Many large condo projects are now under construction as well.
With so many condo projects going on the market at once, it's the developers who are at risk.
"It could be a condo project with the sales prices at $1 million."
Another condo project, with 896 units in roughly the same price range, is planned at the mouth of the river.
Another huge condo project - 832 units - is in the early stages of planning for Hoboken.
At every City Council meeting, another condo project seems to find its way onto the agenda, and the 2006 hurricane season begins in 10 days.
Jackson is now looking at sites for other condo projects in the area.
More than two dozen condo projects have sprouted over the last decade.
Yesterday, city officials halted work on the condo project and workers tried to shore up the damage.
In their place, half a dozen condo projects have been erected.