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New York

Renovated park, new condo breathe life into Hamilton Park

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Hamilton Square condo overlooking Hamilton ParkThe reopening of renovated Hamilton Park in New Jersey and the rise of a nearby condominium, has brought a wave of new residents and businesses to the suddenly gentrifying neighborhood, the Wall Street Journal reported.

The Jersey City neighborhood, named after the park, is centered on a five-acre park that opened last year after a $3.2 million renovation. One year prior, a 125-unit condo building named Hamilton Square opened in place of A Hospital Across The Street from the park. Within the past 18 months, almost a dozen new businesses have opened up, primarily on the ground floor of Hamilton Square. People, and especially young families, are following, filling up a historic row of townhouses near the park.

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“There weren’t many kids or families,” said Sawyer Smith, sales director at Hamilton Square, which was developed by Jersey City-based brothers Eric and Paul Silverman. “The park was kind of rundown. There was hardly any retail … [but now] you’ve got a lot of families who are staying, renovating their townhouses, as well as more affluent single and younger couples.”

As a result, rents are rising swiftly in the neighborhood, and the clear signs of gentrification abound. A co-op that sells organic and locally-sourced foods opened last year. A flower shop, gym and pediatric office opened this year, and a combination pet-supply store and children’s boutique and a bakery are slated to open in Hamilton Square in the coming weeks. [WSJ]