What We Are Reading, Watching & Listening To: November-December 2015
Welcome to “What We Are Reading…” Here, we present some recent news and notes on transit-oriented development trends here in New Jersey, in the nation, and beyond.
NEW JERSEY TOD NEWS
Officials say ferry service is ‘very close’
By Jacqueline Durett, Sentinel, December 17, 2015
Commuters may soon have a new choice for travel – a ferry to lower Manhattan. Efforts have moved forward to bring ferry service back to South Amboy, a designated Transit Village.
70 luxury apartments, 4-story building to rise near Westfield’s downtown
By Marisa Iati, NJ Advance Media for NJ.com, December 16, 2015
The Hampshire Cos. and Claremont Cos. have broken ground on a 70-unit luxury apartment, within a block of the Westfield rail station. Planned for completion in spring 2017, the project will be aimed at empty-nesters and young professionals.
Harrison Station 330 Delivers 329 Luxury Apartments
New Jersey Business, Dec 7, 2015
Ironstate Development Company and The Pegasus Group have completed the third phase of their multi-phase development project, Harrison Station 330, adjacent to the Harrison PATH Station.
Meadowlands sees housing boom at former industrial sites
By Myles Ma, NJ.com, November 25, 2015
Housing development taking hold in southern Bergen County, supported by access to transit and lower costs than found in Gold Coast communities.
AvalonBay Opens Bloomfield Station Property
By Steve Lubetkin, GlobeSt.com, November 12, 2015
The recently completed Avalon Bloomfield Station offers 224 apartments and first-floor retail featuring a supermarket and restaurants. The new transit-oriented development is located at the corner of Glenwood Avenue and Washington Street, directly across from the Bloomfield rail station.
Lenders get on board with transit-oriented NJ development
BY REW, Real Estate Weekly, November 12, 2015
Cushman & Wakefield recently announced its commitment to $43.5 million in financing for two East Orange properties – a 105-unit residential high-rise at 141 South Harrison Street and a proposed seven-story mixed-use development to be built at 315 South Harrison Street. Both properties are owned by Blackstone 360, a Newark-based development firm.
Newark to kick in $2M to spark construction on Shaq-backed high-rise tower
By Dan Ivers, NJ.com, November 10, 2015
Funding to move the long-delayed One Riverview project forward will come from many sources including $2M from revenues collected from Newark’s car rental tax. Backed by Boraie Development and NBA star, Shaquille O’Neal, the project will result in the preservation of an 120-year-old former malt factory and the former Newark Science High School as well as construction of a 22-story apartment tower described as the city’s first new residential high-rise since 1962.
Wesmont Station Takes Imaginative Approach to Affordable Housing [Audio]
By Steve Lubetkin, GlobeSt.com, November 3, 2015
Audio interview with Ralph Zucker, president of Somerset Development, discussing how affordable housing has been incorporated into the larger plan redeveloping the former Curtiss-Wright Factory site.
REGIONAL, NATIONAL & INTERNATIONAL TOD NEWS
New complex proposed over Back Bay Station
By Tim Logan, Boston Globe, December 30, 2015
Developer Boston Properties has filed notice of its intent to build a 1.4 million square foot mixed-use project above the city’s Back Bay Station. In 2015, the developer agreed to provide $32 million in renovations to the station and to manage retail operations in exchange for its air rights.
Fannie Mae Says Millennials Are Finally Leaving Their Parents’ Basements
By Julie Verhage, Bloomberg News, December 16, 2015
A new Fannie Mae report analyzing American Community Survey data finds the decline in the number of US homeowners aged 25-34 has slowed since 2012. This trend, combined with improved labor conditions, suggests positive growth for ownership among millennials in the near future.
Massive U.S. Transportation Bill Contains Perks, Trade-Offs for Transit-Oriented Development Investors
By Randyl Drummer, CoStar News, December 10, 2015
The five-year Fixing America’s Surface Transportation (FAST) Act, passed by Congress and signed into law by President Obama, includes for the first time a provision making low-interest financing available for transit-oriented projects.
Enterprise Research: Promoting Opportunity through Equitable TOD
By Michael Spotts and John Hersey, Enterprise Housing Horizon, November 9, 2015
Enhancing opportunities for low- and moderate-income families through the preservation and creation of affordable and transit-accessible housing.
Apps, Maps and Head Counts Transforming Public Transit
By Franklyn Carter, cities project (NPR), October 29, 2015
Examining the ways that information technologies are making it easier and more convenient for people to travel by public transportation and are helping officials to better plan and operate public transportation.
Review of Minimum Parking Standards [Video]
City of Ottawa, October 21, 2015
This short video explores the impact of current parking ordinances upon the built environment and how lower parking minimums could result in better placemaking.