Condos to rise on West Side Avenue

The Jersey City building boom is spreading west.

City officials joined with representatives of the Provident Bank, New Jersey City University and owner/builder Ramesh Khosla yesterday to break ground for "The Station at West Side," a 39-unit luxury condominium project on Culver Avenue.

"We are excited and feel this area is going to see great development," said Khosla, owner of the Morristown-based PRK Builders Corp., adding, "We are taking the first step in this direction. This will be like the east side (of Jersey City)."

The project is seen as the first housing element in a West Side Avenue redevelopment plan prepared by the city Planning Department and New Jersey City University, which has already opened a charter high school and business incubator agency in the area.

Two years ago, Khosla purchased the 17,500-square-foot lot between Mallory and West Side - along with a slightly smaller one across the street - and was planning to build 13 two-family homes on the two sites.

But when he approached city officials with his plan, they pushed for a denser development, given the project's proximity to the West Side Avenue station of the Hudson-Hudson light rail system, he said.

The result: A "transit-oriented" development of two- and three-bedroom apartments that will sell for between $300,000 and $500,000, Khosla said.

This project will be completed by next September, Khosla said, noting he hopes to break ground on another 36 units across the street in the spring.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.