Zoning changes in some of New Jersey’s cities are bringing about an unprecedented increase in residential construction in downtown areas. Several downtown areas in New Jersey are being transformed by apartment buildings and residential units serving individual and multifamily clients.
The trend toward downtown residential construction is slowly reversing decades of housing trends that housed New Jersey residents outside of urban areas. The New Jersey construction trend could bring about the most significant change in New Jersey urban areas since the advent of shopping malls began to encroach on downtown commerce in the 1960s and 1970s.
Changes in downtown zoning that encourage residential construction are coming in response to demands from younger adults of the millennial generation, mostly individuals aged between 18 and 33 years old. These individuals are interested in living in urban areas with easy access to transportation, shopping and other amenities.
Older residents of suburban towns such as Hoboken, Hackensack, Fort Lee and Brooklyn will also benefit, as these residents are interested in downsizing their living quarters without leaving their familiar hometown areas.
The New Jersey Department of Community Affairs reports that more building permits for multifamily dwellings have been issued than permits for single and two-family residences in areas such as Bergen County.
Apartment buildings and residential construction projects are transforming downtown areas that haven’t seen much change in decades. For example, a 222-unit building is under construction a block from the Hackensack downtown area. Englewood’s downtown is the home to a 150-unit apartment building, Town Centre, and more downtown construction is being encouraged by the city council. In upscale Westwood, multi-use structures that include residential spaces are being built that reflect the boutique nature of the town.
Construction Monitor provides construction industry professionals with the most up-to-date inside information on building permits and construction trends. Contact us today for more information on developments in New Jersey construction and what the trend toward more residential units in the states urban areas could mean for your company.
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