Jersey City is moving forward with plans to build a $179 million retail and commercial complex inside the long-dormant Powerhouse in Downtown Jersey City, a project the city says will be “game changing” for the neighborhood.
The plans include a new component, a 40-story residential tower housing 370 units and 200 parking spaces. Baltimore-based Cordish Companies, the developer behind the project, calls the tower an “expansion” of the 108-year-old Powerhouse, located on Washington Street.
Mayor Steve Fulop said the tower is a vital component to making the long-stalled Powerhouse redevelopment financially feasible. Because of its historic nature, renovating the 180,000-square-foot behemoth will cost a tidy sum, and Cordish is facing a funding gap of as high as $40 million, Fulop said.
“The project won’t make sense for any developer economically without some sort of structure next to it,” he told The Jersey Journal. “The math won’t work.”
Blake Cordish, vice president of the Cordish Companies, which transformed an old power plant into an entertainment complex in Baltimore’s touristy Inner Harbor, said the company doesn’t have renderings of its plan for the Powerhouse yet. But Cordish told The Jersey Journal he would deliver “a world-class development.”
The newest plans for the Powerhouse were revealed in an Aug. 11 letter from Cordish to city officials. In it, Cordish said he anticipates a nearly four-year process for stabilization, remediation and construction. There’s no timetable for the anticipated start of this process.
The funny part is that the NIMBYS want the power station to stay. They say that its an essential part of the neighborhood and that it would ruin the urban fabric. If anything, its a giant eyesore. Eh, but then again, most of them can’t think logically.
I don’t see anything urban about a power station; if anything, it’s suburban since it’s not installed underground and hidden. They have a slippery argument…
Powerhouse transfers ownership from Port Authority to the city
Powerhouse stabilization and redevelopment can continue
The triangular plot will be owned by the city where the transformers in front of the Powerhouse will go, as well as the 40-story high rise that’s planned. (check article above)
Jersey City gets 35 million from payments from the Port Authority
Port Authority will conduct a feasibility study for a Marion PATH Station
Pretty great news all around! The Powerhouse really needs some care. It can be a huge catalyst for this area. I made this graphic so people understand this better.
He is referring to the Domino Sugar Refinery in Williamsburg.
Fingers crossed we get something even resembling that. Jersey City has not been great with designing/ building really great public spaces.
Well it’s on the National Register of Historic Places and also a municipal historical landmark so demolition would come at a great price, if they even allow it to be demolished. I can’t even imagine the local pushback if there’s no plan to even salvage parts of the building.
The Agency is open to proposals that feature a range of uses and a mix of uses on the Properties. Broadly, the Agency seeks to rehabilitate the Properties as a cultural anchor for the Powerhouse Arts District, in balance with the need to achieve a project that is economically viable and can be executed in a reasonable timeframe.
Proposals must include a detailed, viable plan for preservation of the existing historic Powerhouse building, taking into account the very significant anticipated capital needs. While the Agency prefers proposals that do not expand development beyond the historic footprint of the Powerhouse, it will consider proposals that include additional development of the Properties to the extent respondents can demonstrate such development is necessary to accomplish preservation of the building.
Proposals may include projects which require amendments to the Redevelopment Plan. A Proposal that does not comply with the Redevelopment [Plan] may be approved by the Agency subject to the Respondent obtaining such Redevelopment Plan amendments. It is the sole responsibility of the Respondent to seek the necessary Redevelopment Plan amendments and such amendments must be approved by the City. Proposals must include maintaining the existing historic building and additional development of the Properties.
So it seems like they’re open to zoning variances if needed to make it viable to rehab the building.
