JERSEY CITY | 437 Marin Blvd (6th St Embankment) | FT | 45 FLOORS

[chris08876]

Fulop: Agreement reached to develop part of 6th Street Embankment, build park on rest

The 15-year legal battle for the Sixth Street Embankment in Downtown Jersey City could come to an end under a proposed settlement that would allow the city to build an elevated park on the former rail line, Mayor Steve Fulop said.

The settlement, which has been agreed upon in principle but not finalized, would allow New York developer Albanese Organization to build two residential towers at the eastern end of the six-block embankment. The city, in turn, would gain control of the rest of the land and build an eight-acre elevated park, similar to New York’s High Line, Fulop said.

[...]

Fulop said Albanese will make a payment to Victoria Hyman for the property under the terms of the settlement. The developer will not receive any tax abatements and will be required to use union labor to build its two residential towers – 45- and 35-story buildings – with a total of 875 residential units.

Victoria Hyman declined to comment on the proposed settlement. Albanese did not return a message seeking comment.

The city will receive the rest of the land for its elevated park, which will be deeded over as a conservation easement to an entity so it will remain a park, Fulop said. It will stretch from Brunswick Street to Marin Boulevard, passing through the land that will be transferred to Albanese.

Fulop said the developer will build stairs and an elevator on the first two blocks of the park. The city will pay nothing to acquire its portion of the property, he added.

“We have been in negotiations and regular meetings for the better part of the last year plus,” Fulop said. “It has been an ongoing conversation … there was a lot of times we thought it would breakdown.”

The Embankment Preservation Coalition, a nonprofit group that has sought a public use for the property for over 20 years, wants a staircase and ramp at both ends of the proposed park, and a wooded area in the middle.

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https://www.nj.com/hudson/2019/10/fu...source=twitter

[chris08876]

Looking like the 45 tower option for this parcel.

[C.]

I'm a little confused. Is the "Current Development Rights" proposal being pursued now? What was the previous meeting proposed heights. Why the change?

I need to see the actual text in the redevelopment plan.

[chris08876]

The economics of it all.