Leo Leyva, Attorney
Cole, Schotz, Meisel, Forman & Leonard, P.A.
The subprime market fallout will continue, and will also begin to impact commercial real estate development in New Jersey. I believe a proliferation of "half-built" construction projects will come to abrupt halts due to unforeseen cost overruns that will drain entire loan amounts.
Lenders need to protect themselves in this new era by identifying problems with construction projects early on and working closely with their attorneys to protect collateral. Comprehensive loan documents should be created to provide lenders the right to monitor and supervise all aspects of a construction project.
Ted Zangari, Attorney
Sills Cummis Epstein & Gross P.C.
Member Newark Real Estate Board and Downtown New Jersey
With New Jersey headed toward full build-out, the lack of suitable land for development is the biggest issue. Redevelopment of our cities, downtowns, and brownfields could be the solution, except that redevelopment has its own unique and expensive challenges: land assemblage post-Kelo, tax abatements post-Encap, deck parking, and, of course, the unfunded government mandates—prevailing wages, affordable housing, etc.
Lawrence F. Jacobs, Chairman
Urban Land Institute-Northern New Jersey District
New Jersey needs to take a forward-thinking approach to development in order to achieve our economic goals. We need to identify what sectors offer the most growth potential for the state’s economy, develop initiatives to stimulate long-term sustainable development, and create jobs to bolster our work force. The interests of municipalities must complement rather than compete with state policies and initiatives in order for New Jersey’s economy to thrive.
Comments, Pingbacks:
No Comments/Pingbacks for this post yet...
