David Barry and Ironstate Development are featured in today’s New York Daily News report on Jersey City development. Check out mentions of URL Harborside, 18 Park, and 225 Grand.
Read the full article HERE.
Edison, New Jersey — Mack-Cali Realty Corporation (NYSE: CLI) and its joint venture partner, Ironstate Development Company, broke ground Tuesday, January 14th, on a new type of residential tower: URL® Harborside. URL®, which stands for Urban Ready Living®, is a direct response to the needs and desires of those looking to live in apartments that use less energy, provide more innovative spaces, and offer public areas that foster community.
URL® Harborside 1, a uniquely-designed, 69-story, multi-family residential tower, will bring 763 contemporary rental residences to Mack-Cali’s Harborside and the Jersey City Waterfront. The $291 million development, the first phase of URL® Harborside which will ultimately feature three towers comprising 2,358 residences overlooking the Manhattan skyline, is expected to be completed in mid-2016. The ambitious project will create hundreds of jobs in Jersey City, including construction and other full-time employment opportunities.
Jersey City Mayor Steven Fulop was on hand to announce the groundbreaking of the development. “This project speaks to the vibrancy of Jersey City, where development and investment continue to thrive,” said Mayor Fulop. “Not only will this be the tallest residential building in the state, the project also incorporates sustainability elements and develops a community-style concept through public spaces. We are pleased to break ground on this exciting project today.”
The move to start construction on a project of this magnitude signifies the continued confidence developers, business and civic leaders place in Jersey City as flourishing residential, lifestyle, and employment destination. There are currently approximately 5,000 residential units under construction in Jersey City and another 12,000 have approvals – with work expected to commence on more than half of them this year. In 2014, there will be more than 11,000 units under construction in Jersey City, illustrating the demand of the Jersey City residential market.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “We believe there is strong demand for a live-work-play environment that offers a true sense of community – all in an amenity-rich, transit-oriented location. We chose to partner with Ironstate because of their vast experience and exceptional reputation in the development and management of high-rise residential real estate.”
The URL® concept was developed by Ironstate president, David Barry, to provide people with innovative housing that maximizes space, reduces energy consumption, is more environmentally sustainable, offers close and easy access to public transportation, and provides public areas that foster community. Designed by acclaimed Dutch architecture firm, Concrete, URL® Harborside will be a flagship property with a distinctive tower reflective of its waterfront landscape.
“We’re at a historic and interesting moment in the New York area,” said David Barry, president of Ironstate Development Company. “Everyone is drawn to live here, but the costs of housing can be prohibitive. To meet modern housing challenges, we need creative and thoughtful solutions. URL® provides a new paradigm for how people can live and work in the city – in a way that is more affordable, sustainable and community oriented.”
URL® Harborside 1 will rise on a vacant parcel adjacent to Mack-Cali’s Harborside Plaza 5 and will become the tallest residential tower in New Jersey. Further, the project will provide a new east-west connection of Bay Street within Harborside and add public spaces and retail vibrancy to the neighborhood. The location provides unparalleled easy access to the Exchange Place PATH station, the Hudson-Bergen Light Rail, and nearby ferry service.
About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 279 properties, consisting of 267 office and office/flex properties totaling approximately 31 million square feet and 12 multi-family rental properties containing over 3,600 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company’s website at www.mack-cali.com.
About Ironstate Development Company
Ironstate Development Company is one of the largest privately held real estate development companies in the Northeast. Based in Hoboken, New Jersey, Ironstate engages in the development and management of large-scale mixed-use projects and has a diverse portfolio of residential and hospitality assets. Additional information on Ironstate Development Company is available on the Company’s website at www.ironstate.net.
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “potential,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Reports on Form 10-K, as may be supplemented or amended by the Company’s Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
NY1′s week-long coverage of major Staten Island stories in the last two decades continues with a look at the Staten Island Homeport, which has had its share of stops and starts over the years but now is finally moving ahead towards redevelopment. Borough reporter Amanda Farinacci filed the following report.
The buildings have been knocked down, and now the Staten Island Homeport looks like a shell of its former self. The site at Stapleton is finally being readied for a long-awaited redevelopment plan, to turn the sprawling 36-acre waterfront space into a housing and commercial community aimed at young professionals.
