After six long years of planning, restructuring and litigation, you could imagine Roseland Properties developer Carl Goldberg’s reaction when he saw the first pieces of construction to the proposed $500 million Port Imperial South waterfront development actually rise from the ground in Weehawken recently.
"It was just exhilarating to finally see the structures and frames of the townhouses going up," Goldberg said. "To see the plans to actually come to fruition really was a good feeling."
Construction crews have been hard at work over the last five months, working on the infrastructure, like electrical and sewer lines, as well as pouring the foundations for the first phase of the project – the 42 brownstone townhouses.
The second phase of the development will include 1,200 more units of housing, a hotel, and up to five office buildings.
Last week, the crews finally raised the frame of the first string of townhouses, directly adjacent to the Arthur’s Landing restaurants, which gave the sign that construction was actually taking place.
"Seeing the frame of the first units going up and having the entire infrastructure in place was very energizing to me," Goldberg said.
With the construction of the first phase of the proposed project in full swing, Goldberg announced that Roseland Properties will be opening a sales office at the site right after Labor Day, so that prospective home buyers could come in and discuss the possibility of living in those new homes.
"We anticipate that the first new residents should be ready to move in by February of 2003, with all of the units built and occupied by September of 2003," Goldberg said. "Once we get the sales facility operating, things should really take off."
While the overall economy in the country continues to fail, the real estate market is remarkably in great shape. According to the National Association of Home Developers, home sales are up 25 percent in New Jersey, calling it a "red-hot real estate market."
Goldberg said that many prospective buyers have already expressed interest in buying homes in Weehawken through phone calls and through e-mails on Roseland’s website.
"The initial interest has been tremendous," Goldberg said. "The buyers have been showing their enthusiasm in the project and we’re now getting back to them to talk about the possibilities."
Added Goldberg, "Having low interest rates right now is a tremendous incentive to prospective home buyers. Despite what has been happening in the stock market and other possible investments, real estate has been one solid investment that hasn’t faltered, even with the economic turmoil. There is a greater demand for luxury housing now more than ever. An investment in a new home could possibly be the way to go. There has been a surge in the demand for luxury housing."
That’s good news for Goldberg and his development, because the estimated cost of the townhouses is expected to be around $950,000 each.
Despite the cost, Goldberg maintains that the interest is definitely there.
"All indications are that the townhouses will be well received by the market," Goldberg said. "It’s a great location with a great view of the New York skyline. It’s a new neighborhood. People look for those quality of life features."
Goldberg said that the construction of the townhouses will also mean a boon to the township, with an anticipated $60 million expected in ratables.
"It’s a boon for Roseland Properties and a boon for the township of Weehawken," Goldberg said.
With the first phase of the project underway and moving forward – after several obstacles along the way, like a lawsuit filed by the Friends of the Weehawken Waterfront that has since been dismissed in appellate court – Goldberg said that he can now focus his attention toward the second phase of the project.
"We will be coming in front of the Planning Board for additional site plan review in the fall," Goldberg said. "Although the plans for the second phase have already received approval, you have to bring in a site plan for the board to review each specific building. We’re finishing the architectural plans on those buildings right now and will bring them to the Planning Board in the fall."
Goldberg reiterated that he has been impressed with the way the Planning Board has handled the entire development process.
"Every action the Planning Board has made has been vindicated so far," Goldberg said. "Their precise detail ultimately speaks of the quality of the process."
So while the frames continue to rise, Goldberg can rest easy that his long-awaited project is becoming a reality.
"There really is a sense of enthusiasm, but also a sense of relief," Goldberg said. "I’m pleased with the progress of the construction. I hoped to be in the ground sooner, but despite the lateness of the start of construction, the demand has stayed strong. I think it’s going to be a world class project, one that the administration and the people of Weehawken will come to appreciate. It’s a tremendous asset to the community."