McGreevey Resignation Casts Wide Shadow

"I was stunned, more by the way things played out than anything else," one real estate company executive who did not want to be identified, tells GlobeSt.com. "The rumors had been out there for years, but the way all this came down, the suddenness, was shocking.

"I don't think anyone else who has occupied his position in Trenton has had such a sweeping impact on the real estate business here," the executive continues. "Perhaps [former Governor] Brendan Byrne, who oversaw the development of the [Meadowlands] sports complex, or going way back, Alfred Driscoll, who oversaw the construction of the New Jersey Turnpike and Garden State Parkway 60 years ago or so."

On the political side, McGreevey came into office in 2002 as a tough-talking former prosecutor and former mayor of Woodbridge, NJ who vowed to clean up corruption in government, but his brief tenure was tainted by scandal after scandal among his aides and political allies. Not the least of those were his connections to the recently-indicted Charles Kushner, as well as to former top aide Golan Cipel, who is said to be at the center of extramarital relationship.

On the real estate side, the terms "anti-sprawl" and "growth management" became both buzzwords and codified policy of his administration, with a decided impact on development within the state. He also signed legislation largely halting development in more than 400,000 acres in the Highlands watershed of northwestern New Jersey.

But when he signed into law a bill that fast-tracks development in areas of the state designated for development, his environmental allies quickly cried foul and turned against him. Jeff Tittel, who heads the New Jersey chapter of the Sierra Club, called it "the worst piece of legislation ever."

McGreevey's timing in all of this is also being questioned. His resignation is effective November 15, after the upcoming election, which effectively prevents a special election to fill his post. That makes State Senate president Richard Codey (D-Essex) acting governor for the next two -plus years and keeps the statehouse in Democratic hands.

"Hopefully, government will continue, and all of the initiatives that [McGreevey] had started will continue to move forward," says Michael McGuinness, executive director of the New Jersey Chapter of NAIOP. "Business will go on. There's going to be a temporary slowdown, but not having gone through this, I'm not sure what to expect."

"As an organization, we're going to continue to advocate our issues to the leaders in Trenton," McGuinness continues. "We still have the legislature intact and, for the most part the executive branch. We are a non-partisan group, and depending on who's governor we're going to support them, Democrat or Republican."