Yesterday, Mayor Fulop and Forest City held a “Foundations of Progress” ceremony to kick off construction on the first 80/20 affordable housing project in Jersey City in more than 30 years. Vertical construction is now underway on one of two projects that will bring 165 affordable units to the new Hudson Exchange West development in downtown.
Situated on the former Pep Boys site, the first 35 story tower will bring 336 market-rate units, 85 affordable units, 10,000 square feet of retail space, and a new public plaza.
Forest City has extensive experience developing dynamic urban developments across the country. Abe Naparstek, senior vice president of residential development said the company plans to “take the best of what we’ve learned from all of our projects and bring that to the Hudson Exchange redevelopment.”
Construction of the first phase is expected create 350 full-time construction jobs and more than 15 full-time direct jobs.
An 80/20 project implies 20% of the projects total units will be set aside for people who make less than 80% of Hudson County’s median income of $63,600. The 1-bedroom market-rate rents for this project is estimated around $2,325 and the affordable rate will be between $954 and $1,194.
Forest City received a 25-year tax break on the project last year as well as $10 million in redevelopment bonds from the city. They also received $40 million in state tax credits from the New Jersey Economic Development Authority. Once these tax credits expire, the units revert back to market-rate.
In a press release, Mayor Fulop stated, “As Jersey City continues to grow, we are leading the state not just in new construction, but also in the creation of affordable housing. This is the first of several projects that will incorporate our vision of providing quality, affordable for residents throughout the city and will serve as a model for how to build diverse, mixed-income communities in places like Jersey City and around the country.”
[gmap height=”250px”]410 Luis Munoz Marin Blvd Jersey City, NJ 07302[/gmap]
410 Luis Munoz Marin Blvd Jersey City, NJ 07302
Does anyone know what will happen to the ShopRite, BJ’s and BB&B? Those stores are useful. Can we finally get Whole Foods or Trader Joe’s to open a store in JC?
Maybe this is all shown on the map embedded in the article, but it’s too small to read, and it cannot be enlarged.
I’ve heard that they’re planning to incorporate Shoprite in the new plan. I’m not sure how the transition will work, whether they’ll close the current one while waiting for the new space. Also, not sure if they have the same plans for BB&B and BJ’s…
I also made the map in the post enlargeable, although it doesn’t help much.
[…] is that private developers are starting to add significant affordable units to their projects. Hudson Exchange West will bring 165 affordable housing units to downtown, with Mayor Fulop claiming that it is the […]
How would one apply for the “20%” part of the building?
How could I apply for affordable housing on this downtown location
I read a while back that the maximum income for HEW is $42,000 year. Is that amount for those 20% applying for affordable housing, or for everyone who’d live there? If anyone knows the answer, please reply ASAP. Thanks.
[…] cites the Hudson Exchange development as an example. While 20% of the development’s units are designated as affordable, the […]
[…] a realigned street grid, a one-acre park, and a public plaza to downtown’s landscape. VYV is also the first luxury rental building in downtown Jersey City to mandate an 80/20 mix of market rate and affordable housing, and […]