(Read more on the debt and equity markets more on the multifamily market.)

JERSEY CITY, NJ-Jersey City will receive as much as $15 million from the state Department of Environmental Protection’s Hazardous Discharge Site Remediation Fund to clean up 20 acres adjacent to the Jersey City Medical Center.

The city will receive $5 million a year over the next three years to remediate the site, known as the Grand Jersey Redevelopment Area, which was recently designated a brownfield development area by the state. The site, once called the “Turnpike Dump,” was used as an unpermitted landfill until the 1980′s and received several cleanups by the Environmental Protection Agency, starting in the early 1990′s. The most recent cleanup, in April 2007, resulted in the removal of more than 2000 tons of contaminated soil and debris.

Once the site is cleaned up, Jersey City has plans for a mixed-use development, a municipal parking lot and open space. Three 30-story high-rise and two five-story low-rise buildings with more than 1000 residential units will take up eight acres of the site. According to Ben Delisle, director of development with the Jersey City Redevelopment Agency, development of the site will be a joint venture by Jersey City-based Garden State Development and Roseland Property Company, based in Short Hills.

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