Eugene Paolino Featured in Real Estate Weekly Feature on Jersey City
September 3, 2014 | By: Eugene T. Paolino, Esq.
McGinley Square is one of several developments in Jersey City mentioned in Real Estate Weekly’s article “Town on a tear to become the best in America.” Partner Eugene T. Paolino, who secured approval for the project from the Jersey City Planning Board on behalf of clients Saint Peter’s University and Sora Development, describes the impact of the 21 story, $220 million project on the area: “It takes an empty surface parking lot and transforms it into a real spark, or a real ignition for development in an area of the city that hasn’t seen that kind development for perhaps 50 or 100 years."
Mr. Paolino, a member of the firm's Commercial Real Estate & Redevelopment, Education Law, Business Law & Commercial Transactions, and Complex Commercial Litigation Practice Groups, continues: "This is an unusual endeavor. Saint Peter’s is a non-profit, Jesuit institution for higher learning. It’s been in New Jersey for more than 100 years and — perhaps for the first time — an entity like that is engaged in a joint venture to develop property for its own benefit, as well as having an interest in the entire development. Clearly this area is a depressed area that requires attention from the city, and now the city is giving it that attention.”