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Old Posted Jun 4, 2020, 3:19 PM
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JERSEY CITY | Bayfront Redevelopment (8000 units)

Jersey City Officials Reveal 8,000-Unit Housing Development On Hackensack River Waterfront

A consortium of state agencies has confirmed commencement of the Bayfront Redevelopment Plan in Jersey City, purportedly the largest-ever mixed-income development in the Tri-State Area. The multi-phase project will eventually comprise 8,000 apartments with support from Jersey City Mayor Steven M. Fulop, the Jersey City Redevelopment Agency, and the city’s Departments of Housing, Economic Development, and Commerce.

Located on a former brownfield along the Hackensack River, the entire site spans approximately 100 acres and required years of environmental rehabilitation to reverse extensive soil contamination. The city acquired the 100-acre Bayfront property from Honeywell Corporation in 2018 for $100 million after reaching an agreement that forced the company to contribute to the rehabilitation effort.

Now prepared for construction, city agencies have partnered with Bayfront Development Partners, a joint venture between Pennrose and Omni America, and solo-entity BRP Development Group.

Phase one, known as Cove Pointe, is expected to break ground this fall and will only occupy 16 acres, divided into four distinct parcels. BRP Development Group will oversee construction of 552 apartments including 193 affordable units. Bayfront Development Partners will be responsible for the remaining 540 apartments with 193 designated as affordable units.

When complete, this phase will include 1,092 new homes.

“Today’s announcement represents a huge step forward. 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 percent of the area median income or below,” said Reverend Laurie Wurm, 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.”

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

Jersey City advances Tri-State’s largest mixed-income housing development

Construction of the first phase of Bayfront, the largest mixed-income development site in the region, will begin in the fall and bring up to 8,000 residential units. The project includes 100 acres of remediated brownfields and is controlled by the city.

Phase one, which will be approved next week, consists of 16-acres of the total 100-acre property that the city acquired, and pursuant to the announced agreement, two selected developers will pay a total of $26 million to develop this first phase of Bayfront.

Jersey City acquired the 100-acre Bayfront property from Honeywell Corp. in 2016 for $100 million. At the time, the city stated that the acquisition would help to meet the goal of increasing onsite affordable housing requirements from 5 percent, which was previously stipulated in the redevelopment plan, to a new goal of 35 percent, with the city controlling the property.

At the next Jersey City Redevelopment Agency meeting, the city will formally designate two nationally recognized affordable housing developers: Bayfront Development Partners LLC – a joint venture of Pennrose LLC and Omni America LLC – and BRP Development Group, to implement phase one the Bayfront Redevelopment Plan, pursuant to their competitive request for proposal responses to the city.

BRP will build 552 units on its two lots, totaling 193 affordable units, and Pennrose/Omni is responsible for 540 units, 189 of which will be affordable housing. The units will truly be a mixed community of affordable units. Within the Pennrose/Omni development site, all of the units will be up to 60 percent average median income (AMI), while the BRP development site will be a blend of 28 units at 30 percent AMI, 28 units at 40 percent, 28 units at 50 percent, 28 units at 60 percent, 28 units at 80 percent and 53 units at 120 percent.

The Bayfront Redevelopment Plan will transform the once contaminated site along the Hackensack Riverfront into the centerpiece of the West Side revitalization. The plan is designed to maximize the economic benefits to Jersey City and its taxpayers while prioritizing affordable housing, localized hiring opportunities during and after construction, and sustainable green development.
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