On August 5, 2019, the New Jersey Sports and Exposition Authority (“NJSEA”) released its Draft Hackensack Meadowlands District Master Plan update for 2020. The Draft Master Plan and its attachments and maps can be viewed on the NJSEA website at https://www.njsea.com/2020-master-plan-update/. A Public Notice also provides additional detail.
With its publication, August 5 starts NJSEA’s 6-week public comment period, which ends on September 16, 2019. Two public hearings will be held to receive comments on the Draft Master Plan. These will be held on Tuesday, September 10, 2019, at 10:00 am and 6:00 pm at NJSEA offices in Lyndhurst, NJ.
This draft proposes to update the last Master Plan, adopted in 2004, and reflects significant population and development growth in the Meadowlands District’s 14 towns. Two sectors, Residential and Industrial/Warehouse have seen the most growth since 2004. Where the 2004 Plan proposed 3,741 units of housing; 3,895 units have already been built. Most of that new housing stock is in multifamily, rental projects. The 2004 also Plan proposed 12M+ square feet of new Industrial/Warehouse opportunities. Of that, 4.7M square feet have already been built, with another 5.5M+ square feet either under review by the NJSEA or actively under construction. Other sectors have lagged behind the 2004 projections, namely in the Office and Commercial areas. Commercial projects achieved just 26% of the 2004 projections and the Office market fell substantially off, achieving approximately 2.3% of what was projected in 2004.
Clearly the logistical and geographic options offered by the Meadowlands District towns remain a strong draw, so the development of the Draft Plan from now until its adoption next year is worth watching. By statute, the Draft Plan must be adopted by February 5, 2020. Should you have questions about the Draft Plan or the adoption process, please feel free to contact Lori Grifa at firstname.lastname@example.org or at 201.498.8510.
Lori Grifa is a member of the Meadowlands Regional Chamber of Commerce Advisory Board, in addition to having served as the former chair of the New Jersey Meadowlands Commission from 2010 to 2012.
DISCLAIMER: This client advisory is for general information purposes only. It does not constitute legal or tax advice, and may not be used and relied upon as a substitute for legal or tax advice regarding a specific issue or problem. Advice should be obtained from a qualified attorney or tax practitioner licensed to practice in the jurisdiction where that advice is sought.