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http://therealdeal.com/issues_articl...-in-new-nabes/

50 percent ruled but read the full article from http://TheRealDeal.com

Many eyes are focused on Bayfront, which is on the west side of Jersey City, on the Hackensack River. A 100-acre parcel there, owned by Honeywell International, the Morristown-based thermostat manufacturer, is seeking developers who could build a dense mixed-use community of up to 8,100 housing units, 1 million square feet of offices, 600,000 square feet of stores and restaurants and 12,000 parking spaces. The master plan also includes three parks.

The site, polluted with chromium, has been in cleanup mode for years. But the project — whose 11.32 million square feet tops TRD’s list of the largest developments planned for Northern New Jersey — is slated to break ground this year, with a projected completion date in 2043. The project won $2 million in state tax breaks in April 2016.

Journal Squared’s first 640,000-square foot tower consists of 538 studio to three- bedroom apartments to rent and 20,000 square feet of amenities, including an outdoor pool. A second 1 million-square-foot tower is scheduled to break ground in the spring of 2017 and open in the summer of 2019. The third tower, with 700,000 square feet, will begin construction in 2019 and finish in 2021, according to Jonathan Kushner, the firm’s president. Those last two phases represent the fourth-biggest project on TRD’s development list.

According to Kushner, Jersey City’s market is dominated by residents who can’t afford New York City rents. In the first quarter of 2016, one-bedrooms in Hudson County, which includes Jersey City, rented for an average of $1,890 a month, according to data prepared by the New Jersey Multiple Listing Service. In contrast, Manhattan one-bedrooms averaged $3,458, according to a report from Douglas Elliman Real Estate.

Expected to crest at 56 stories, One Journal Square is a fifth-place finisher on TRD’s top development list. The mixed-use project — which includes apartments, stores and offices — has been approved by zoning officials and received $93 million in tax breaks from the state. It is being co-developed by KABR Group and Kushner Companies, whose president is Jared Kushner, Jonathan’s cousin.

Another notable entry on the development list is 99 Hudson Street, a skyscraping 79-story, 781-unit tower that would become New Jersey’s tallest building. Rising on the waterfront in Jersey City, the tower is a rare New Jersey condo. Ranking sixth on our list, this project is also the first in the area led by a Chinese developer.