Jersey City mixed-use development approved for Aspire Tax Credits by NJEDA Board

Bayfront Promenade, a mixed-use development to be located on Jersey City’s West Side, was approved by the New Jersey Economic Development Authority (NJEDA) Board to receive Aspire tax credit awards

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, 74 of which will be affordable, and 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.

“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,” NJEDA Chief Executive Officer Tim Sullivan said. “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 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,” Jersey City Mayor Steven Fulop, said. “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.