The latest brand of luxury housing on the waterfront was unveiled this week with the opening of The Residences, the newest phase of Henley on the Hudson, located in the planned urban community of Port Imperial.
Mayor Richard Turner, the town council, and other municipal officials joined representatives from Roseland Property Company and Lennar Urban on Sept. 14 to cut the ribbon and tour the new luxury condominium building.
The building is the latest addition to development on the Weehawken waterfront that has been underway since 1982.
Turner said when fully occupied the new residences will contribute approximately $800,000 in taxes to the township, an important financial boost during an era of shrinking state aid and with an uncertain national economic outlook.
Less than a quarter of the units have been sold in the preview phase, but a grand opening for the public scheduled for later this month and the previous successes within the Port Imperial community may change that quickly.
Turner and representatives from Roseland and Lennar Urban expressed gratitude to the banks that helped make the opening of The Residences possible, but also offered gentle encouragement that they free up the money necessary to allow the remaining buildings in the planned community to be constructed.
Real estate plight hits planned communities
Spanning approximately two miles and nearly 200 acres along the Hudson River waterfront, Port Imperial – which includes Weehawken, Guttenberg, and West New York – is one of the nation’s largest urban master-planned developments.
But even the nation’s best-selling communities have been a hard sell recently.
Representatives from Roseland admitted that quality of product and unique nature of buildings is necessary in order to attract buyers now that there is no longer a “build it and they will come” atmosphere on the competitive waterfront.
And the same seems to be true on a national front as well.
According to an article in Builder Magazine last month, sales in master-planned communities plummeted from 20,000 plus homes at their peak during 2005 to less than 5,000 in 2009.
Furthermore, the article stated many of the “healthiest communities” saw their sales volume decline between 2008 and 2009 by anywhere from 16 to 32 percent.
But, according to Builder, there are certain attributes that have helped some planned communities hold steady during these difficult times.
Established, well-known communities with a wide range of housing types seem to be surviving in the current economic situation.
And those with vital “lifestyle anchors,” such as good schools, parks, walking trails, community pools, town centers, playgrounds, sports, and other organized activities tend to be more consistently successful.
Building on success
The news and predictions in the Builder Magazine article present a hopeful outlook for the future of communities like Port Imperial, which boasts diverse housing options, a mass transportation system anchored by an intermodal ferry terminal, a luxury full-service hotel and conference facility, and office and retail development, in addition to quality of life features (such as parks, schools, and organized activities) offered in the towns it encompasses, like Weehawken.
For The Residences at Henley on the Hudson, which is a strictly residential portion of the community, a free shuttle is provided to the commercial areas and the ferry throughout the day.
Beginning each morning at 5:30 a.m. and ending just after midnight, the shuttle operates every few minutes during rush hour and every 20 minutes during normal times.
Official opening next weekend
The public grand opening of The Residences will take place next weekend from Sept. 24 through Sept. 26.
Meanwhile, initial occupancy for those four units already sold is slated for next month, with the first closing to be held in mid-late October.
Lennar Urban Director of Operations Michael Skea said that the prices of the available homes will be published over the next few weeks.
Lana Rose Diaz can be reached at ldiaz@hudsonreporter.com.
What’s inside The Residences?
The Residences features 27 units, including one-, two-, and three-bedroom designs in a six-story building. The units range in size from 881 to 3,312 square feet of living space located in a distinctive six-story building.
The majority of the residences offer expansive outdoor living spaces overlooking the Manhattan skyline and future English Gardens.
The building is located adjacent to a new outdoor swimming pool and The Club at Henley, a private 6,000 square-foot clubhouse featuring a club room, theater room, billiards and gaming lounge, state-of-the-art fitness center, Yoga/Pilates room, and a Children’s Play Studio.