The Powerhouse Arts District, like many areas in Downtown Jersey City, has incredible upside potential. It was a very "hot area" before the downturn in the market, with many bldgs. having been approved to break ground. Developers held off, but the planned construction in that area is eminent. Toll Brothers is one of the large Developers that will be building to the south of 140 Bay St. The planned construction even includes a performing arts theatre. This high-rise will eventually block some of the light from the south facing units of that bldg.
Overall, investment in Downtown Jersey City is a "no brainer", considering that all of the approved high-rise buildings that will be breaking ground in the next couple of years are all rental buildings. This will bolster the condo market for two reasons: the lack of condo inventory, and the increased density (amount of new residents). After all, renters turn in to buyers at some point and the inventory will be far more limited than what they have been experiencing in the past couple of years. Specifically I think that PAD, as well as Hamilton Park, another area that has a great upside potential and is becoming more and more popular, are areas to really take a look at.
I have been the top-selling new construction agent in Downtown Jersey City for several years and act as Consultant to Developers, both large and small. I have been a resident of Downtown Jersey City since 1990 and am extremely familiar with all areas and buildings in the Downtown area.
Top Producer, Weichert Exchange Place 2006-2012
Top Weichert New Home Sales Agent Nationwide 2010, 2011
NJAR Circle of Excellence, Platinum Award 2010, 2011
Weichert Chairman of the Board 2010, 2011, 2012