“Now is the time to start believing. There is a lot of momentum behind development in Staten Island, all over the island, but at Homeport we’re confident that this project is moving forward,” said Seth Pinsky of the Economic Development Corporation.
For two short years, the Staten Island Homeport was home to the United States Navy. That all ended in 1994, when the Navy set sail as part of a nationwide defense downsizing effort.
In the 18 years that have passed, the city flirted with a number of ideas for the site, including a motor racetrack and a port for gambling ships.
Arnie’s Bagelicious moved in in 1995 but closed three years later, when actor Danny Aiello suggested the site for a film and TV studio. That plan fell apart as well.
“I’m a little surprised that at this juncture when we’re moving at a pretty good clip why the brakes are being put on,” said then-Congressman Vito Fossella in 2002.
The brakes stayed on until 2009, when the city’s Economic Development Corporation announced a partnership with Ironstate Development to build 900 units of housing in phases, along with 35,000-square-feet of retail space ideally featuring mom-and-pop shops.
“We’re really pushing hard to get this thing done,” David Barry of Ironstate Development said in January.
In the next several months, the city will begin work on the portion of the site it has pledged to develop. There will be a groundbreaking on infrastructure improvements like roads and a waterfront esplanade:
“I said Staten Island will be measured by that important strip of land from Borough Hall to the [Verrazano-Narrows] Bridge. Facing that waterfront, that will define who we are and what we’re all about at some point in the future,” said former Staten Island Borough President Guy Molinari.
It looks like that future is almost here, as tenants could move in as soon as 2013. CLICK HERE FOR VIDEO >>>
Developer Charles Blaichman, who partnered with rapper Jay-Z on his torpedoed Chelsea hotel project, has announced plans for a new condo in the East Village.
Blaichman will partner with longtime associates Abe and Scott Shnay and Ironstate Development Company to build an 82-unit luxury condo at 211 East 13th Street between 2ndand 3rd Avenues, a site he bought from the Milstein family for $33 million last year, according to city records.
The eight-story building is being designed by Manhattan-based BKSK.
Architects and will feature a mix of studio, one-, two- and three-bedroom residences, as welt as 4,500 s/f of ground-floor retail space along East 14th Street. Amenities will include Fresh Direct storage, fitness center, lounge and a residents’ roof deck outfitted with an outdoor kitchen.
In addition, there will be private storage and roof terraces available for purchase, according to a statement issued by the partnership, which expects to break ground on the building in summer of 2012 and complete it in late-2013.
The Marketing Directors, Inc. has been retained as the exclusive sales and marketing firm.
Based in Hoboken, NJ, Ironstate Development is one of the largest privately held real estate development companies in the Northeast.
As well as apartments, its portfolio includes the W Hoboken Hotel and the Standard East Village bought in partnership with partner Andre Balazs. Ironstate is also redeveloping the former U.S. Naval Base on the waterfront in Staten Island, NY.
Long-time developer Abram Shnay — whose son Scott joined the family business in 2006 — owns around 1,800 apartments throughout the New York area. He is perhaps best know for developing The Urban Glass House in West Soho and The Dance Building in Chelsea.
Blaichman’s CB Developers has been developing, building and managing real estate for over 30 years. His noteworthy projects in Manhattan include 173/176 Perry Street (designed by Richard Meier); 29-35 Ninth Avenue (home to Soho House and Jean-George restaurant Spice Market), and the Theory Building at 40 Gansevoort Street.
Blaichman and Shnay partnered with Jay-Z on his doomed hotel project in Cheslea which ended up being handed back to the bank following a court settlement.
Rental apartment construction in New Jersey is poised for a resurgence in 2012 with more than 2,000 apartments expected to hit the market by the end of the year.
During the past decade, New Jersey’s coastline was transformed by a wave of high-rise condo development in areas like Jersey City and Hoboken. After the housing crash, builders put the brakes on adding new condos and single-family homes.
The market for new single-family homes continues to be weak, but the pace of luxury apartment construction is picking up as builders look to take advantage of low apartment vacancies, higher rents and an improving job market. And while lenders are still skittish about financing large condo projects, real-estate developers say the money is there for apartment buildings.
