Last year we predicted 2016 would bring unprecedented development to Jersey City. As it turns out, that’s exactly what happened. However, moving into 2017, development has only picked up steam. If 2016 was the year of planning projects, 2017 is the year of breaking ground.
According to data collected while populating the just-released update to our Jersey City Development Map, Jersey City has well over 37,000 units in the pipeline and more than 9,000 currently under construction. Whereas last year, most development centered around Downtown and Journal Square, 2017 will bring development to nearly every corner of the city.
With the rapid rate of development, obvious questions arise around the city’s ability to handle the increased population, namely its transportation infrastructure. With already-overcrowded PATH trains and the city’s insistence on passing the buck to the Port Authority, these problems will only magnify as more residents move to the city.
Editors note: Yes, I know the Port Authority has full control over the PATH trains. But something needs to be done soon to increase capacity and reliability. When 20-30,000 new residents move in, it’ll be too late. It’s time the mayors of PATH affected towns as well as the Governors of New York and New Jersey stop the gridlock and do what they were elected to do.
Then there’s the question of whether the market can absorb the supply. With billionaire developer Richard LeFrak predicting NYC rents falling 15% and Brooklyn suffering from over-development, could Jersey City face the same fate? Historically, Jersey City has been a relative value to residents priced out of NYC, Brooklyn and even Hoboken, but with Downtown Jersey City’s ever-rising rents, which officially overtook Hoboken last quarter, that value play is gone.
Obviously, long-term, Jersey City is a great bet. Closer to Manhattan than most areas of Brooklyn, Jersey City will only become more popular to economically displaced New Yorkers. However, with 37,000 units planned, and more approved every week, the short term could get a bit dicey.
Head over to our Jersey City Development Map to see what’s happening in your neighborhood.
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Good to see updated development map! One recommendations would be if possible to color the dots on the map based on what’s “proposed”, “approved”, and “completed”. That way you can differentiate since proposed buildings might never get approved. Just a recommendation but love the map!
Also embedding an interactive map so we can zoom in (as opposed to just an image) would be great.
The interactive map is available via one of the three links in the article or here: https://jerseydigs.com/all-jersey-city-development-map/
maybe this exists, but a map on businesses in “proposed”, “approved”, and “completed” for the year too! would be great.
Jared, fantastic work! Any way you could provide a breakdown of units in the “Planning Approved” vs “Proposed” stages?
Also, very very minor revision, but the latest version of the 500 Summit proposal, as presented to the Hilltop Neighborhood Association on January 30, has 230 parking spots:
http://yimbyforums.com/t/jersey-city-500-summit-ave-ft-floors/299/4?u=apophenic
I find it odd that you’re talking about oversupply leading to falling rents as if that’s a bad thing. That’s a great thing for most people, especially middle-class people who are renters!
I say keep building until rents go back down to a reasonable level.
Yes!!!!
Yes please.. Middle Class is suffering 🙁
Falling rents in NY can lead to empty units in Jersey city. Rising rents for cookie cutter concrete cells in the sky will turn jersey city into an over crowded mess (more then now). Also the port authority already stated it cannot add any more train car or trains during rush hour. The tubes are not capable. Its jersey city’s fault for over crowding the path. If anyone has gone by green st after 6 or on a weekend it is an isolated and lonely area. Not many businesses even open on the weekend. And the wind tunnels the towers are causing are horrendous. STOP RUINING THE VALUE THAT Jersey CITY is! Community without greed and over crowding. And lefrac is the guiltiest of them all.
I have to agree. Why don’t the take some of those units that already exist and reconditioned them. Like those on little Monticello Ave. jersey city. Those are some of the best structure builded in jersey city but they are use as a dump.
If you go and take a look at buildings like the one on 21 Monticello Ave. you will understand that structure like that will never be builded again in ours time. This could be a great place for people to live if they were not some much drugs being flooded there.