Hoping to complete the project in 2018, representatives from Hovnanian Enterprises Inc., New Jersey’s largest homebuilder, broke ground on a new 278-unit residential condo building along the West New York waterfront on Nov. 20.
For West New York, this is a big deal, said Mayor Felix Roque, partly because development along the waterfront has managed to add significant new tax ratables to the town (meaning more people to share the tax burden and thus, a lower tax rate), but also because developments like this figure into the recently renewed master plan that will launch a new vision for the town.
“The waterfront pays about 70 percent of the taxes,” Roque said. “Developments like this help us keep taxes stable for the whole town.”
The development is part of the 200-acre, two-mile Port Imperial development along the Hudson River in Guttenberg, West New York, and Weehawken, which mirrors 33rd to 85th streets in Manhattan. It’s being constructed by Hovnanian, Lennar Corp. The master developer, Roseland Property Co. of Short Hills, a subsidiary of Mack-Cali Realty Corp, has a long history of construction in both West New York and Weehawken.
Constructed in the vicinity of the Port Imperial ferry terminal, nearly all the units constructed in the area are within walking distance of the ferry. There is also access to the Hudson Bergen Light Rail.
Bucking a trend that has dominated much of the local real estate market since 2008, the new 13-story building will provide “for sale” luxury condominiums.
“The waterfront pays about 70 percent of the taxes. Developments like this help us keep taxes stable for the whole town.”
____________
Situated on a 2.8 acre lot, the contemporary building design will include amenities such as a pool, two-story fitness center, virtual golf, club room, party room, and kids play room, kid’s outdoor play area, outdoor fire pits, outdoor grills, and rooftop private cabanas.
The project will provide one, two, and three-bedroom units with about 1,475 square feet each, and will include floor to ceiling windows, balconies, and in some cases, open air terraces.
This project is part of a redevelopment plan passed by the West New York Board of Commissioners in May, 2014 that creates a mixed residential community consisting of approximately 4,060 apartment and condominium units, 100,000 square feet of neighborhood retail space, and associated uses, including roadways, parking facilities, walkways, parks, and other recreational amenities.
Roque said the development of the waterfront was part of a vision laid out by Rep. Albio Sires, who served as mayor for more than a decade.
“He used to play here as a kid,” Roque said. “This all used to be railroad yards. His vision made it happen.”
But Roque said this is only one part of a larger master plan that includes major changes to the upland portion of the city.
“We redid the master plan earlier this year, the first time in more than 30 years,” Roque said. “We’re going to build four large parking areas in each corner of the town, and we have plans to see two new hotels built as well. You’re going to see big changes in West New York. While we’re only about 1.2 square miles, West New York is going to be the place to be.”
Al Sullivan may be reached at asullivan@hudsonreporter.com.