Lions Group’s proposed 34-story, 360-unit apartment tower at 701 Newark Ave. in Jersey City would include a pedestrian walkway known as Homestead Place, which will connect residents to retailers and services throughout Journal Square. — Renderings courtesy: Lions Group via Greenbaum Rowe Smith & Davis LLP
By Joshua Burd
A developer is set to break ground on a 34-story, 360-unit apartment tower in Jersey City after securing a nearly $90 million tax credit award under the state’s Aspire program.
The incentive, which the New Jersey Economic Development Authority approved last month, will allow Lions Group to transform a surface parking lot at 701 Newark Ave. with a project that includes 72 homes reserved for low- and moderate-income renters. Plans also call for resident amenities and nearly 3,000 square feet of ground-floor retail space, capitalizing on a location that’s roughly three blocks north of the Journal Square Transportation Center.
Steven Mlenak of Greenbaum Rowe Smith & Davis LLP represented Lions Group, which is based in Great Neck, New York, to secure the tax credit award through an affiliate.
“Lions Group has been thrilled by the reaction from the community,” said Aaron Shirian, a principal of Lions Group. “There has been a lot of development in Journal Square over the last decade, but there is still a desperate need for union jobs, low-income housing and public open space. It is rare that a project is able to provide all of those things, and it would not be possible without the hard work of the people at the New Jersey Economic Development Authority, New Jersey Housing Mortgage and Finance Agency and Jersey City Redevelopment Agency.
“Lions Group is excited to get this building built and to do more projects like this in the great state of New Jersey.”
According to the EDA, which approved the subsidy on Aug. 18, the developer has partnered with the nonprofit Affordable For NY Inc. to craft a range of resident-focused programming. That will include educational offerings such as resume writing and interview preparation, health and wellness initiatives such as exercise and yoga classes and social programming such as community holiday celebrations and building-wide events.
The nearly $162 million project, designed by C3D Architecture PLLC, will have floorplans ranging from studios to three-bedroom units and amenities including a rooftop lounge, a fitness center, bicycle storage and shared workspaces, the EDA wrote in a memo to its board. Another key feature is a pedestrian walkway known as Homestead Place, which will connect residents to retailers and services throughout Journal Square and provide an alternate route to the busy PATH station and surrounding bus stops.
“A project like this truly showcases the value of the Aspire Program and other economic incentive programs to New Jersey business,” said Mlenak, a partner and co-chair of Greenbaum’s redevelopment and land use department. “The Lions Group is a highly respected New York developer that is making its entry into New Jersey solely because of the partnerships available at the state and local level. The project will bring 72 affordable housing units to Journal Square, will greatly benefit the community through the construction of the Homestead Place and other public amenities and will bring a significant number of New Jersey union jobs.
“It is a privilege representing an organization known for its integrity, quality and commitment to the communities in which it develops.”
The Lions Group is a family-owned real estate development, construction and property management firm founded in 1986, the EDA wrote in its board memo. It has developed multiple residential properties in and around New York City, including The Baron in Queens, The Lex in Manhattan and Huis24 in Long Island City.
The authority has noted with past approvals that Aspire, which was created by the New Jersey Economic Recovery Act of 2020, is a place-based economic development program to support mixed-use, transit-oriented development with tax credits to commercial and residential projects that have financing gaps. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.
