As Journal Square in Jersey City continues to experience growth not seen in close to a century, more development is coming to the outer residential fringes of the neighborhood. An example of this can be seen at 60-62 Cottage Street, between John F. Kennedy Boulevard and Summit Avenue, in Ward C.
For the last 57 years, a two-story multi-family house has stood on the property, which is situated on a quiet street that largely contains similar structures. Yet, the new residential high-rises towering over the neighborhood, such as Phase 1 of Journal Squared and 3 Journal Square, and the new 18-room hotel and 20-story mixed-use building that are coming near the corner of John F. Kennedy Boulevard and Cottage Street, are signs that the block is about to undergo unprecedented change.
Developer Snaps India, LLC, which is listed as being run by local photographer Mohammed Jaffer, will replace the house at 60-62 Cottage Street with a five-story building. When completed, the structure will contain 21 market rate residential units. 10 of the units will be studio apartments while the remaining 11 will be one-bedroom units.
Jersey City’s Planning Board approved the development’s Preliminary and Final Major Site Plan in 2014, and the project is expected to be finished in May 2019, according to a legal notice. Residents of the building will be within walking distance of the India Square business district, the PATH station and bus service at Journal Square, and the Five Corners Branch of the Jersey City Free Public Library.
In addition, the Jersey City Municipal Council approved plans on first reading during its meeting on May 10th to grant a tax exemption to Snaps India. The company will pay land taxes as well as payments for new improvements, the amount of which will start at 0% of the total in 2018, but will increase by 20% annually. In addition, the Jersey City Affordable Housing Trust Fund will receive $31,500 from the developer.
