The initial portion of an ambitious 95-acre redevelopment effort called Bayfront kicks off today as officials are heralding a new development that will include the largest affordable housing percentage of any private mixed-income community nationwide.
Mayor Steven Fulop, the Jersey City Redevelopment Agency (JCRA), and City Council Members will be holding a groundbreaking ceremony this afternoon to celebrate a 210-unit mixed-use development called Bayfront Promenade. The six-story development is set to rise on the southeastern portion of the lot, which is situated on the Hackensack River off Route 440.
The endeavor is a joint venture between Pennrose LLC and PATHS Development LLC. It was granted a $64 million tax credit earlier this year and Mayor Fulop divulged some new details on the project to Jersey Digs in advance of the groundbreaking.
Bayfront Promenade will now include an 80% affordable and workforce housing set aside, a significant increase from the previously announced 74 affordable units. In addition to the affordable component for low-income families earning 60% or below the area median income (AMI), the development will now include 93 workforce units designated for moderate-income families earning at or below 120% AMI.
“This is more than just a groundbreaking — it’s a promise kept to our residents to put people before profit and bring much-needed investments beyond the waterfront,” said Fulop. “When we acquired the Bayfront site from Honeywell, we committed to transforming this once-contaminated land into a vibrant, inclusive, and environmentally resilient community.”
Fulop touted the first phase of Bayfront as the largest investment in affordable housing in New Jersey and arguably the region. A total of 167 units in the complex will be either affordable or workforce housing, while Greater Bergen Community Action is set to provide services for residents including an on-site daycare facility.
In addition to the ground-level commercial storefront, Bayfront Promenade will incorporate nearly 10,000 square feet of community facility space and numerous perks for residents. Planned amenities include an expansive outdoor terrace with grilling stations, a community lounge and kitchen, a co-working/media lounge, fitness and yoga rooms, and bicycle storage.
The project also features green infrastructure, flood mitigation design, and a public waterfront walkway. 52 garage parking spaces are included in the project, which is also being supported by New Jersey Housing Mortgage and Finance Agency (NJHMFA) Low-Income Housing Tax Credits.
In addition, the Hudson County Improvement Authority issued $52.5 million in tax-exempt County-Guaranteed Housing Revenue Bonds for the project in March this year. The Bonds are expected to have a 12-year term, which will cover the anticipated 22-month construction period.
“This is a victory for every family that has longed to plant roots here and share in our city’s growth with equity,” said Uche Akpa, a member of the Bayfront Advisory Board and Jersey City Together, two entities that played critical roles in getting to this point. “Today’s groundbreaking is a major moment for Jersey City – a triumph decades in the making.”
Bayfront has indeed been in the works for years, with the city purchasing the land for $170 million from Honeywell following an environmental cleanup. Work to build infrastructure at the site has been ongoing, but Bayfront Promenade will be the first proper construction taking place above ground.
The entirety of the Bayfront plan calls for about 8,000 new units of housing and a new street grid to essentially make a new neighborhood. 23 acres of open space are included in the proposal, as is a new charter school, a fire station, and new transit options.
The most prominent of those planned transit amenities is the extension of the Hudson Bergen Light Rail to Bayfront, which was announced in 2020. Fulop, who is running for Governor of New Jersey, told Jersey Digs that NJ Transit is firmly committed to the project.
“We have a track record of being a pro-transit administration in Jersey City,” Fulop said. “If I get the opportunity to serve as Governor, I will prioritize [the Light Rail expansion] and see it through.”
While the groundbreaking of Bayfront Promenade is a big step, there’s a lot more in the works for the sprawling property. The second phase of the redevelopment, called Cove Pointe, is currently envisioned to include 1,438 units (with a 35% affordable component) and a 50,000 square foot charter-school.
Jersey City awarded a Request for Proposals to Kalel Companies and BRP Development for that portion, but plans for the next phase have not been finalized just yet.
EDITOR’S NOTE: This article was updated from an earlier version to add details regarding the project’s funding through the Hudson County Improvement Authority.
