A $241 million high school in Hoboken, NJ, is one of the largest institutional projects to enter planning nationally in November, the Dodge Construction Network reports.
Jersey Digs says the new structure at the current site of JFK Stadium will occupy the 4.5 acre property, and plans were presented to the planning board at its Dec. 7 meeting.
Newark-based Mount Vernon Group Architects has designed the four storey structure with provisions for a fifth story later and “a variety of perks for residents on the first floor,” the website says.
“These features include two gyms, a year-round ice hockey rink, two outdoor but sheltered tennis courts, a community room, a competition-sized lap pool, a wellness studio, and an occupational and physical therapy room. The public would access the amenities on the Grand Street side of the property, while the student entrance would be located on Jefferson Street.”
The school itself would feature 27 general rooms, 11 specialized labs, eight science labs, plus six special education classrooms. Other areas would include a culinary arts classroom, two art rooms, a theater arts space, and a media classroom plus IT lab, Jersey Perks reported.
Nationally, the Dodge Momentum Index fell 4% in November to 171.7 (2000=100) — down from the revised October reading of 178.1. The Momentum Index is a monthly measure of the initial report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. In November, commercial planning fell 8% while institutional planning moved 5% higher.
The value of nonresidential building projects continues to move in a sawtooth pattern, alternating between a month of gains followed by a loss. Since the pandemic began, nonresidential building projects entering planning have been more volatile than in past cycles, likely driven by increased challenges from higher prices and lack of labor.
Despite these issues and a lack of underlying demand for some building types such as offices and hotels, the Momentum Index remains near a 14-year high. Compared to November 2020, the Momentum Index was 44% higher in November 2021. The commercial planning component was 45% higher, and institutional was 41% higher.
A total of 10 projects with a value of $100 million or more entered planning in November. The leading commercial projects were a $240 million Seefried Industrial Properties warehouse in Mesa, AZ, and a $158 million Prologis warehouse in Lebanon, TN. The leading institutional projects were the $450 million Wake Forest Baptist Medical Center in Winston-Salem, NC, and the Hoboken High School
Planning data continues to suggest a healthy level of construction to come in 2022. However, due to higher prices and shortages of labor, actual growth is expected to be modest. The new Omicron variant for COVID-19, and its potential impact on economic growth, highlights the tremendous uncertainly the construction sector will face over the coming year.