We are pleased to share the Jersey City Trends map with our friends and clients.

The Trends Map is developed to help the real estate professionals, the development community, and the community at large, to view a snapshot of real estate trends across the entire city; and to see how the city is growing and redeveloping. This map is not meant as a definitive development guide to the city, but more, our perspective as active brokers and advisors toiling in the city as our principal market and from our interview with others whose primary market is Jersey City. We hope this map is helpful in understanding how the city is growing. Please view this map as a starting point for your investigation, not an ending point

These are primarily focused on the waterfront and were part of the “legacy” land left after the collapse of railroads in Jersey City and in the case of Colgate Center and NOHO (north of Holland Tunnel) repurposed industrial land.

First the downtown historic districts, Hamilton Park, Van Vorst, Paulus Hook and Harsimus Cove are the oldest and perhaps the most important in the context of redevelopment of the City. These districts have been the cornerstone of redevelopment of the city and today are the most stable neighborhoods in the city.  The importance of these districts in the redevelopment of the city can’t be overestimated. More recently the city and residents have joined together to study and form other historic district in the city. The West Side Historic District being the most recent. (Bergen Hill is eligible of historic district status, but not designated.) The city has three areas designated or zoned as “arts districts”, they are the Powerhouse Arts District (PAD), Riverview Arts District and the Journal Square Arts District, that wraps the historic Loews theater.

These are neighborhoods that are moving in the right direction in terms of reinvestment of money or community leadership or both. In most, but not all, these are neighborhoods where the city has established a “redevelopment plan” and the Jersey City Redevelopment Agency (JCRA) has taken an active interest, with ongoing projects and designations. Harbor Place, McGinley Square and Greenville come to mind. And some, like Lafayette (Morris Canal) are rapidly transitioning from emerging markets to trending hot. The reason for the transition? In most cases, it’s one or two catalytic or game changing projects!

We show three developing markets on this year’s map. Two of the areas, Canal Crossing and Bayfront, are large 100-acre (40.47 ha) redevelopment zones that are posed for future growth in 2019. In the case of Bayfront, the City of Jersey City is acquiring the entire site from its partner Honeywell. The City presently owns a 39% interest in the project. In 2019, they will own the entire site. Given the city’s ability to change zoning, designate redevelopers, issue infrastructure bonds and PILOTs, the city should have no problem jump starting this project. In Canal Crossing, the Federal Department of Treasury has just designated Canal Crossing as an Opportunity Zone. This should help move this transit oriented redevelopment area forward in 2019.  And finally, Historic Bergen Hill’s southern tip, bordering Jackson Hill, is a developing market. We anticipate, in the next few years, as Monticello Ave continues its progress, that this area will transition as an emerging market, as the northern tip of Bergen Hill begins to redevelop.

This year’s map shows two areas where the game changing “halo” has had positive impact on the community at large. Once again, Journal Squared, the game changer in the “Square” has paved the way for many other projects in the Square and surrounding neighborhoods. The first tower has become an immediate landmark in the city, a visible reference point to the Central Business District (CBD), from around the city and county. The second tower, 70 story, is presently under construction and will be another exclamation point on the redevelopment of the CBD. All three of the “journal Squared” towers would not be possible without a Transit Hub grant from the State of New Jersey, for $33,000,000 and an aggressive PILOT from the city. A few miles south, Rivet, the 163 unit, mixed use project developed on University Place, by Claremont Development, has developed another “halo” in Jersey City, this time on the south west side of the city. Rivet, the first of seven projects that are being developed on the University Place were made possible by the innovative Public-Private-Partnership legislation of the State and a PILOT by the City. Rivet was not the first project on the West Side, but it is the largest and first project with a full amenities package built south of Montgomery Street.

Mature Development Corridor
Emerging Markets
Developing Markets
The “Halo” effect
Trending Hot