Massive Jersey City redevelopment plan takes first step forward

New York /
May.May 22, 2012 09:30 AM

Jersey City has taken a crucial step towards the redevelopment of 100 acres of contaminated land on its western edge, according to the Wall Street Journal. NJ Transit began an environmental review of the plan last week, a precursor to extending the Light Rail to connect the region’s public transit to the area, known as Bayfront. An estimated $213 million extension of the Light Rail could help encourage developers to move forward with a plan to build 8,100 residential units, 1 million square feet of office space and 20 acres of park on the waterfront site.

The land is owned by technology and manufacturing company Honeywell International, which took it over after a merger in the late 1990s. But its contamination goes back to the late 1800s, when the area was filled by chromium waste from nearby plant owner Mutual Chemical Company, which made shipbuilding substances.

A retail complex opened on the site after the plant closed in 1954, but by the 1980s the stores’ walls began to crumble from the waste. The buildings were vacated and the land has been abandoned ever since.

In 2005, Jersey City sued Honeywell to recoup lost tax revenue and to get it to clean up the site, but settled upon developing the land together instead. Now they’re working together to prepare the site to sell to a developer to bring the plan to fruition. Construction wouldn’t start until at least 2016, and the project likely wouldn’t be complete for another 25 years. [WSJ]


Related Articles

arrow_forward_ios
Gold Coast rush: NJ markets pick up in third quarter

Gold Coast rush: NJ markets pick up in third quarter

Gold Coast rush: NJ markets pick up in third quarter
Kushner Companies ends legal battle, resumes Jersey City project

Kushner Companies ends legal battle, resumes Jersey City project

Kushner Companies ends legal battle, resumes Jersey City project
30 Hudson Street in Jersey City and WeWork CEO Sandeep Mathrani (Wikipedia)

WeWork scores big lease at Goldman Sachs’ Jersey City office tower

WeWork scores big lease at Goldman Sachs’ Jersey City office tower
Loew’s Theater at 54 Journal Square Plaza in Jersey City and Jersey City Mayor Steve Fulop (Google Maps, Getty)

Jersey City moves forward with $40M renovation of Loew’s Theater

Jersey City moves forward with $40M renovation of Loew’s Theater
An aerial view and a rendering of The Element at 400 Claremont Avenue (Credit: Google Maps)

Jersey City mixed-use project lands $120M in financing

Jersey City mixed-use project lands $120M in financing
Airbnb lost by a landslide in Jersey City. What went wrong?

Airbnb lost by a landslide in Jersey City. What went wrong?

Airbnb lost by a landslide in Jersey City. What went wrong?
Results are in from Jersey City Airbnb referendum

Airbnb deflated as Jersey City voters tighten rental rules

Airbnb deflated as Jersey City voters tighten rental rules
 Newport Centre 4 at 545 Washington Boulevard and Richard LeFrak (Credit: Google Maps and Getty Images)

LeFrak looks to sell another Jersey City office building

LeFrak looks to sell another Jersey City office building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...