Those who still doubt the Jersey side of the Hudson waterfront as a luxurious place to live may want to reconsider. Roseland Properties and Hartz Mountain Industries have announced, in partnership, the construction of “The Estuary,” a 589-unit residential complex to be built on Lincoln Harbor north of the Sheraton Hotel, close to the light rail stop.
The name was inspired by the Hudson River, which is a tidal estuary. An estuary is a body of water with a mix of saltwater and freshwater.
Much of the 85-acre Lincoln Harbor area was purchased by Hartz, a development company based in Secaucus, in 1981.
The Estuary’s plot was originally intended for two 10-story, 160-foot tall office towers. But Hartz got stuck in a 10-year lawsuit. Due to state regulations protecting views from the riverfront, any building on that particular plot of land could not exceed eight stories.
“The new complex will bring significant revenue to the town.” –Mayor Richard Turner
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In 2007 when “everything tanked,” Simoncini said, a new demographic of “renters-by-choice” emerged. Monthly mortgages became much higher than rents, and property values had dropped significantly, which made renting more appealing.
In October of 2011, Hartz approached the Weehawken Planning Board and obtained a zoning variance to rezone the property from condominiums to rentals.
Adding parkland
Simoncini estimates that with 589 units, once full, Weehawken’s population will increase by around 1,000 people. As part of the variance, Mayor Richard Turner required that Hartz donate one acre on the northern portion of the property to the town. The property is adjacent to an existing park, so the park will simply expand. This is meant to compensate for this residential influx.
The donated land will bring Lincoln Harbor Park’s total size from 1.5 to 2.5 acres. The addition will eventually include a “tots” playground for children ages 1-5, an adjacent playground for children ages 6-10, a new dog run, and a new performing arts stage, all built by Hartz.
“This is shaping up to be a major recreation and park site,” Turner said, “and the new complex will bring significant [tax] revenue to the town.”
He anticipates it will bring around $750,000 in 2013 and will increase over the four-year build-out to around $2.5 million in 2016.
Three buildings
The $200 million Estuary complex will consist of three buildings – one eight-story building in the back and two six-story buildings in the front – set around a central courtyard garden space.
Each building will feature a rooftop deck with a pool, golf simulator, hot tub and fire pit, yoga room, children’s playroom, Wii game room, and fitness center.
Residents will also have unobstructed views of the Manhattan skyline, and, according to Simoncini, “in all humility, there is not a site on the waterfront with more versatile transportation options.” Stations for The Hudson-Bergen Light Rail and the NY Waterway Ferry literally border the property. Residents will essentially have their own entrance to the Lincoln Tunnel via Baldwin Ave., and a direct bus line. Simoncini expects the Estuary to house a high percentage of New York City commuters.
Rents have not yet been determined.
“Lincoln Harbor is the ultimate Hudson waterfront location for renters-by-choice who want all the amenities they can get within view of Manhattan without being in Manhattan,” Roseland Property Managing Partner Carl Goldberg said in a press release. “The lifestyle differences in New Jersey are seen by many renters as advantages for which they pay less – they get rewarded twice in one location selection.”
Gennarose Pope may be reached at gpope@hudsonreporter.com