A neighborhood that has become no stranger to cranes and construction could be getting a bit more redevelopment if a charitable organization follows through with its bid to sell one of its buildings.
The Salvation Army announced last year that they would be consolidating their rehabilitation services at their New Jersey outposts. The result of that undertaking saw the charity list a sizable parcel they own at 248 Erie Street for sale, asking $15 million for the Downtown Jersey City real estate.
Sanchez Bodden Lerner is the exclusive broker of the property and they note the neighborhood is on the rise in a brochure detailing the land. “Located at the mouth of the Holland Tunnel and minutes from the Hoboken Ferry and NJ Transit Terminal, the Soho West neighborhood has become a center of development activity,” the firm states.
The 60,000-square-foot property, which includes a parking lot behind the structure, sits on a combined 26,000-square-foot lot area. Located within the Jersey Avenue Light Rail Redevelopment Plan, the parcel is passed by thousands of drivers daily as they head east to New Jersey highways from the Holland Tunnel.
A preliminary as-of-right analysis by the firm suggests that current zoning allows 85,000 buildable square feet, 37 dwelling units if bonuses are included, and 15,000 square feet of commercial space as-of-right. The listing notes many of the developments that are either under construction or fully approved in the area that Jersey Digs profiled late last year.
The Salvation Army has already closed a thrift store at the Erie Street property and relocated those who were staying there to a Newark facility. The most current listing of the parcel notes that the building is under contract, although a buyer has not yet been disclosed.