Tax Exemption Planned for Upcoming McGinley Square Development

0
65 storms avenue McGinley Square jersey city
65 Storms Avenue | Credit: Google Maps

According to a legal notice from the City, the project is coming to 65 Storms Avenue, between Monticello Avenue and Ingwerson Place, in McGinley Square. The building, which will be developed by Inderjit and Onkar Singh, is set to be four stories tall and will include nine residential rental units, all of which will be market rate. Nine parking spaces will be provided for occupants in a ground floor garage, and three of the units will contain one-bedroom, while the remaining six will contain two bedrooms.

Raul Cabato, who is listed as the architect of the new building, certified in City records that construction will cost approximately $1 million. This development and the necessary variances have already been approved by Jersey City Zoning Board of Adjustment, and construction is expected to be completed by June 2018.

The Jersey City Municipal Council passed on ordinance calling for a five-year tax exemption for this project during its meeting on July 19th, and was scheduled to vote on whether to grant final passage on August 16th. The developers applied for the exemption in May, and as part of the ordinance, they will pay full land taxes and an increase by 20% per year of taxes due on improvements every year from 0% in 2018 to 100% in 2023. $13,500 will also be given to the Jersey City Affordable Housing Trust Fund.

The Singhs acquired the 0.1722-acre property for $279,000 in 2015, according to NJ Parcels records. The tract, which includes neighboring 67 Storms Avenue, has contained a three-story residential structure and a gated driveway. It is situated opposite the Church of the Incarnation and is next door to the Resurrection House Apartments in the former Public School #18. Shops along Bergen Avenue, Saint Peter’s University, and stops on New Jersey Transit’s 80 and 87 bus lines to Journal Square, Hoboken, and Exchange Place are also located within a few blocks.

--

Have something to add to this story? Email [email protected]. Stay up-to-date by following Jersey Digs on Twitter and Instagram, and liking us on Facebook.

Looking to buy, sell, or rent? Click here to find a Real Estate Agent to help on our just-launched Jersey Digs Services

JERSEY DIGS WEEKLY

Let us do the digging!
Local real estate news, right to your inbox

LEAVE A REPLY

Please enter your comment!
Please enter your name here