Plans for Cove Point, a new phase of the 100-acre Bayfront project in Jersey City, call for four 13-story buildings with a combined 1,438 housing units. — Rendering courtesy: New Jersey Community Capital
By Joshua Burd
New Jersey Community Capital is taking a stake in the acclaimed Bayfront project in Jersey City, making an $8.6 million preferred equity investment in the West Side redevelopment.
In a news release Wednesday, the organization said the predevelopment funding would support the so-called Cove Point phase of the community along Route 440. That will include more than 1,400 residential units and other uses across four buildings, part of a broader plan that calls for up to 8,000 homes with 35 percent of them set aside as affordable or workforce housing.
The project, located just north of the city’s Society Hill section, will transform 100 acres of previously contaminated waterfront along the Hackensack River.
“Bayfront is our promise kept to put people before profit, delivering the most affordable housing of any private mixed-use community of its size in the country,” Jersey City Mayor Steven M. Fulop said. “This transformation of a once-contaminated site into a vibrant neighborhood shows what’s possible when public and private partners work together.”
According to New Jersey Community Capital, a nonprofit, Cove Point is a public-private partnership that includes the city, Bayfront Development Partners and New York-based BRP Cos. Each of the four buildings will contain 350 to 400 housing units, the organization said, while the site will also include retail development and an outdoor park space.
Jersey City acquired the former chemical plant and brownfield site from Honeywell Corp. in 2018, following efforts by the former owner to remediate the property.
“The Bayfront Development investment is central to the NJCC mission of redeveloping underutilized property and creating workforce housing,” said Bernel Hall, NJCC’s CEO and president. “With the eventual creation of 8,000 housing units, a new light rail stop and a water taxi to Newark Liberty International Airport, the Bayfront Redevelopment represents one of the largest impact investments in the state of New Jersey.”
Andrew Cohen, managing director of development for BRP Cos., added: “The city came to the table with land, incentives and a willingness to partner to improve the west side of Jersey City and create much needed affordable and workforce housing.”
Jersey City breaks ground on landmark Bayfront project with 80 percent affordable housing
