Guest Guest Posted April 14, 2008 Report Share Posted April 14, 2008 -------------------------------------------------------------------------------- April 13, 2008 In the Region | New Jersey Taking on the Role of Tempter By ANTOINETTE MARTIN HARRISON THE first 86-unit condominium building to open in a vast redevelopment area here that runs along the Passaic River opposite Newark is now fully occupied, having sold out last year “in a blink,” as the sales manager remembers it. But at the second building, where about half the units were sold before buyer traffic died down last winter, a pretty significant deal was put in place last week to stimulate sales: free mortgage and interest payments for a year to buyers who qualify with a 10 percent down payment. “It’s a fantastic deal for buyers,” said Maryann Bossert, the sales manager for Millennium Homes, which is building the River Park at Harrison condos in partnership with the Roseland Property Company. And the assertion would be hard to debate: With purchase of a two-bedroom, two-bath riverside condominium offering a loft space, terrace and two covered parking spaces for $425,990, the savings amount to $28,344. Still, when such a deal is being offered, it can raise nagging questions for buyers. Is the financial incentive simply a temporary reaction to a blip in the residential market? Might the overall prospects for the project be dimming? In the case of the 265-acre Harrison redevelopment area, where five developers are at work, mostly in beginning stages, on a total $1 billion makeover of roughly a third of the town’s entire land mass, the questions have particular resonance. The first buyers at River Park were unquestionably pioneers, moving into a well-groomed site adjoined by a modest neighborhood of row houses, a few remaining industrial operations and fields populated only by earth-moving equipment. The situation is unchanged a year later. Land clean-up efforts continue to take longer than expected, as do state Department of Environmental Protection efforts to enforce regulations requiring the companies responsible for polluting the area to pay for cleaning it. Furthermore, a lawsuit by two company owners protesting “eminent domain” takeover of their properties near the PATH station at the redevelopment area’s center has so far thwarted even the start of clean-up work on those key acres. Even so, the people leading the effort in Harrison, city officials and developers alike, express calm and confidence. “We remain very enthusiastic about Harrison, notwithstanding the somewhat dicey condo market right now and the legal issues,” said David Barry, a principal with the Applied Development Company, which is currently cleaning up a 27-acre parcel on the Harrison site for a much larger project than the River Park development — one that includes rental and condo housing as well as parking and retailing. “It’s not easy, it’s not quick, but I see progress when I visit every couple of days,” said Peter Higgins, the redevelopment agency chief who has been supervising the project for 11 years. “No question the market is down now, and we’re dealing with some court action. But compared to several years ago, there have been big changes, and that is good.” Millennium, for its part, describes the year-free mortgage offer at River Park as an effort to maintain momentum, out of a belief in the future of the whole area. Ms. Bossert described current residents as a “vital” group, mostly young professionals who make the quick commute across the river to Newark, or take the PATH four stops to Manhattan, and when they are home, enjoy the newly finished stone walkway and gardens along the river. The river needs work; it was choked with industrial pollutants for decades, and the banks on the Newark side are littered with rusted pipes and debris. But the city of Newark has a “recapture” effort planned, Ms. Bossert noted, and meanwhile, the Newark skyline is newly alight at night as the New Jersey Performing Arts Center spurs fresh development. Ms. Bossert says she makes sure to tell prospective buyers in Harrison that their view would take in a residential skyscraper, proposed for a site adjacent to the performing arts center. Mr. Barry called Harrison “a great little town, with a nice waterfront that is being reclaimed and redeveloped, great transit access — the PATH, and Highway 280 is right there — and it has access to sophisticated urban arts and culture.” He even compared it to Hoboken. “Like many of these towns our company has gone into over the years — whether it is Hoboken, or Jersey City, or Morristown or Long Branch — when we started to develop upscale apartments, there is a lot of skepticism,” Mr. Barry said “Nobody thought Hoboken would be hip 20 years ago. And people thought we were crazy when we first had the idea of putting luxury apartments in Long Branch. The scene at Pier Village, with luxury apartments and first-tier retail, who would ever have believed it when the beach was just a big mess?” By “leading with rental,” Mr. Barry said, Applied has succeeded at various projects despite the real estate market slowdown. As in Hoboken and Long Branch, his company’s plans for its Harrison complex, to be called Harrison Commons, will build rental units — 475 in the first phase of construction — over street-level retailing. “That would establish a presence and an identity to the place,” before putting condos in place, the developer said. One other large project in the redevelopment area has recently had its foundation laid: the new Red Bulls soccer stadium. The 25,000-seat venue, part of an Advance Realty Group project called Metrocentre, will eventually be flanked by shops, a hotel and 1,800 apartments, according to plans. -------------------------------------------------------------------------------- It's Quote Link to comment Share on other sites More sharing options...
