Indeed, when Hovnanian, the state's largest residential developer, began building the first phase of Society Hill more than a decade ago, the luxury gated community set a new standard for residential development in New Jersey's second largest city. It also set the tone for much of what was to follow along the Hudson River on the other side of town.

Because of the tight housing market in New Jersey, it couldn't come at a better time: The local planning has officially given the green light for phase three. But that approval has come only after Hovnanian had to adjust its plan, presented back in October, to answer a variety of objections raised by the board of trustees for Society Hill One, the first phase.

Those objections involved traffic, pedestrian safety and maintenance questions resulting from the new section, according to Ronald Shaljian, the attorney for Hovnanian. The terms and conditions of the agreement worked out between the homeowners association and the developer haven't been made public, but they were apparently enough to satisfy the city planning board as well.

What Hovnanian, based in Red Bank, NJ, has in mind for phase three is a 380-unit mix of two- and three-bedroom townhouses. The units, which will range from 1,400 to 2,000 sf, are expected to sell for between $200,000 and $300,000.

Interestingly, the site has some historical importance, especially for sports fans. Society Hill occupies the site of the old Roosevelt Stadium, which had its heyday back in the 1930's and 1940's as the home of the Brooklyn Dodgers' top farm team. Jackie Robinson, who broke major league baseball's color barrier, played here before his historic promotion to the Dodgers.