No one infrastructure project has the potential to cripple our economy, disrupt our lives, lower real estate values and drive employers to seek alternative locations than the Gateway Project to expand and repair the Hudson River rail tunnels and replace the Portal North Bridge. Why, then, haven’t our local, state and national leaders yet secured the funding, approvals and entitlements needed to get this project done, despite the wakeup call back in 2012 when Superstorm Sandy wreaked havoc on a single tunnel in an area responsible for 20 percent of the U.S. GDP?
In just two weeks, hundreds of business and political leaders will board a southbound Amtrak train as part of the New Jersey Chamber of Commerce’s annual Walk to Washington. And you can bet that the state’s commercial real estate sector will be well-represented.
The states of New Jersey and New York will contribute more than $5.5 billion to building a second tunnel under the Hudson River, a long-awaited project seen as critical to the region’s economy and as protection against future flooding events like Hurricane Sandy.
How developers and local leaders can respond to changes in business, demographics By Michael G. McGuinness Economic, industry and demographic trends are changing the way business is done in New Jersey — and impacting the strategies of investors, developers and…