has to offer — from its popular downtown to the Navesink River waterfront, along with a rich cultural scene and an affluent population.
Redevelopment of ‘white elephant’ in Parsippany is moving ahead, anchored by plans for downtown-style shopping and dining
Four years after acquiring a defunct office complex in Parsippany, Stanbery Development Co. is on a clearer path toward fulfilling its plans for a high-end, downtown-style destination at the 17-acre site, which includes about five acres in neighboring Hanover. Known as The District at 1515, the project calls for 100,000 square feet of retail space, 441 residential units and a hotel.
Investor demand still strong in New Jersey as buyers seek safety, certainty in commercial real estate
With 2019 underway, competition among commercial real estate investors has only intensified in New Jersey, largely around properties that offer some level of safety in the later stages of the economic expansion.The Garden State is by no means alone in that regard, but brokers and other experts say they expect demand to stay robust in the near term, citing everything from Wall Street volatility to the continued arrival of buyers from other markets.
