As condo sales continue to hit bottom on resales in metro area after metro area, New Jersey water front is still all the rage across from the Big Apple. A piece in the Hudson Reporter states that "the resurrection of Journal Square, the possible rise of an 80-story office tower near the Hoboken train station, two new luxury hotels near the Hudson County waterfront, and the long-awaited opening of the retail and entertainment complex Xanadu in the Meadowlands will be the main topics of development discussion in 2009."

Even during a down market, New York lovers desire the community because of its "commute, views and amenities," the paper says.

Jersey City Mayor Jerramiah Healy recently released his vision for more than 10,000 new residential units in a project encompassing 244 acres over the former industrial areas. While planning begins in ’09, it could take between 20 and 50 years to complete the renovation.

The rise of new skyscrapers , including condo buildings and hotels will start sooner – as early as next month. Crystal Point – a 42-story luxury condo building, opens for sales in March, Ironstate Development breaks ground on its 225 Grand later this year, and the Westin Hotel in Jersey City opens its doors in February, totalling 800-plus units for sale and rent.

Published: January 19, 2009

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