By ianmac47 on Friday, February 3rd, 2012 at 8:41 pm
The rental market in Jersey City is coming back and no better evidence of this is the construction of a new residential tower in the Newport section of Jersey City. The Lefrak organization is notoriously conservative with development projects often self financing and progressing as market conditions dictate.
The 17 story tower will have approximately 150 residential units and 5,500 feet of of retail. The new tower will also contribute to the expanding sense of a retail strip extending from the Aqua and the Shore towers.
Newport has long been criticized for failing to develop the vibrancy of a natural community. However, the newest towers built along River Drive have a more traditional downtown sensibility. Anchored by the Morton Williams grocery store, it was hoped the new design would capture the same sense of an organic neighborhood.
Several of those store fronts remain empty however a new pizzeria has been announced in the base the Aqua, joining a salon and children’s store.
The Laguna will be taking advantage of the relatively new waterfront waterway connection that links Hoboken with Jersey City as well as a new park sometimes marketed as a “central park of Newport.” The park has been under construction since last spring. Unlike the vast majority of green spaces in Newport, users will be allowed to actively use the park.