A state board has granted the initial portion of Jersey City’s biggest redevelopment project a robust tax break that should hopefully spark proper construction of the Bayfront effort.
During their January meeting, the New Jersey Economic Development Authority (NJEDA) approved an Aspire tax credit to Bayfront Promenade. The development, which will create 210 residential rental units along the Hackensack River, will set aside 74 of the living spaces as affordable housing.
“Under Governor Murphy’s leadership, the Aspire program has supported meaningful development projects throughout the state, helping to expand housing options for New Jersey families,” said NJEDA Chief Executive Officer Tim Sullivan. “Bayfront Promenade will help revitalize the West Side of Jersey City and provide residents with affordable housing options and access to critical services.”
The plan was initially approved by Jersey City officials back in 2022. Besides the residences, Bayfront Promenade is set to include 10,600 square feet of commercial and retail space, 52 parking spaces, and 143 bicycle parking spaces within its six-story frame.
The affordable units within the complex will be set aside for households earning 60% and below the area median income (AMI). The project will also include various amenities such as an outdoor terrace with grilling stations, a community lounge with a kitchen area, a coworking lounge, a fitness and yoga room, a dog washing station, and a children’s play area.
Bayfront Promenade was approved for up to 60 percent of the total project cost, which cannot exceed $64 million. This project is also supported by New Jersey Housing Mortgage and Finance Agency (NJHMFA) Low-Income Housing Tax Credits.
The project’s co-applicant is the Greater Bergen Community Action, Inc. (GBCA), which will provide several services for residents set to include a daycare center on site that will offer services to meet the educational and childcare needs for residents and the surrounding community.
The development represents the first phase of revitalization at a 95-acre parcel along the Hackensack River collectively known as Bayfront. The property, sandwiched between the Hudson Mall and Society Hill off Route 440, had long been contaminated with chromium before a cleanup agreement was reached in 2008.
Jersey City has big plans for the property, as it includes new roads, a fire station, a new light rail station, lawns, playgrounds, dog runs, sports courts, bikeways, sculptural follies, and gardens. One parcel in the development has been set aside for a 110,000-square-foot K-8 school, which will include a separate gym and auditorium space.
“The Bayfront Redevelopment Project represents a transformative step forward for Jersey City’s West Side, bringing much-needed affordable housing, vibrant mixed-use spaces, and new opportunities for our residents,” said Mayor Steven Fulop. “With the support of the NJEDA’s Aspire tax credit awards, we are turning vision into reality, building a stronger, more inclusive community that reflects our commitment to progress and equity.”
Construction work creating new infrastructure on the Bayfront property has been performed over the years, but no actual developments have started to rise just yet at the parcel.
