This one will be under construction within a couple of weeks. I have a friend who lives next door, and he was notified by the contractors that they start drilling for the foundation soon. And as Oreo_Zchut pointed out, construction permits were issued yesterday for the site.
618 Pavonia is the building on the left in the rendering above. The building in the middle (28 Van Reipen) was also about to start construction, but the developer said at a public hearing that it has been shelved temporarily due to a shortfall in financing.
Is 28 Van Reipen in danger of not being constructed at all? One of the Urby towers was cancelled and there was that hotel near this site that was also cancelled due to lack of financing. I’m also assuming the Urby tower right next to Journal Squared is in a little trouble too since it was supposed to start in summer 2020.
I’m a bit sad about the development on the HCCC parking lot and building - would have been quite a game changer for the area. But yes, you’re absolutely right, these sites will get constructed. There’s a lot at play behind the scenes and it takes time to put together. Timelines can change!
I’m actually curious to know the reason why this one was able to get financing while the other one right behind it (28 Van Reipen) was not, despite being a similarly sized (and actually smaller in terms of unit count) structure. Was it timing of the financing discussions? Location, given that 618 is one block closer to the PATH station? Very interesting.
Often each building is managed by a shell company of sorts (e.g. 618 Pavonia might be operated by 618 Pavonia, LLC) that is operated by the larger developer, but technically a separate entity. Due to this, the financing for each building could be coming in through different sources and thus not necessarily tied to one another. This is just my guess based of limited information, but I’d suspect that is what it is. Either that or they simply don’t have the money to build that one at the moment.
Namdar Group is in a rush to finish these buildings asap before Journal Squared 3. That 5 month lease up really got everyone motivated to keep going lol
