The grand opening of the two-tower 77 Hudson Street complex (pictured) in downtown Jersey City happened on Thursday.
Attended by Mayor Jerramiah Healy, associates of K. Hovnanian and EQR, the developer partners in the project, and other guests, the opening for the two buildings – a 420-unit condo building and a 481-unit rental building – was not without some intrigue.
Last month, Healy in a letter to the City Council advised them to not vote for a change being sought by K. Hovnanian to the initial 20-year tax abatement. The change would extend the abatement to 30 years with the payments spread out to 11 percent for the first 5 years, 13 percent for the next 5 years, and then 16 percent for the final 20 years. He said in the letter that 77 Hudson Street is located in an area that will see a consistent stream of residents moving into the condo building and does not need the abatement to survive the tough economy.
However, Healy when interviewed said he will “not change his mind” on the standing against the abatement.
K. Hovanian official Tom Graham said at the opening that his company will make a presentation next week in City Hall to convince the council to approve the change when it comes time to vote on the abatement when it is up for a vote at a future meeting. - RK