GRID Real Estate Releases Development Trend Map for Jersey City

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As an accompaniment to the emerging markets panel at The Jersey City Summit, GRID Real Estate released a map depicting Jersey City development trends throughout the city.

GRID, which works closely with developers to find and acquire development sites as well as offering consulting services, has an on-the-ground understanding of what’s happening on the development front in each of Jersey City’s neighborhoods. They compiled this data and created a map to better understand where each neighborhood stands.

The map doesn’t cover every area of Jersey City, instead, it focuses on the areas that currently garner significant interest from developers and investors. It breaks down these areas into four categories: Mature Development Corridor, Corner Store Historic District, Emerging Markets, and Developing Markets.

real estate development trends map jersey city large
Credit: GRID Real Estate

Mature Development Corridor

This one is fairly straight forward. These were the areas first developed in Jersey City – which include Newport, Exchange Place, and Liberty Harbor. They feature a mix of stable established projects as well as a healthy pipeline of new developments.

Corner Store Historic District

These are the older, historic districts in the city where there are few large scale developments and more smaller infill projects. Large portions of these neighborhoods are covered by Historic District designations, which protects their historic integrity and significantly limits development potential.

Emerging Markets

These markets are areas with a healthy pipeline of projects in the works as well as projects already under construction or completed. Journal Square and its surrounding neighborhoods fall under the emerging markets designation as does Lafayette.

Developing Markets

Instead of lumping these neighborhoods together with emerging markets, GRID differentiates the developing from emerging by whether “shovels are in the ground”. The developing markets highlighted on the map – Bergen Hill, Canal Crossing, and Bayfront – all have large projects either approved or planned, but haven’t broken ground yet.

Journal Squared Halo

One other interesting indicator on the map is the red line designating the Journal Squared Halo. In an interview, GRID President Bob Antonicello explained the halo represents areas that have been directly impacted by the Journal Squared tower. What that means is, in these areas, typically, there’s a direct line of sight to the new tower. When speaking with investors and developers, instead of saying “the Journal Square PATH is half-a-mile away” they can now point to the tower as an indicator of the PATH’s location.

This along with the very visual evidence of major development within walking distance has resulted in rising property values within the halo. No longer is development in Journal Square a far off reality, it’s now dramatically apparent.

View the full size map here: Jersey City Development Trends Map

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8 COMMENTS

  1. This map isn’t very good. Lots of inaccuracies. For one, they made up a neighborhood called ‘NoHo’ up near the Holland Tunnel…I’ve never heard this area called NoHo (even by developers). I think old-timers call it Lackawanna, but the developers are trying to rebrand it as SoHo West (because it’s south of Hoboken).

    Secondly, KABR broke ground on a project in Bergen Hill just last month, and there’s active construction at the site, so to say that no projects have broken ground in Bergen Hill yet is bizarre.

    Then there’s the inclusion of Mill Creek in the “emerging markets” class…why? That area is a bunch of dumpy railyards and ugly suburban houses built in the 70s and 80s. There aren’t any development projects east of Mill Road and west of I-78 at all.

    Conversely, the village should definitely be counted as an “emerging market”…there’s so much construction going on along Newark Ave in the Village! But it’s not even on the radar according to this map. Finally, I don’t see how the section of West Side south of Communipaw is particularly “historic”…it’s definitely not projected as a historic district.

  2. The indication of the Historic District on the west side on this trending map is all wrong. The Historic District on the west side of Jersey City is the West Bergen East Lincoln Park Historic District and defined on the city government website by a map on the Historic Preservation pages (http://www.cityofjerseycity.com/uploadedFiles/WestBergenEastLincolnParkGuidelines_Draft09142016.pdf). It covers the area between Harrison and Kensington Avenues for a block west of J. F. Kennedy Blvd to Westside Avenue with a small extension west of that on Kensington Avenue and further includes the area between Montgomery and Harrison Avenues for the block east of J F Kennedy Blvd to Bergen Avenue. On the above map the eastern half of the district is shaded as “Developing Market” and the western half omits Kensington Avenue to the north and is shown far beyond Harrison Avenue to the south. It should be corrected to agreed with the legal boundaries of the historic district as found of the Jersey City government website.

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