The Heights has quickly become Jersey City’s hottest real estate market and developers have, for better or worse, taken notice. The latest development to be pitched for the neighborhood is a new four-story building at a property just one block from Palisade Avenue.
Last month, plans were presented to the Riverview Neighborhood Association for a new condominium project at 262-266 New York Avenue. The property was sold last August for $975,000 and the 6,525-square foot plot currently houses a two-story building with a driveway next to it.
That structure would be demolished under the proposed plan to make way for an 11-unit development with six parking spaces. One of the condos would be designated as a live/work unit and the building would include an elevator.
The proposed development, which doesn’t appear to have a timeline to go before the city, is near Riverview Park, which seems to be the epicenter of revitalization in The Heights. The park itself opened a new gazebo last year and is slated to undergo a renovation this year, although no firm dates have been publicly announced for the project.
The vicinity around the park has started buzzing recently as construction at 500 Palisade Avenue is well underway and projects like Gallery Lofts, Artist Hub residences, and smaller renovation and expansion projects are approved. A proposal to redevelop the former home of Palisades Lumber shows the neighborhood isn’t slowing down, and The Heights is probably going to have to grapple with a significant number of projects as the realities of the market continue to make an impact.
