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Wary council backs abatement for American Can condo plan
Friday, April 14, 2006
By KEN THORBOURNE
JOURNAL STAFF WRITER
In a 7-1 vote that appeared more negotiating stance than firm commitment, Jersey City council members introduced an ordinance Wednesday night granting a 30-year tax abatement for a condo development proposed for the old American Can building on Dey Street.
Downtown Councilman Steve Fulop was the lone "nay" vote against the unusually long tax break.
"In time we could get to 40 years, 50 years," he quipped.
Councilwoman Viola Richardson was absent.
But even the council members who voted for the abatement said they have several problems with the project, including its lack of affordable housing and open space. But they also pointed out that nothing's final until the ordinance is adopted in a second reading, which would take place in two weeks.
"I have serious reservations," City Council President Mariano Vega said before voting in the affirmative. "But in two weeks, we can discuss with the developer affordable housing, contribution to the city, and open space."
A New York City-based company named Coalco has proposed transforming the massive factory building, located in a no man's land near the Pulaski Skyway, into a condo complex with a minimum of 511 market-rate units.
James McCann, attorney for Coalco president Mikail Kernev, said yesterday he doesn't see much room to negotiate.
The $100 million-odd project has already been planned and financed as market-rate housing, he said
"There is 7,000 square feet of open space in Phase I, and there will be additional open space in Phase III and Phase IV, as required in the city's zoning ordinance," he said.
In other business, the council also introduced a 20-year tax abatement for the Shore Club North, the second phase of a 429-condo complex the LeFrak Organization is building on the Newport waterfront.
The council also introduced the "St. Francis Hospital Adaptive Re-Use Redevelopment," a designation that paves the way for a $75 million market-rate project proposed by brothers Eric and Paul Silverman for the defunct Downtown hospital.
© 2006 The Jersey Journal
© 2006 NJ.com All Rights Reserved.
Wary council backs abatement for American Can condo plan
Friday, April 14, 2006
By KEN THORBOURNE
JOURNAL STAFF WRITER
In a 7-1 vote that appeared more negotiating stance than firm commitment, Jersey City council members introduced an ordinance Wednesday night granting a 30-year tax abatement for a condo development proposed for the old American Can building on Dey Street.
Downtown Councilman Steve Fulop was the lone "nay" vote against the unusually long tax break.
"In time we could get to 40 years, 50 years," he quipped.
Councilwoman Viola Richardson was absent.
But even the council members who voted for the abatement said they have several problems with the project, including its lack of affordable housing and open space. But they also pointed out that nothing's final until the ordinance is adopted in a second reading, which would take place in two weeks.
"I have serious reservations," City Council President Mariano Vega said before voting in the affirmative. "But in two weeks, we can discuss with the developer affordable housing, contribution to the city, and open space."
A New York City-based company named Coalco has proposed transforming the massive factory building, located in a no man's land near the Pulaski Skyway, into a condo complex with a minimum of 511 market-rate units.
James McCann, attorney for Coalco president Mikail Kernev, said yesterday he doesn't see much room to negotiate.
The $100 million-odd project has already been planned and financed as market-rate housing, he said
"There is 7,000 square feet of open space in Phase I, and there will be additional open space in Phase III and Phase IV, as required in the city's zoning ordinance," he said.
In other business, the council also introduced a 20-year tax abatement for the Shore Club North, the second phase of a 429-condo complex the LeFrak Organization is building on the Newport waterfront.
The council also introduced the "St. Francis Hospital Adaptive Re-Use Redevelopment," a designation that paves the way for a $75 million market-rate project proposed by brothers Eric and Paul Silverman for the defunct Downtown hospital.
© 2006 The Jersey Journal
© 2006 NJ.com All Rights Reserved.
posted by Jones Lang LaSalle NJ News Blog at 1:27 PM
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