Jersey City Planning Board Approves Amended Redevelopment Plan for Firm Client

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NJ.com reports that the Jersey City Planning Board has voted unanimously to recommend to the Municipal Council amendments to the McGinley Square East Redevelopment Plan in order to allow Sora Development in partnership with Saint Peter’s University to build a unique 21 story building and to include a park in the Plan.  Firm Partner Eugene T. Paolino , who serves as counsel to Sora Development with respect to the Partnership as well as General Counsel for the University, represented the partnership before the Planning Board.

The project proposes 45,000 square feet of retail space which is expected to include a grand lobby for a 13-screen cinema on the first and second floors, a supermarket, a bank, restaurants and other retail stores with the floors above the base. housing apartments (including 150 units of student housing), two penthouse restaurants and a rooftop swimming pool. The Plan was also amended to include a public park at the intersection of Montgomery Street and Bergen Avenue with a lawn, fountain in summer, and ice skating rink in the winter.

In 2011, the area around the intersection of Bergen Avenue and Montgomery Street was determined to be in need of redevelopment or rehabilitation. A Saint Peter’s spokesperson called the new project “transformational…the anchor of the redevelopment.”

Topics:  Urban Planning & Development

Published In: Commercial Real Estate Updates, Zoning, Planning & Land Use Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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