Is Jersey City the Next New York?

Looking back to the last 20 - 25 years Jersey City has had a boom in economic development. Jersey City is a port on a peninsula formed by both the Hudson and Hackensack rivers and the upper New York Bay which is opposite of lower Manhattan. The City was settled before the year 1650, then incorporated as Jersey City in 1836. Jersey City is the second largest city in the state and a commercial and an industrial center, and is only surpassed by the city of Newark. It is a port of entry as well as a manufacturing center, with 11 miles of waterfront and substantial rail connections Jersey City is a very important transportation terminal.

The city has railroad shops, warehouses, plants, and oil refineries that manufacture a variety of products. Such as chemicals, electricity, petroleum, cosmetics and textiles. Many of the companies are extensions of those originating in the Big Apple. So the city has benefitted from it's position across Manhattan. Jersey City has undergone developments like increased housing and shopping areas, as for other parts of the city, some parts remain rundown after years and years of commercial activity.

According to the Powerhouse Arts District, ( an advisory services panel report) Hudson County's employee base has grown by 1,500 new jobs per year for the past 20 years. During the last decade, this has accelerated to between 2,000 and 2,600 new jobs per year. The annual population and household growth in Hudson County since 1990, Jersey City has captured approximately 35% of this growth. Since 1980, the city has grown by an annual average of 840 people in 400 households; since 1990, this growth has increased by 32%.

Now explaining the residential development potential. Jersey City's affordable units are in especially short supply. Historically, approximately 535 to 775 units have been built in Hudson County each year. Of which 65% to 75% have been multifamily units.
According the Jersey City Economic Resource Guide here are some labor statistics below:

Finance, Insurance, Real Estate, Rentals & Leasing 32%
Educational, Health, & Social Services 14%
Professional & Business Services 13%
Retail Trade 10%
Transportation & Warehousing 7%
Leisure & Hospitality Services 5%
Information 5%
Manufacturing 5%
Wholesale Trade 3%
Construction 2%
Other Services 3%
Other Industries 1%

Geographic Information

- Jersey City is located on a peninsula directly across the Hudson River from Manhattan, N.Y.
- Jersey City is the Garden State's second largest city.
- Land area - 14.87 square miles
- Acres of park land - 1,401.8
- Water area - 6.19 square miles
- Shoreline - 6 miles
- Average elevation - 20 feet above sea level

Miles to Major Cities
New York City, N.Y. 1
Newark 5
Eastern, Pa. 60
Philadelphia, Pa. 87
Atlantic City 120
Albany, N.Y. 152
Baltimore, Md. 187
Washington, D.C. 230

According to the city resource guide.....

- Jersey City is the fastest growing multi-cultural mosaic in the state.
- The Jersey City Labor Area has a 253,900 daily employee base.
- There are no payroll, city sales, capital stock, city income, personal property, unincorporated business or commercial lease taxes in Jersey City.
- The State sales tax is 6%. Within an urban Enterprise Zone, the sales tax is shared to 3%. There is no sales tax on food or clothing.
- Jersey City's total waterfront Class A office market consists of roughly 18 million square feet, which is more than exists now in downtown Pittsburgh, Pa.
- The Jersey City Arts Tour has drawn about 10,000 visitors per year over the last 10 years, according to event organizers.
- Liberty State Park attracts 4.5 million tourists annually.
- Th McNair Academic High School ranks as the number one public high school in New Jersey.
- New Jersey City University has the number one Cooperation Extension Program in the state.
Jersey City Economic Resource Guide calls Jersey City, New Jersey's Cultural Oasis. Your Gateway to Opportunity.
When anyone visits Jersey City, before their trip meets an end they almost never leave without visiting Jersey City's waterfront. When you talk about the waterfront you must discuss it's sites.

These sites include.....

- Newport
- Harborside Financial Center
- Goldman Sachs
- Exchange Place
- Grove Street

Newport

Newport is a 600 - acre master - planned, mixed - use community consisting of retail, residential, office, leisure and entertainment facilities located on Jersey City's Hudson River waterfront. So far $1 billion has been invested, more than 11 million square feet has been constructed and 7,100 jobs were created in New Port.

Thousands of people call Newport home, thanks to the high-rise rental and condominium apartment buildings that overlook the Hudson River. The Towers of America and the Presidential Towers are prime residential space with more than 4,000 units between them. Newport Plaza is the "neighborhood" convenience shopping complex, home to Waldbaum's/A&P, Linens 'N Things and Pier 1 imports.

Newport's Swim and Fitness Center provides leisure and wellness activities. The center houses an Olympic - size swimming poll, sundecks, whirlpools, exercise equipment and aerobics rooms as well as an outdoor tennis complex with lighted courts. The Newport Marina offers amenities for local boaters, including slips for boats and yachts up to 200 feet in length.

Harborside Financial Center

The multibillion - dollar Mack - Cali Realty Corp's office space developer and real estate investment trust, has transformed a former rail yard and piers into a prime office center. Harborside consists of six class A office buildings totaling more than 3.6 million square feet. Tenants such as TD Waterhouse, Morgan Stanley, Fidelity Investments and Forest Laboratories are making their home here.

The ongoing development project has created 5,100 jobs with 7,000 more positions planned. The development includes "The Pier" apartments, which feature more than 300 one - bedroom and two - bedroom apartments with breathtaking views of the Manhattan, N.Y., skyline and New York Harbor. Harborside is just minutes away from downtown Manhattan, N.Y., via ferry, Path train or car.

Goldman Sachs

The Goldman Sachs building located at 30 Hudson St. Which was completed in 2004, and now holds the distinction as the tallest building in New Jersey. The building occupies 1.43 million square feet of office space at the former site of the Colgate - Palmolive property. The developer Ceasar Pelli &Associates, the same architects of the Petronas Towers in Kuala Lumpur, which is the largest office structure in the world. But this 42 - story glass - clad building with tapered top is 791 feet tall. The structure offers it's tenants a panoramic view across the Hudson River to the lower Manhattan, N.Y., skyline.

Exchange Place

A new development which rises from the Hudson River Banks located at 10 Exchange Place. This 30 - story tower is a tribute to the development at the waterfront. Tenants here include Aegis Insurance Services and Kuehne & Nagel as well as Rabobank.

Grove Street

The International Financial Tower is a 622,00 - square - foot office tower located across from the Grove Street PATH station. The tower's major occupants are Pershing, PNC Bank and NTT Data USA. A new development by the name of Columbus Towers, a Jersey City based developer Panepinto Properties will include a 35 - story, 392 - unit luxury apartment building with 31,000 square feet of ground floor retail and 1,120 parking spaces. The second phase of the project will add two more residential towers and 26,000 square feet of office space.

Jersey City also has had a hotel boom especially with all the new business developments as well as recreational activities taking place, it is not a surprise that Jersey City has seen a hotel boom. Ever since the opening of the Doubletree Club Suites in the late 1990's, these are the following projects taking place.....
- The Courtyard by Marriott (Newport)
- The Candlewood Suites (north of Harborside Financial Center)
- The Hyatt Regency South Pier at Harborside (Exchange Place)
- A Newport full - service hotel is also planned