Veris Residential Inc. has completed its high-profile, $420 million sale of Harborside buildings 1, 2 and 3 in Jersey City, the real estate investment trust said Wednesday.
Current Issue
Go inside the latest monthly issue of Real Estate NJ, the only New Jersey-based magazine dedicated to commercial real estate in the Garden State.
Finding a spark
We all know that developing in New Jersey is not for the faint of heart. Just ask any of the countless builders who have endured delays or scrapped projects altogether in the face of pushback by residents and a litany of regulatory hurdles.
The flip side? A supportive local government can go a long way in sparking new investment, as we’ve seen in what appears to be a growing list of municipalities in our state. That group includes the city of Orange in eastern Essex County, where at least 1,000 luxury apartments have been planned near two train stations with Midtown Direct service. As you’ll read in this month’s cover story, the projects have the potential to breathe new life into the town of 30,000 residents in 2.2 square miles, following decades of struggles despite its prime location on Interstate 280 and just west of Newark.
Premature electrification: Will we really have the power to last?
I admire the governor’s confidence that our utility companies and infrastructure will be ready to satisfy this new desire for electric power. However, it is unclear if New Jerseyans will be clamoring for more electricity. Most New Jerseyans can neither afford the price of an electric vehicle nor the additional costs of electric appliances, nor the utility itself. Nevertheless, I applaud the governor for prioritizing the need to combat climate change through an accelerated target of 100 percent clean energy by 2035, ambitious goal-setting for electrification of the state’s building sector with an additional 400,000 residential and 20,000 commercial units by 2030 and collaborative planning for the future of the state’s natural gas utilities.
