Continuing the discussion from JERSEY CITY | The Waterfront Redevelopment:
By Terrence T. McDonald on September 10, 2014 at 3:06 PM
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.