“Now we are near historical rent highs and vacancy lows—that usually means it’s time to build,” said Brian Whitmer of brokerage firm Cushman & Wakefield. “All the towns along the waterfront have construction going on.”
Fewer than 1,300 apartments were built in New Jersey in 2011, but that number is expected to more than double in 2012, according to real-estate services firm Marcus & Millichap. That would be the most since 2007 when more than 3,700 were built.
Most of those new apartments will be built in Northern New Jersey, but some 800 units will also be constructed in Central New Jersey, according to Marcus & Millichap. The median rent statewide is also expected to spike 4% this year, reaching $1,322 a month.
New Jersey’s job market showed improvement in 2011 as 39,400 new jobs were created, according to the New Jersey Labor Department. The unemployment rate dropped to 9% in December, its lowest level since May 2009, but remains high by historical standards.
“The economy is slowly healing. Nothing is on fire,” said Michael Barry of Ironstate Development, a major real-estate developer with about 5,500 apartments planned or under construction in the state. “In that environment, rental apartments do well.”
Tighter lending standards have made it more difficult for some people to buy apartments, pushing them into rental market, said Carl Goldberg, managing partner of Roseland Property, one of the state’s most active builders. That has coincided with a shift in attitudes toward home ownership for some young people, he added.
“The idea of living in an apartment community with amenities, not having the anxiety of the investment” of a home, Mr. Goldberg said. “It seems to be very appealing.”
One such renter is Alex Jung, 32 years old. With his brother, he pays $3,600 a month for a two-bedroom apartment in an amenity-rich, 500-unit building in Jersey City developed by Roseland Property.
“I need time to decide if I want to buy or not,” Mr. Jung said. So he opted to rent in a building that has a mix of young singles living with roommates, newlyweds and young families. Amenities there include a heated outdoor pool, a theater and 24-hour concierge service.
“This was close to the PATH, I can see nice views of Manhattan, it’s very close to Manhattan and I work in Fort Lee,” Mr. Jung said.
Roseland Property is betting that demand for rental apartments will continue as the economy continues on its slow recovery. The company is building a $120 million project in West New York that will have around 320 units and is expected to finish in 2013. Roseland also is starting a new project with Hartz Mountain Industries in Weehawken where they will build four midrise buildings with about 580 units.
The state’s Urban Transit Hub Tax Credit has been another catalyst for apartment construction, said Michael Fasano of Marcus & Millichap. “The development community has reacted strongly to it,” he said.
Under the program, the state has allocated $250 million in tax credits for residential development near transit stations. About $220 million has already been approval for residential projects, most of them rentals.
Ironstate Development, along with a team of investors, received a $28.3 million tax credit to build a 500-unit apartment development in Jersey City. The total cost of the project is estimated at $162.6 million.
The tax credit helps bridge the gap between the what lenders were willing finance before the housing crash and the reduced amounts banks are comfortable lending now, said Mr. Barry of Ironstate.
As more people opt to rent, that means some former condo projects are switching to rental. BNE Real Estate is constructing a 139-unit rental building in Jersey City and another with 194 units in Fort Lee. Both were intended to be condos before the market turned, said Jonathan Schwartz, vice president of BNE.
“The condo market is by no means where it should be or where it was once upon a time,” Mr. Schwartz said. “We are happy to get back to rentals.”
—Pervaiz Shallwani contributed to this article.
Manhattan’s proximity drives Hoboken, Jersey City, demand while some markets lag
By EVELYN LEE
The nascent housing rebound is playing out differently in New Jersey’s cities: While established urban residential real estate markets are seeing an uptick in occupancies and rental rates, more unproven markets will have a longer road to
recovery, experts said.
“New Jersey’s urban areas are very disparate areas,” said John McIlwain, senior fellow for housing at the Urban Land Institute, in Washington. While some cities are doing well, “there’s places like Trenton and Camden, which are challenged and have been for a long time.”
Among the strongest-performing urban housing markets are those located close to Manhattan. “We’re seeing a tremendous amount of resurgence in the urban housing markets along the Hudson River waterfront,” said Carl Goldberg, managing partner at Roseland Property Co., based in the Short Hills section of Millburn. Roseland recently opened the Monaco, a 524-unit residential tower in Jersey City, which rented more than 40 apartments in its first 15 days, and is now renting more than 20 apartments per week, Goldberg said. “That kind of absorption is almost unprecedented,” he said. Because residential construction dropped off sharply during the recession, demand now outweighs supply, he said.
