|City's Zoning Board gave approvals on 12/18
|Excellent commute to NYC
|Great development opportunity
|Commercial space on the ground floor
Great development opportunity on Central Avenue in the highly sought-after Heights section of Jersey City. "Jersey City's Zoning Board gave approvals on 12/20/18 for a development project at 345 Central Avenue. The project will convert an existing two story structure into a 5 story building with 27 new residential units (19 one bedrooms; 8 two bedrooms) and nearly 7,000 sf of commercial space on the ground floor." This is a rare opportunity for a grocery store chain or other large retailer to grab one of the largest street level space currently available on Central Ave. This property is situated centrally in one of JC's hottest areas markets, quickly becoming a popular alternative to Manhattan, Brooklyn, and Downtown JC. This redevelopment takes advantage of the growing multifamily demand in this hot, low vacancy market, with great rents and new construction condo returns. The moderate construction costs associated with this project will appeal to many types of investors, whether it be a first time or seasoned developer looking to break into The Heights market or a local owner looking to add to their portfolio, with an in-place income stream from the existing retail tenants. - Excellent commute to NYC with Direct buses or quick access to the 9th Street and 2nd Street Light rail Stops. - Excellent view of New York City skyline from upper levels.