Residential development flourishes along NJ's Gold Coast.
Both the rental apartment and "for sale" townhome markets have flourished along the Hudson County waterfront. The area is witnessing a flurry of development activity. My company, in partnership with organizations like The Prudential and the Imperatore family, is pioneering the development of Port Imperial, a $1.7 billion master-planned community along two miles of the Hudson River waterfront directly facing Manhattan. When complete, Port Imperial will be a city within a city, offering everything the staunch Manhattanite could desire - fabulous restaurants, retail, hotel and entertainment venues, along with Class A office space. In that regard, Port Imperial itself will be an extension of Manhattan.
A new state-of-the-art ferry terminal will also be built at Port Imperial. The terminal will be the first intermodal rail/bus/ferry transportation system in the United States, offering commuters multiple means of accessing Manhattan via direct Midtown and Downtown service within just five and 12 minutes. The terminal will also connect with the Bergen-Hudson light rail, offering convenient transportation between multiple cities in those two densely populated Northern New Jersey counties.
Port Imperial is obviously designed to appeal to a discriminating clientele, one that demands the very best in services, housing and lifestyle. For that reason, homes at Port Imperial don't exercise an "if you build it, they will come" philosophy. For our part, Roseland Property Company and its partners have found that to be successful at leasing or selling homes to a sophisticated consumer base, the homes themselves must exceed the resident's current needs. Everyone building for the residential market has touted the importance of avoiding obsolescence in new construction, and it seems everyone has a pat answer to this dilemma: wire your homes for high-speed Internet access. But- there's so much more that can be done. At Roseland, we've developed a proprietary, comprehensive interactive communications network that features high-speed Internet access, enhanced telephone, data, security, video and sound systems, and Roseland's exclusive E-Valet service. The service is called the RoseLink Networked Apartment pa ckage, and we provide it in all of our new "for sale" product in the state of New Jersey, and we're also installing it in all units of our two rental apartment communities at- Port Imperial - The Landings at Port Imperial, which became fully leased just six months after opening, and Riverbend at Port Imperial, which is set to open next month. The system is also available at another waterfront property we built, Portofino in Jersey City, a 26-story luxury residential tower directly-across the Hudson River from the World Financial Center, which is also scheduled to open in March.
We believe offering such advanced home technologies not available elsewhere in the rental market will lead to an enhanced lifestyle, less resident turnover, and thereby result in a stronger sense of community not typically experienced in the rental market.
Another sector that is strongly attracted to the residential market on the waterfront is corporate housing. As the center of world business, at any given moment the New York City area has a significant number of temporarily located professionals - executives who are permanently based elsewhere but who must work in Manhattan for a relatively brief period, such as six months to two years.
That's why we are also offering our Gold Key Club package for corporate rentals at each of our apartment properties. The Gold Key Club allows corporations to house their relocated employees in luxurious apartments with state-of-the-art amenities and specialized services.
The revival of the Hudson County waterfront has a wonderful by-product as well - it is resulting in greater economic prosperity for locales like West New York, Weehawken, Jersey City and Hoboken. The additional influx of commercial businesses and new residents has led to reduced tax burdens for all residents, better public amenities, more convenient modes of transportation and a greater investment in educational and recreational facilities. It is our prediction that this area, which had once lain barren as an outmoded industrial and manufacturing center, will emerge over the next few years as the shining star of the New York metropolitan area.
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|Title Annotation:||Hudson County waterfront|
|Author:||Klatt, Bradford R.|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Feb 23, 2000|
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