“In general, the primary markets accelerate first, then they start pulling the properties a little bit further afield,” said David Barry, president of Ironstate Development Co., a Hoboken-based real estate developer.
“Certainly, in Hoboken, Jersey City, we’re already seeing strengthening,” Barry said. The rental recovery in those cities is already occurring, with occupancies in those cities running at 98 percent, compared to levels “in the low 90s” in 2009, he said. Concessions also have largely disappeared, he said.
The for-sale condominium market in those cities, however, will lag rentals, since greater job growth and rental rate appreciation will need to occur for condominium demand to increase, Barry said, predicting “a modest year, because there’s some inventory that needs to be absorbed.”
Urban housing demand is largely being driven by a younger demographic — people who are in their 20s and 30s and working in more entry-level jobs, Barry said. In many cases, they also grew up in a town in the general vicinity of that city, people who move to Hoboken or Jersey City, for example, often are from northern New Jersey. “People go to places they’re comfortable with,” he said.
Proximity to New York is a high driver of demand, but so is access to mass transit, Goldberg said- “If people move into urban communities, they want to greatly diminish the use of their car.”
While “places like Jersey City and Hoboken are coming back” because of their location advantage, a strong rebound in those areas isn’t likely until next year” McIlwain said. The housing market remains very weak nationally, though Manhattan is faring better than the rest of the country, he said.
“When prices start to rise again in Manhattan, that pushes people out,” he said. “People will be looking for more attractive and more affordable alternatives.”
As better-known residential markets like Hoboken and Jersey City begin to strengthen — and get more expensive — “people will start to look at less-established markets to get more space for less money,” Barry said.
According to Goldberg, secondary urban housing markets in New Jersey are priced at about 60 to 70 percent of what Hudson riverfront properties command.
One such market is Harrison, where Roseland and Millennium Homes built River Park at Harrison in 2008, and where Ironstate is currently constructing its first project in the town, the 280-apartment Harrison Station, with completion expected in September.
“Harrison is where Jersey City was 15 years ago,” said Barry, noting that in the mid-’90s, when Ironstate built its first project in the latter municipality— Portside at Paulus Hook — the new development was surrounded by industrial buildings. Today, Harrison Station is going up in the same predominantly industrial area as River Park, the only other major residential project to be built in the town in recent years, he said.
“I’m very confident Harrison has all the characteristics of an area that is going to be immensely successful,” he said. “It’s unbelievably connected to all these employment areas,” in Newark, Jersey City and Manhattan, that can be accessed in a 15-minute PATH ride. But if Ironstate’s project is considered a first step,
“Harrison needs to take six or eight or 10 more steps to get to where it needs to be,” he added. That’s “going to play out over the next 10 or 15 years.”
While Manhattan is seen as a strong driver of urban housing markets in northern New Jersey, it has less of an impact on New Jersey cities farther south. Long Branch, where Ironstate is building the master-planned community Pier Village, “is a slightly different equation, because there are subpockets of employment” in Middlesex and Monmouth counties, Barry said.
In New Brunswick, meanwhile, the residential market “has sustained itself over the last recession,” partly because of its more localized drivers of demand, said Christopher J. Paladino, president of New Brunswick Development Corp.
New Brunswick has “a bit of an artificial market” because of Rutgers University’s location in the city, he said. “The student housing market is not dramatically impacted by economic cycles.”
The city also didn’t see significant layoffs from the university and its other major employers. Johnson &Johnson and the Robert Wood Johnson University and St. Peter’s University hospitals- Still, the local housing market did weaken somewhat in the downturn: although occupancy rates have largely held steady, for-sale condominiums are now priced at about $150,000 below their peak, and rental rates also have declined, he said.
Devco is constructing 200 rental and for-sale units at its Gateway project, adjacent to the New Brunswick train station. “We’re looking to try to facilitate a longer-term living commitment to the city than your average renter,” Paladino said. The strategy is to price condos at levels that are attractive to a younger couple, where “she may be a young physician at the hospital, and he
may be an administrator at the university,” he said.
