By M. Lorenzo, APR 30, 2014,
In five years, the Jersey City skyline will look very different than it does today. More than 20 residential buildings are currently under construction in the 15-square mile city, and most of them are not on the waterfront like they have been in the past, thanks to new tax abatement rules to spur greater investment farther inland. Major real estate developers that traditionally focused on Manhattan and Brooklyn have set their sights on the other side of the Holland Tunnel; everyone from Toll Brothers to the Kushners (the architect and both developers in fighting family) are eager to break ground in JC and take advantage of the strong rental market while stratospheric rates continue to push Manhattanites out of the city.
Following the leads of neighboring Hoboken and the old, artist-filled Brooklyn it calls its muse, still-rugged Jersey City is undergoing a swift transformation that is both market-driven and politically motivated. Brownstones are being restored, new restaurants and cafés are popping up throughout town, and MANA Contemporary is actively luring priced-out painters, photographers and other "makers" to its massive and growing compound that offers the holy grail of cheap rents and huge space. To track the building boom, we mapped 21 new residential developments. Most are in the planning stages or under construction, but a few have recently opened.