During its recent meeting, the New Jersey Economic Development Authority (NJEDA) Board approved Aspire tax credit awards for a mixed-use development project in Hudson County. The Bayfront Promenade, located on Jersey City's West Side, is planned to include 210 residential rental units, with 74 designated as affordable housing.
"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," stated NJEDA Chief Executive Officer Tim Sullivan. He added that the Bayfront Promenade would revitalize Jersey City's West Side and provide residents with affordable housing and access to essential services.
The Bayfront Promenade will feature new construction of a mixed-income, mixed-use development on a vacant site along Route 440 in Jersey City. This project will encompass 210 residential units alongside more than 10,600 square feet of commercial and retail space. Amenities will include an outdoor terrace with grilling stations, a community lounge with a kitchen area, coworking lounge, fitness and yoga room, dog washing station, children's play area, and a covered parking garage equipped with electric vehicle charging stations.
Mayor Steven M. Fulop of Jersey City commented on the project's significance: "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." He emphasized that the NJEDA's Aspire tax credit awards are instrumental in realizing this vision.
Bayfront Partners 32 Urban Renewal was approved for up to 60 percent of the total project cost but not exceeding $64 million. The initiative also receives support from New Jersey Housing Mortgage and Finance Agency (NJHMFA) Low-Income Housing Tax Credits and adheres to NJHMFA’s Green Standard Requirements under NJEDA’s Green Building Standards.
The project's co-applicant is Greater Bergen Community Action Inc. (GBCA), which will provide various resident services including operating an onsite daycare center catering to educational and childcare needs. Additionally, GBCA will manage a credit union offering banking services such as savings accounts and loan products.
Aspire is an economic development program established by the New Jersey Economic Recovery Act of 2020 aimed at supporting mixed-use developments through tax credits when financing gaps exist. Projects under this program must certify all commitments before receiving their first disbursement of tax credits.