While cities like Newark may have a geographic advantage over New Brunswick in being closer to Manhattan, “we’ve had a 10-year headstart” on non-Gold Coast cities, building more than 1,000 new rental and for-sale units in the past eight years, Paladino said.
In does such as Newark, Elizabeth, Rahway, Trenton and Camden, “residential development is still in the pioneering stages.”
In Newark, “it’s going to take some years and hard work” for a recovery to take hold, McIlwain said. There’s a lot of issues it’s still working through.” And Camden as a whole “is still financially struggling and has a long way to go.”
Overall, growth in New Jersey’s urban areas has been occurring at a slower rate than it did in the 1990s, he said. “The future of urban areas in New Jersey is mixed,” McIlwain said. “There will continue to be empty nesters and young professionals moving into urban areas,” he said. “There will also continue to be families with kids moving out to the suburbs.” That will likely create a net loss in the state’s urban populations, since the new households living in the cities will be much smaller, and some urban housing markets could have more units built than people moving in, he said: “That will be a trend that will continue.”
See the full clip here: NJ Biz – New Jersey’s Cities are on the Rebound
by Evelyn Lee
The colorful “Free Beer” sign at the entrance to the living room in David Barry’s Hoboken penthouse is just the start of things to come in this space filled with striking visuals.
Barry, president of Ironstate Development, also based in the Mile Square City, is an avid collector of contemporary art, an interest he makes abundantly clear on the walls of the room.
“I like art a lot,” said Barry, 45. “It resonates with me emotionally. … There’s something about art that’s more engaging, and you see it in different ways, depending on what your mood is, what the light is.”
Prominently displayed above the fireplace — across from windows with sweeping, panoramic views of Manhattan — is a piece that was part of the “Pictures of Junk” series by Brazilian artist Vik Muniz.
At first glance, the work appears to be a Renaissance oil painting of Apollo and Daphne, but upon closer inspection, the figures actually are composed of pieces of junk carefully arranged on a warehouse floor and photographed from above, said Barry, who has been collecting for about 10 years.
Inside a recess along the same wall is a series of images relating to “On the Waterfront,” the 1954 Marlon Brando film that was shot in and around the docks of Hoboken. “It was kind of cool to be able to have some Hoboken references” in the living room, said Barry, who purchased the work by Drew Heitzler, at Renwick Gallery, in New York.
On another wall, behind a grand piano that belonged to the grandfather of his wife, Kyra Barry, hang a pair of magenta and gray paintings Barry commissioned artist Sarah Crowner to create. “I felt like this room needed a little bit of pop,” he said. “We wanted something that was a little bit abstract, that wouldn’t compete with this,” he added, gesturing toward the views of Manhattan.
Barry also happens to like beer, he added with a smile, and “1 thought it was a little funny and humorous that when you walk into this nice apartment, the first thing you sec is ‘Free Beer.’”
Although his wife also is an art lover, “we don’t have exactly similar tastes — but similar enough that we can find a lot of crossover,” Barry said. “I like things that are a little bit crazier and more aggressive. She probably generally prefers things that are a little bit calmer and more abstract.”
Barry likes to work with the same galleries for art acquisitions, such as Renwick, Nicelle Beauchene and Hasted Kraeutler, in New York. “I’m not so much into random galleries,” he said. “I like to have a little bit of reference.” He also travels with Kyra and four or five other couples every year to Art Basel Miami Beach, an art show where Barry usually acquires new pieces.
Barry said he doesn’t always know where he will hang a new piece of artwork in his home. “I just buy it if I like it, and then I try to figure out where to put it.”
Barry grew up in Maplewood, and later lived in New York for several years, during and subsequent to attending Columbia University. But after his children were born, he wanted his home to be closer to the office. “I’m very busy, I work a lot,” he said. “It really is nice for me to literally be 10 blocks away, to be able to come home at a moment’s notice.”
Unlike their last home, the Barrys, current apartment was custom designed by architect David Collins, who previously worked on Avenue, a restaurant located in Ironstate’s Pier Village development in Long Branch.
“My family and I decided that we would get some more space and do an apartment that really reflected our lifestyle,” with a contemporary feel, a lot of natural materials and plenty of outdoor space, Barry said. “We transitioned into a real home.”
