The first phase of the 100-acre Bayfront development in Jersey City is slated to include 210 apartments, 35 percent of which will be for lower-income renters. — Courtesy: Jersey City
By Joshua Burd
The first piece of the highly touted Bayfront housing project in Jersey City is moving ahead with the help of a newly approved, $64 million tax credit award under the state’s Aspire program.
According to the Economic Development Authority, which approved the subsidy during its monthly board meeting, the Bayfront Promenade will bring 210 rental units to the city’s growing West Side neighborhood. That will include 74 homes reserved as affordable housing, along with some 10,600 square feet of commercial and retail space that will help activate a vacant former industrial site on Route 440.
The gap financing award to Bayfront Partners 32 Urban Renewal, the developer, represents up to 60 percent of the total project cost.
“Under Governor (Phil) Murphy’s leadership, the Aspire program has supported meaningful development projects throughout the state, helping to expand housing options for New Jersey families,” said Tim Sullivan, the EDA’s CEO. “Bayfront Promenade will help revitalize the West Side of Jersey City and provide residents with affordable housing options and access to critical services.”
The approval marks another key step for the long-awaited project, part of a multiphase plan for a 100-acre tract once owned by Honeywell Corp. The city acquired the waterfront parcel in 2018, with visions of creating the largest collection of affordable housing of any private, mixed-income community of its size in the country.
The project will also include amenities such as an outdoor terrace with grilling stations, a community lounge with a kitchen area, a coworking lounge, a fitness and yoga room, a dog washing station and a children’s play area, the EDA said Friday. Additional plans call for a 21,000-square-foot covered parking garage with 52 parking spaces and electric vehicle charging stations.
“The Bayfront Redevelopment Project represents a transformative step forward for Jersey City’s West Side, bringing much-needed affordable housing, vibrant mixed-use spaces and new opportunities for our residents,” Jersey City Mayor Steven M. Fulop said. “With the support of the NJEDA’s Aspire tax credit awards, we are turning vision into reality, building a stronger, more inclusive community that reflects our commitment to progress and equity.”
The project’s co-applicant is Greater Bergen Community Action Inc., which will provide services such as an on-site daycare center for residents and the surrounding community, according to the EDA. The nonprofit will also operate a credit union, providing banking services including savings and checking accounts and loan products and services.
The authority added that the New Jersey Housing and Mortgage Finance Agency is also supporting the project through an allocation of Low-Income Housing Tax Credits. Additionally, the development will comply with the Energy Star Homes Program included in HMFA’s green standard requirements, which satisfies EDA’s own green building standards.
Officials noted 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.
Jersey City’s Bayfront project awarded $1.6 million federal grant
