Jersey City Proceeds With Region’s Largest Mixed-Income Housing Project

JERSEY CITY, NJ – Together, Jersey City mayor, Steven M. Fulop, the Jersey City Redevelopment Agency and the Department of Housing, Economic Development and Commerce have announced an agreement for the construction of the first phase of Bayfront, the region’s largest mixed-income development site.

With the goal to increase on-site affordable housing requirements from 5% to 35%, the city acquired the 100-acre Bayfront property in 2018 from Honeywell Corporation in a $100 million transaction.

The city will formally designate two affordable housing developers, Bayfront Development Partners LLC a joint venture of Pennrose LLC and Omni America LLC, and BRP Development Group, at the next Jersey City Redevelopment Agency meeting to implement phase one of the Bayfront redevelopment plan.

The two selected developers will pay a total of $26 million to develop the first phase of the plan, which comprises 16-acres of the 100-acre property.

Bayfront’s first phase will encompass the development of multifamily buildings across four parcels, representing 1,092 units; 35% of which will be affordable and workforce housing. BRP will build 552 units on two lots, totaling 193 affordable units and Pennrose/Omni will construct 540 units, totaling 189 affordable units.

“I hope with this project Jersey City can demonstrate to the country what type of development is possible when we don’t let the typical boundaries limit us. We made a $100 million bet on affordable housing, and it looks like this will pay off huge, both economically for current taxpayers and future residents,” Mayor Fulop said. “Through this redevelopment project, we are demonstrating our continued commitment to our more vulnerable residents who are among the hardest hit by this pandemic.”

The redevelopment aims to transform and revitalize the once contaminated site along the Hackensack riverfront and maximize the ‘economic benefits to the city and its taxpayers while prioritizing affordable housing, localized hiring opportunities and sustainable development.

“These initial proposals will create a model development designed for people all across Jersey City, with more than 400 units of affordable housing at a range of incomes, the vast majority of which is at 60% of the area median income or below,” said Reverend, Laurie Wurm of Jersey City Together. “None of this would have been possible without the persistent organizing of faith leaders and residents for decades, who fought to clean up the site and then to ensure it would be an inclusive opportunity for the city as a whole. In the midst of several serious crises, we must and will continue to build for a better future in our city and region.”

Creating opportunities for local residents and businesses, the project also intends to ensure that minority- and women-owned businesses are offered the opportunity to participate in the project.

“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,” concluded Mayor Fulop.

“We look forward to working collaboratively with local officials and Omni to transform an underutilized site into a vibrant new mixed-use community,” said Jacob Fisher, Pennrose regional VP. “Featuring green design, top-notch amenities, and ample outdoor and community spaces, the plans for the Bayfront development will have long-term, positive impacts on the entire neighborhood.”

The city expects to break ground on the infrastructure work for Bayfront in the fall.