Posted Apr 23, 2012, 4:41 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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http://therealdeal.com/blog/2012/04/...-developments/
Harrison, N.J. hopes to attract New Yorkers with new residential developments
A rendering of the Harrison Station development, at 300 Somerset Street
April 23, 2012
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A long-neglected city in New Jersey, Harrison, is set to add 1,000 residential units by the end of the year, the Wall Street Journal reported. The developments, such as Harrison Station, a 275-unit rental building developed by Ironstate Development and Pegasus Group at 300 Somerset Street, are a symptom of the state’s shifting demographics. As suburbs have been hit harder by foreclosures, cities, even in the Garden State, have increasingly become the centers of development. Harrison is betting that with new apartment development and good access to transit, the town can boom again.
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http://online.wsj.com/article/SB1000...LEFTTopStories
New Jersey Town Bets Big on PATH
A new rental development in Harrison, near the town's PATH station.
By LAURA KUSISTO And JESSICA FIRGER
August 22, 2012
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A half dozen developers are planning to break ground on more than 1,000 new units, primarily rentals, in Harrison by the end of the year. The construction is part of an even more ambitious idea: to add 13,000 units over the next decade to a town that has just 13,000 residents now. And it's a gamble. That's about as many new rental units as are slated to sprout in Brooklyn in the coming years.
Harrison's redevelopment in many ways reflects a continuing reversal in the state's fortunes. As single-family homes in leafy suburban towns languish, cities are experiencing a bit of a revival because of their proximity to public transportation. "This doesn't mean the suburbs are going to disappear, but it really makes sense for people who are close to New York," said Stuart Meck, an associate research professor at the Edward J. Bloustein School of Planning and Public Policy.
In the mid-twentieth century tens of thousands of employees streamed into Harrison's industrial zone each day, home to companies like RCA electronics and Otis Elevator Co. About 15 years ago, the city created a plan for developing the 250-acre former industrial section of Harrison into a primarily residential community.
Harrison still faces significant hurdles: The developers will have to create retail and green space, where there is currently almost none, and the new developments are isolated from the already limited downtown core.
But the success of one of the area's recent rental developments has given other developers the confidence to move forward. Harrison Station—a 275-unit rental building built by Ironstate Development and Pegasus Group on remediated brown fields—began leasing in September and is fully rented.
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