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New Jersey Transit Development Plans For Hoboken- Good For The City?

Author : Raymond Gray

Submitted : 2011-08-02 21:02:51    Word Count : 765    Popularity:   19

Tags:   Jersey City real estate, real estate, mortgage rates, real estate marketing, real estate online marketing, Real Estate on the Internet

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Real Estate development has its pros and cons for any city because development can affect the way people live every day. Urban development can mean greater tax revenue for the city, increased location desirability, property appreciation and local business profitability. Urban sprawl can also create inconvenience during construction, higher population density, eminent domain and traffic. Itís impossible to make everyone happy and often communities can have split opinions about large-scale development. With a new construction development marketing and sales background, Iíve heard the gamut of opinions on the topicófrom anger to elation and back around again.
I understand each opinion, but I also understand that change is inevitable. The key to successful urban development lies in proper planning. Urban centers have limited space and facilities to accommodate its current and future residents. Making everyone happy is impossible, which is why thoughtful planning is essential to reduce turmoil and to streamline development with minimal inconvenience.
If the residents of a city were satisfied with all the transportation along with other infrastructure facilities provided by the government and private businesses the chances are that the current residents would want to remain in the city and encourage imports from other cities due ideal living conditions.
New Jersey Transit is the third largest public transportation service in the country. NJ Transit has plans for a large scale mixed use development in downtown Hoboken. NJ Transit provides bus, rail and light rail transport facilities connecting points of interest in New Jersey, New York and Philadelphia.
While the NJ Transit development plan for Hoboken is looking to benefit itself and the City of Hoboken, many Hoboken condo owners are worried that they might lose out on the value their property has attained from New York City skyline views. One thing is for sure the current landscape of Hoboken is in for change. Hoboken real estate owners property values are maximized if they have the sought after New York City. If the finalized New Jersey Transit Development Plan ends up obstructing current Hoboken home owners NYC and Hudson River views, those current Hoboken home owners will most certainly lose value.
The NJ Transit development plan for Hoboken could encompass in total up to 52 acres. Phase one of the potentially massive development is estimated to be around 1.8 acres near the downtown Hoboken terminal. The initial proposed plans have been presented and revamped numerous times and have contained a variety of possible additions to the current Hoboken rail yard landscape. Some of these plans proposed numerous high-rise buildings of up to18 stories, a large commercial property to be used as a corporate headquarters for a large anchor tenant. Other planned improvements include a renovated bus terminal, public plaza, and general improvements for pedestrian and commuter friendliness.
The other aspects of the plan include a newly renovated bus terminal, a public plaza and a revamped and better connection between the terminal and the water front. Hoboken condo owners and residents are voicing their concern over the NJ transit Hoboken development plans. This consortium of locals concernsí that the new developments will bring greater congestion to an already congested area and potentially lower property values along with quality of life. Hobokenís Mayor Dawn Zimmer has responded to the publics out cry and seems to be supporting her constituentís fears. This is not exactly common place in most of the Hudson County politicoís practices. There have been and will continue to be open public forums in order to provide the public a voice and to learn more about the future of the Hoboken Rail yards. The open forums are a breathe of fresh air for many and a break from the old school Hudson County ways.
The cost for the Hoboken development project; the new bus terminal, the public plaza and renovation of the surrounding area to enhance pedestrian access has been estimated at $250 million. New jobs, tax benefits and enhanced development of the economy are supposed to pay for the expansion plan. During the presentation of the expansion plan it was also announced that the plan meant $24 million in state tax revenue for Hoboken. The expansion project is purported to create 800 new jobs which will result in greater local retail spending due to the influx of new people as well as new jobs. This spending addition is estimated at around $11.6 million, however donít ask me how that number was established

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For more information on the New Jersey Transit Development Plans, you should log on to locallylocated.com.

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