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Jersey City Marina – City Hopes to Lure Investors to Build Marina

Jersey City, New Jersey, is all set to have a new marina on its property. The city has about 30 acres of land in the Hudson River, and plans to have a marina built right there for the ease of city residents and travelers. As per recent reports, city officials are looking into plans for luring investors to take interest in the idea, as well as in the property.

Jersey City Marina Harborside Financial Center

The 30-acre land stretch is located amidst the Harborside Financial Center (at the end of the Second St) and the Newport Pier (located at the end of the Sixth St). This piece of land also juts out from the shoreline, and is elevated in the range of approximately hundred feet. Reportedly, city officials had also invited developers to take a tour of the proposed marina last week, though the results of this tour yet remain unknown.

As per Ben Delisle, Director of Development, Jersey City Redevelopment Agency, the to-be built Jersey City marina would feature postcard views of Manhattan. He also said that included in the marina would be an area for people to fish and stroll, and have facilities for boaters to dock their boats and enjoy the adjoining areas. Areas such as New York City and Downtown Jersey City would then be easily accessible to people coming down to the marina.

Jersey City Marina Welcomed by Residents

When asked about any membership fees that the marina might have, Ben reportedly said that there are no fees that are planned. He stressed that the marina and its services were available to anyone who had a boat and could pay for it, and there was no concept of regulating restricted member access to the property. City residents welcomed the idea of the development of the site.

Legally, the Jersey City Redevelopment Agency would own the proposed marina; however, it plans to outsource the management. Delisle said the Agency was seeking proposals from various development firms on the issue. Moreover, he was also reported saying that the total expenses incurred in constructing the marina would be estimated by the developers, and the Agency would wait for the proposals to come in before they estimated the feasible costs.

Potential Investors

In a tour organized by the JCRA of the concerned waterfront, nearly fifteen investors from various development companies visited the proposed Jersey City marina site. Meisel Capital Partners, a reputed Maryland-based company that dealt in commercial properties was among the ones that were present. Joel Meisel, representative of Meisel Capital Partners, said that his firm was particularly interested in this development project in the city. He also said that Jersey City made for an excellent location, and especially because of its proximity to mass transit.

Furthermore, in a meeting that took place early in the year, Delisle said to the potential investors that his Agency was willing to negotiate to a number of terms, except for restricted membership in the marina. He said that the city and the Agency too, would like the marina to be accessible by all those who had a boat and were ready to pay using the Jersey City marina services. Additionally, his speech also suggested that the slip rental prices would be kept under control.