Guest *watcher* Posted April 15, 2008 Report Share Posted April 15, 2008 --------------------------------------------------------------------------------April 13, 2008 In the Region | New Jersey Taking on the Role of Tempter By ANTOINETTE MARTIN HARRISON THE first 86-unit condominium building to open in a vast redevelopment area here that runs along the Passaic River opposite Newark is now fully occupied, having sold out last year “in a blink,” as the sales manager remembers it. But at the second building, where about half the units were sold before buyer traffic died down last winter, a pretty significant deal was put in place last week to stimulate sales: free mortgage and interest payments for a year to buyers who qualify with a 10 percent down payment. “It’s a fantastic deal for buyers,” said Maryann Bossert, the sales manager for Millennium Homes, which is building the River Park at Harrison condos in partnership with the Roseland Property Company. And the assertion would be hard to debate: With purchase of a two-bedroom, two-bath riverside condominium offering a loft space, terrace and two covered parking spaces for $425,990, the savings amount to $28,344. Still, when such a deal is being offered, it can raise nagging questions for buyers. Is the financial incentive simply a temporary reaction to a blip in the residential market? Might the overall prospects for the project be dimming? In the case of the 265-acre Harrison redevelopment area, where five developers are at work, mostly in beginning stages, on a total $1 billion makeover of roughly a third of the town’s entire land mass, the questions have particular resonance. The first buyers at River Park were unquestionably pioneers, moving into a well-groomed site adjoined by a modest neighborhood of row houses, a few remaining industrial operations and fields populated only by earth-moving equipment. The situation is unchanged a year later. Land clean-up efforts continue to take longer than expected, as do state Department of Environmental Protection efforts to enforce regulations requiring the companies responsible for polluting the area to pay for cleaning it. Furthermore, a lawsuit by two company owners protesting “eminent domain” takeover of their properties near the PATH station at the redevelopment area’s center has so far thwarted even the start of clean-up work on those key acres. Even so, the people leading the effort in Harrison, city officials and developers alike, express calm and confidence. “We remain very enthusiastic about Harrison, notwithstanding the somewhat dicey condo market right now and the legal issues,” said David Barry, a principal with the Applied Development Company, which is currently cleaning up a 27-acre parcel on the Harrison site for a much larger project than the River Park development — one that includes rental and condo housing as well as parking and retailing. “It’s not easy, it’s not quick, but I see progress when I visit every couple of days,” said Peter Higgins, the redevelopment agency chief who has been supervising the project for 11 years. “No question the market is down now, and we’re dealing with some court action. But compared to several years ago, there have been big changes, and that is good.” Millennium, for its part, describes the year-free mortgage offer at River Park as an effort to maintain momentum, out of a belief in the future of the whole area. Ms. Bossert described current residents as a “vital” group, mostly young professionals who make the quick commute across the river to Newark, or take the PATH four stops to Manhattan, and when they are home, enjoy the newly finished stone walkway and gardens along the river. The river needs work; it was choked with industrial pollutants for decades, and the banks on the Newark side are littered with rusted pipes and debris. But the city of Newark has a “recapture” effort planned, Ms. Bossert noted, and meanwhile, the Newark skyline is newly alight at night as the New Jersey Performing Arts Center spurs fresh development. Ms. Bossert says she makes sure to tell prospective buyers in Harrison that their view would take in a residential skyscraper, proposed for a site adjacent to the performing arts center. Mr. Barry called Harrison “a great little town, with a nice waterfront that is being reclaimed and redeveloped, great transit access — the PATH, and Highway 280 is right there — and it has access to sophisticated urban arts and culture.” He even compared it to Hoboken. “Like many of these towns our company has gone into over the years — whether it is Hoboken, or Jersey City, or Morristown or Long Branch — when we started to develop upscale apartments, there is a lot of skepticism,” Mr. Barry said “Nobody thought Hoboken would be hip 20 years ago. And people thought we were crazy when we first had the idea of putting luxury apartments in Long Branch. The scene at Pier Village, with luxury apartments and first-tier retail, who would ever have believed it when the beach was just a big mess?” By “leading with rental,” Mr. Barry said, Applied has succeeded at various projects despite the real estate market slowdown. As in Hoboken and Long Branch, his company’s plans for its Harrison complex, to be called Harrison Commons, will build rental units — 475 in the first phase of construction — over street-level retailing. “That would establish a presence and an identity to the place,” before putting condos in place, the developer said. One other large project in the redevelopment area has recently had its foundation laid: the new Red Bulls soccer stadium. The 25,000-seat venue, part of an Advance Realty Group project called Metrocentre, will eventually be flanked by shops, a hotel and 1,800 apartments, according to plans. So what's the good news ? Are Mr. Barry and Ms. Martin moving into Harrison. If they were I doubt that you'd see the rentals going in. Remember, whats good for the developer is not necessarily good for Harrison! When those people come in,so does the need for the Town to serve them. Police, Fire, Public works,Health,Etc. Unless the redevelopment people order them to leave their needs behind. watcher -------------------------------------------------------------------------------- It's Quote Link to comment Share on other sites More sharing options...
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