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The Bayfront Redevelopment Plan will transform the once contaminated site along the Hackensack Riverfront into the centerpiece of the West Side revitalization, Innovate JC said in a release.
Jersey City expects to break ground on Bayfront's infrastructure work in the fall.
Phase one consists of the development of four parcels within the area upon which a total of 1,092 units will be built in multi-family residential buildings, 35 percent of which is affordable and workforce housing, InnovateJC said. It is expected to be approved next week.
The city will formally designate two nationally recognized leading affordable housing developers, Bayfront Development Partners, LLC -- a joint venture of Pennrose, LLC, and Omni America, LLC (Pennrose/Omni) -- and BRP Development Group (BRP).
The two selected developers will pay a total of $26 million to develop this first phase of Bayfront.
The city acquired the 100-acre Bayfront property from Honeywell Corporation in 2018 for $100 million with the city stating at the time a reason for the acquisition is to meet the goal of increasing the on-site affordable housing requirements from 5 percent, Innovate Jersey City said in a press release.
The redevelopment project will also create opportunities for local residents and local businesses while ensuring that minority- and women-owned businesses are given an opportunity to participate in the project, InnovateJC said.
“While many municipalities are paralyzed by the pandemic, today’s announcement speaks to the fact that here in Jersey City we continue to proactively work to prepare for a post-pandemic world,” Fulop said.
Click here for the full release from InnovateJC.
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