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December 30, 2010
Jersey City Complex Awaits Tax-Credit Boost
The Wall Street Journal
by Shelly Banjo
With construction projects stalled throughout the region, developer George Filopoulos is hoping a vote by the New Jersey Senate next month will help him continue his high-profile redevelopment of the old Jersey City Medical Center into a 14-acre mixed-use complex.
...Mr. Filopoulos's financing plans underscore the key role the public sector is playing these days in private construction projects. With the economy and banking system still under stress, conventional sources of construction financing are scarce. Other projects under way, such as the basketball arena at Atlantic Yards in Brooklyn and office buildings at the World Trade Center, have some form of public support.
"The market has been horrendous and folks are turning to government agencies for help," says Robert Antonicello, executive director of the Jersey City Redevelopment Agency.
NoLandGrab: Some folks have always turned to government agencies for help, which is why New York City and New York State lease so much space in Forest City Ratner's Metrotech and Atlantic Center.
Posted by eric at December 30, 2010 9:05 AM