WEEHAWKEN TWP. AND ROSELAND PROPERTY COMPANY BREAK GROUND ON FERRY PARKING GARAGE AT PORT IMPERIAL

850-Space Garage Will Free Surface Lot for Future Development

WEEHAWKEN, NJ – July 7, 2011 – (RealEstateRama) — Calling the project a key to unlocking the development potential of the Port Imperial waterfront, Weehawken, NJ Mayor Richard F. Turner led a group of officials from Hudson County, the state Economic Development Authority (NJEDA), New York Waterway and Roseland Property Company in breaking ground on a new waterfront parking garage on Wednesday, June 29.

The groundbreaking marks the commencement of construction of an 850-space public parking garage at Port Imperial for ferry commuters to New York City and customers of local retail establishments. Once completed, the lot will free up a large tract of land that is currently utilized as a surface parking lot, making it available for future development. Luxury residential buildings, retail stores and a waterfront hotel are all planned for the site.

“I cannot emphasize enough how important this project is for the future of the waterfront,” Mayor Turner said. “Without this project, you either have no parking or no future development, and successful development is crucial for Weehawken. The parking garage project is expected to create between 250 and 350 construction jobs and 30-to-40 permanent jobs in our community. It will also add $1.2 million in revenue to our township budget that is sorely needed in today’s economic climate.”

The parking garage will also include 17,000 square feet of first-floor retail space and will help complete Port Imperial’s “significant intermodal connection,” which encompasses the ferry terminal and a Light Rail station, said Carl Goldberg, Partner of Roseland Property Company, the Master Developer of Port Imperial.

“The land this project unlocks for future development could bring in as many as 2,000 construction jobs to the township, hundreds of permanent jobs and millions of dollars worth of tax ratables,” Mr. Goldberg said. “A lot of people talk about creating development opportunities in their town, but the people in Weehawken really get it. This is the real deal. This truly is a public-private partnership between the Township of Weehawken and Roseland Property Company, one that will benefit everyone involved.”

Construction of the parking garage will be funded in part through financing from Wells Fargo, a $12.5 million loan from Hudson County, and a $9 million grant from the New Jersey Economic Development Authority through its Economic Redevelopment and Growth Grant (ERGG). The garage will take approximately 12-14 months to complete.

“Not every project gets off the ground so easily, but this partnership had the tenacity to get this one going,” said Timothy J. Lizura, Senior Vice President of Business Development for the NJEDA. “The infrastructure from this project will allow the township and its partners to leverage development opportunities for the next 15 to 20 years.”

Hudson County Executive Thomas A. DeGise said the county provided a loan for the project because the development work will stimulate economic activity and benefit Hudson County citizens, as well as create jobs in the long run. The county is also involved in the development of the Passaic River waterfront in Harrison for similar reasons. He added that the new development might entice New York City residents to take the ferry over and spend some money in New Jersey, a situation that is often reversed.

Spanning two miles and nearly 200 acres along the Hudson River waterfront facing mid-town Manhattan, Port Imperial is one of the nation’s largest urban master-planned developments. The $2 billion-plus development includes waterfront sections of Weehawken, West New York and Guttenburg and encompasses every aspect of a planned urban community. In addition to the approximately 6,000 townhomes, condominiums and upscale rental housing units, the riverfront community also features a mass transportation system anchored by an intermodal ferry terminal and light rail. Future office space and a luxury hotel with conference facility are planned.

For more information on Port Imperial, visit Roseland Property Company’s website: www.roselandproperty.com.

About Roseland Property Company
Since 1992, Roseland Property Company and its principals have grown to become recognized as industry leaders, having developed over 40,000 high-end residential units.

Roseland’s vision for creating dynamic mixed use communities has resulted in such celebrated developments as Port Imperial, a dynamic 6,000-unit mixed-use community rising along the Hudson River directly facing midtown Manhattan that also features 80,000 square feet of retail space; 40 Park including the 70,000 square-foot Shops on the Green spearheading the revitalization of downtown Morristown, NJ; Livingston Town Center, the unique mixed-use community of upscale retail, restaurants and residences in Essex County, NJ; and High Street in Williamsburg, VA which blends upscale townhomes, rentals and 105,000 square feet of retail.
www.roselandproperty.com

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