According to this article today, the Kingston Planning Board is set to vote on April 13 on the environmental findings statement for AVR’s Hudson Landing project, which is on the site of the Tilcon property. This would be the last step for the project to move forward. This project has been years in the making, and involved many reviews and hearings.
From AVR’s point of view, the timing could have been better, I think. With the housing market wallowing in a deep hole while the recession works its way through the global market, home buying is low on a consumer’s list of priorities. Then again, last week housing starts in the U.S. spiked a bit, which sent stocks into a rally.
As with any economic measure, consistency will prove if this turn in housing is real or not.
In the meantime, developers should be looking at consumer confidence to gauge where the housing market is headed. Since two-thirds of our economic engine is driven by consumer spending, how the consumer feels and thinks is critical. Consumer sentiment is king in this environment.
As many have already pointed out, this recession has reset the consumer mindset. What was important last year is not so important now. The biggest worry now is job and job security. Until this changes, we’re likely to see the housing market and the retail market pretty much stay where it is.
— Arthur Zaczkiewicz