One of the largest redevelopment efforts in the entire country took a step towards starting its second phase as Bayfront has secured some funding for a planned next portion.
New Jersey Community Capital (NJCC) has announced an $8.6 million preferred equity investment in the planned Cove Point section of the Bayfront Redevelopment Project, which is looking to transform about 95 acres of previously contaminated land along the Hackensack River in Jersey City into the region’s largest mixed-use community.
The Cove Point portion of Bayfront is a public-private partnership that includes the City of Jersey City, Bayfront Development Partners and BRP Companies. The planned second phase aims to add 1,438-units to Bayfront in several buildings designed by Perkins Eastman.
“Bayfront is our promise kept to put people before profit, delivering the most affordable housing of any private mixed-use community of its size in the country,” said Steven Fulop, mayor of Jersey City. “This transformation of a once-contaminated site into a vibrant neighborhood shows what’s possible when public and private partners work together.”
A chemical plant existed at the site for decades before former owner Honeywell environmentally rehabilitated the land and Jersey City acquired it in 2018. The project’s first phase, called Bayfront Promenade, broke ground in May of this year.
That portion consists of a six-story development set to rise on the southeastern portion of the lot. A total of 167 units in the complex will be either affordable or workforce housing (an 80% ratio), while Greater Bergen Community Action is set to provide services for residents including an on-site daycare facility.
The totality of Bayfront is looking to add over 8,000 units of housing, a new light rail station, parks, a ferry service, a school, a fire station, and more to the area along Route 440. All the developments are slated to create significant affordable housing in a city where rents have escalated significantly in recent years.
The Cove Point phase tentatively consists of four buildings that will each include about 350 to 400 housing units. Per the redevelopment plan requirements, 35% of the units will be set aside as affordable or workforce housing.
Cove Point will also include new retail storefronts and an outdoor park space. The current funding allocation from NJCC will go towards the project’s pre-development phase.
“The Bayfront Development investment is central to the NJCC mission of redeveloping underutilized property and creating workforce housing,” said Bernel Hall, NJCC president and CEO in a press release. “With the eventual creation of 8,000 housing units, a new light rail stop, and a water taxi to Newark Liberty International Airport, the Bayfront Redevelopment represents one of the largest impact investments in the State of New Jersey.”
