(Jersey City) For those in the know, the smart money is heading to Jersey City. This doesn’t just include housing, but key industries are looking at areas once overlooked and blighted.
While everyone couldn’t help but notice JP Morgan Chase as they announced their bold strategic stakehold in Jersey City; the recent move by datacenters to Jersey City is getting attention.
And Jersey is deadly serious about giving incentives for businesses to make the move. Everyone ‘in the know’ is talking about C&I “Credits & Incentives” and how these can play into savvy investment strategies. One firm was recently given millions to move.
While some criticize the deal, I was told that First Data was in a temporary space on a lower floor. The ‘powers that be’ wanted First Data to make a long term commitment, so they gave them a deal that was too good to pass up. Sweet deal for First Data! I would have done it too.
Jersey City’s government is also making moves to foster growth in other areas besides the waterfront. JC’s City Hall Annex to be located on Martin Luther King Drive will bring new life to the area. While some are critical of the deal basically saying “….why rent when you can own?”; others say this deal will have a direct and bold impact on economic development in the area. Based on my experience in finance and banking, looks a lot like a CTF type deal to me.
In my next post, I’ll discuss 1031 exchanges, and how to take advantage of the opportunities in Jersey City while they last.