See the full clip here: NJ Biz – Home is Where the Art is
Ironstate Development, developer of the W Hoboken, plans hotels in New York, New Jersey, and Morocco.
Primarily a developer of multi-family residential projects, Ironstate’s success with the W Hoboken has been the catalyst for the new projects. The firm is pursuing developments in Harrison, NY; at Kennedy International Airport in Queens, NY; Long Branch, NJ; and with a Morocco-based partner, the W Marrakesh.
News of Ironstate’s plans were first reported in The New York Times.
Read the article in Hotel Business.
New Jersey is certainly keeping up with the out-of-Manhattan hotel trend, and that’s in addition to the glamorific Bungalow Hotel that opened back in 2009. Not to mention the ever-buzzier W Hoboken. But that’s not even the point. At the center of this all is a single man by the name of David Barry, president of Hoboken-based real estate development company Ironstate Developments (which worked on both of those properties.) And boy does he set his sights high!
In addition to two upcoming New Jersey projects, Barry is in the midst of a W Marrakech (as in, North Africa), and, most interestingly, a joint venture with Andre Balazs on a Terminal 5 hotel at JFK airport.
Barry was interviewed by the New York Times last week, and though most of the interview focused on his residential properties, Barry’s allusion to being in the “request for proposal” phase along with Balazs definitely stuck in our brain. The Terminal 5 project began getting some buzz in February, but at that time Balazs and Ironstate were listed as separate prospective developers.
Considering the W Hoboken’s undeniably growing appeal, the potential partnership could prove a match made in heaven.
It might seem a bit of a stretch to jump from North Jersey condos to a Standard Hotel-esque boutique experiment in one of the world’s busiest airports. But for Barry, it’s all about the benjamins:
Long Branch once had a glorious history, and then there was that traumatic event of the pier burning down in 1987. It was a really distressed town after that. The mayor’s platform has been the redevelopment and revitalization of Long Branch. There may be somebody who will say, “Oh, gosh, I really miss that tattoo parlor.” But when I talk to a typical person who lived in Long Branch, they say, “We couldn’t even come to this beach years ago because it was so burnt out.” At its low point, 10 to 12 years ago, the town sold $50,000 a year in daily beach passes. Last year it broke $1 million.
Did we mention in his spare time, Barry leads the 2012 USA Olympic wrestling team? Yeah, sure, now you’re interested.
Read the full article from HotelChatter.
While many Staten Islanders have been more than a little skeptical about announcements regarding construction at the Stapleton Homeport, the developer behind the project says plans to turn the area into a year-round destination is not far off. NY1′s Amanda Farinacci filed the following report.
It’s hard to imagine now, but the quaint beachfront area in Long Branch, New Jersey wasn’t always so. Back in 1987, a fire on the pier left the town in complete disrepair, keeping tourists and locals from the shore and the surrounding area. All that changed five years ago, when a redevelopment plan — headed by Ironstate Development transformed the space into what is now known as Pier Village.
“There was a history of people kind of presenting things that didn’t get done after that,” said David Barry of Ironstate Development .
It’s a story that’s not unlike what happened for years at the Staten Island Homeport. Plan after plan of the sprawling 36 acre waterfront property has fallen by the wayside since the Navy set sail in the mid 1990s. But officials insist the latest proposal — a partnership between Ironstate and the city’s economic development corporation — will prevail where the others failed.
Rental apartments, tons of retail space and waterfront access are what Barry says made Pier Village a success. He says that model served as inspiration for plans for the Homeport.
“They’re both waterfront sites, so I think that’s a similarity. I also think they’re both sites that need a creative approach,” said Barry. “They need somebody with credibility and creativity to make these things, to reach their true potential.”
Of course, the two sites do have some obvious differences. To start, Pier Village is much more seasonally popular, attracting lots of beach goers when the weather gets nice. As a result, some tenants have been geared toward those busy summer months: Something that won’t happen at the Homeport.
“People like the warm weather, but Staten Island is a place with a lot of population that needs things to do 12 months a year. I don’t see a seasonal aspect to that. I see it as something that’s going to work all year round, and that’s how we’re approaching it,” Barry said.
Barry says his firm will work to attract a mix of mom and pop shops and national chains, which can draw customers all year long.
See the full article and video from NY1.