Another report up on NJ.Com by Kathryn Brenzel on the NJ “Gold Coast” building boom.
Manhattan’s view of New Jersey is about to dramatically change, and according to developers, the whims of millennials are partially responsible.
Urban areas, especially along the Gold Coast, are experiencing a renaissance of sorts, due to an uptick in major residential projects. Last month, China Overseas America announced plans for a 950-foot residential tower in downtown Jersey City that, if constructed, would be the state’s tallest building. Another giant, Journal Squared, will bring three residential towers to an area of the city that a number of development projects have pledged to transform.
Developers who spoke to NJ Advance Media seem to agree that the upswing in residential projects in New Jersey is focused in the state’s northeastern cities. They cited two main drivers of this trend: The improved economy and the preferences of millennials. Younger generations want to be closer to New York City and mass transit and are more inclined to remain renters well into their 30s than previous generations.
Jersey City Mayor Steve Fulop said the city has seen an “unprecedented building boom,” with 6,000 units currently under construction and another 18,000 units in the pipeline. He said tax abatements have had a huge impact on attracting new development.