Jones Lang LaSalle
City Eyes 15-Block Redevelopment
By Eric Peterson
HOBOKEN, NJ-The city council here this week is expected to designate a 15-block area as "an area in need of redevelopment." Located in the southwestern part of this Hudson County community, it would be the latest of a series of such designations that have helped reshape the city in recent years.
The proposed redevelopment zone, which totals some 13 acres, is bordered by Paterson Avenue and Observer Highway along its northern edge. Neighboring Jersey City provides the other two boundaries for the tract. According to Mayor David Roberts, once a redevelopment declaration is made, city officials will be looking to have several private developers redo the tract with a series of smaller projects rather than turning the whole thing over to a single entity.
The city is also looking for mixed uses to come out of this, Roberts says, with a variety of commercial and residential uses on the agenda. The redevelopment would also include significant streetscape improvements, according to Roberts, as well as an open space component for recreational purposes.
The area as it currently stands contains more than 30 individual properties, including a variety of commercial and industrial buildings. It also includes both surface and structured parking, a handful of residences and a holding area for police equipment.
The pending designation coupled with the number of individual properties involved in the zone comes against a backdrop of a pending vote in the state legislature on the issue of eminent domain and the ability of communities to utilize it. That legislation, if passed, would reduce communities’ ability to initiate eminent domain proceedings. But Roberts says the pending redevelopment would not involve "hostile takeover." City officials also say that their plans comply with the pending legislation based on the principle that the ongoing redevelopment of the tract would involve a number of developers rather than just one.
City officials have not released a timeline for the redevelopment, pending the outcome of the expected city council vote.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
City Eyes 15-Block Redevelopment
By Eric Peterson
HOBOKEN, NJ-The city council here this week is expected to designate a 15-block area as "an area in need of redevelopment." Located in the southwestern part of this Hudson County community, it would be the latest of a series of such designations that have helped reshape the city in recent years.
The proposed redevelopment zone, which totals some 13 acres, is bordered by Paterson Avenue and Observer Highway along its northern edge. Neighboring Jersey City provides the other two boundaries for the tract. According to Mayor David Roberts, once a redevelopment declaration is made, city officials will be looking to have several private developers redo the tract with a series of smaller projects rather than turning the whole thing over to a single entity.
The city is also looking for mixed uses to come out of this, Roberts says, with a variety of commercial and residential uses on the agenda. The redevelopment would also include significant streetscape improvements, according to Roberts, as well as an open space component for recreational purposes.
The area as it currently stands contains more than 30 individual properties, including a variety of commercial and industrial buildings. It also includes both surface and structured parking, a handful of residences and a holding area for police equipment.
The pending designation coupled with the number of individual properties involved in the zone comes against a backdrop of a pending vote in the state legislature on the issue of eminent domain and the ability of communities to utilize it. That legislation, if passed, would reduce communities’ ability to initiate eminent domain proceedings. But Roberts says the pending redevelopment would not involve "hostile takeover." City officials also say that their plans comply with the pending legislation based on the principle that the ongoing redevelopment of the tract would involve a number of developers rather than just one.
City officials have not released a timeline for the redevelopment, pending the outcome of the expected city council vote.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
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