Improvement districts are key to urban revitalization
New Jersey is known for its suburban sprawl, but, as we have seen over the last two decades, development patterns in the state have dramatically changed. The shift from homes to apartment living is striking, as transit villages and the rebirth of our cities is a phenomenon that few predicted. Yet, here we are.
Jersey City and Hoboken were the first out of the blocks, and many other cities, from Newark to Bayonne, New Brunswick to Morristown and beyond, have followed. Certainly, the rapid growth in Jersey City is well-heralded. In fact, according to data analyzed by storagecafe.com, Jersey City saw more multifamily construction in its downtown than any other city on the East Coast. Nationally, Jersey City placed eighth, just ahead of Brooklyn.