A new development project may soon be breaking ground in the Lafayette neighborhood of Jersey City. Last week, City Council voted to approve a 20-year tax abatement for a project at 2-16 Ash Street / 440-446 Whiton Street being developed by Ash Urban Redevelopment.
The project, which was approved by the Planning Board in May, will bring a 6-story, 93 unit building to a currently vacant site just blocks from the Liberty State Park Light Rail Station.
Will approvals in hand and the tax break secured, construction is expected to start later this year.
Lafayette continues to pick up steam on the development front. Last month, a 308-unit project was approved at 100 Monitor Street. Tomorrow, the Planning Board is set to hear a proposal for a 20-unit building just a block away at 328 Johnston Avenue.
The increase in development in the area could be attributed to Mayor Fulop’s tax abatement policy which encourages development in areas traditionally less desirable to developers, mainly away from the waterfront.
It could also be attributed to Lafayette’s increasing desirability. Located just one stop from Downtown on the Light Rail and with direct access to the Turnpike, the area is well situated for commuters. There’s also its quant up-and-coming retail corridor along Pacific Avenue that’s been a draw for new businesses as well as its proximity to Liberty State Park.
[gmap height=”250px”]16 Ash St, Jersey City, NJ 07304[/gmap]
16 Ash St, Jersey City, NJ 07304
