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