Jersey City Mixed-Use Development Approved for Aspire Tax Credits by NJEDA Board

TRENTON, N.J. (January 24, 2025) - During its January meeting, the New Jersey Economic Development Authority (NJEDA) Board approved Aspire tax credit awards for a mixed-use development project in Hudson County. Located on Jersey City's West Side, Bayfront Promenade is set to create 210 residential rental units, 74 of which will be affordable.

"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 Bayfront Promenade development entails the new construction of a mixed-income, mixed-use development located on a vacant site on Route 440 in Jersey City. The project will include 210 residential units with over an additional 10,600 square feet of commercial and retail space.

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. The project will also include a 21,000 square foot covered parking garage with 52 parking spaces and electric vehicle (EV) charging stations.

"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 M. Fulop, City of Jersey City. "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."

Bayfront Partners 32 Urban Renewal was approved for up to 60 percent of the total project cost, not to exceed $64 million. This project is also supported by New Jersey Housing Mortgage and Finance Agency (NJHMFA) Low-Income Housing Tax Credits. The project will comply with the Energy Star Homes Program included in the NJHMFA's Green Standard Requirements, which satisfies NJEDA's Green Building Standards.

The project's co-applicant is the Greater Bergen Community Action, Inc. (GBCA), which will provide several services for residents. The GBCA will operate a daycare center on site that will offer services to meet the educational and childcare needs for residents and the surrounding community. A credit union will also be operated by the GBCA and provide a variety of banking services including savings and checking accounts and loan products and services.

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State's principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey's long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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