New Jersey Community Capital (NJCC) has made an $8.6 million preferred equity investment in the Cove Point phase of the Bayfront Redevelopment Project. The project will transform 100 acres of previously environmentally contaminated waterfront in Jersey City into the region’s largest mixed-use community, creating jobs during and after construction and providing equal housing opportunities.
The development is a public-private partnership that includes the City of Jersey City, Bayfront Development Partners and BRP Companies.
“Bayfront is our promise kept to put people before profit, delivering the most affordable housing of any private mixed-use community of its size in the country,” said Steven M. Fulop, mayor of Jersey City. “This transformation of a once-contaminated site into a vibrant neighborhood shows what’s possible when public and private partners work together.”
The former chemical plant and brownfield site, located on the city’s west side and on the Hackensack River, was environmentally rehabilitated by the previous owner and acquired by the City of Jersey City in 2018. The Bayfront Redevelopment Project site totals 100 acres and will eventually contain up to 8,000 housing units. The Cove Point phase consists of four buildings, each with 350-400 housing units. There will be 35% of the units set aside as affordable or workforce housing. The site will also include retail development and an outdoor park space.
“The Bayfront Development investment is central to the NJCC mission of redeveloping underutilized property and creating workforce housing,” said Bernel Hall, NJCC president and CEO. “With the eventual creation of 8,000 housing units, a new light rail stop and a water taxi to Newark Liberty International Airport, the Bayfront Redevelopment represents one of the largest impact investments in the State of New Jersey.”
Andrew Cohen, managing director, Development for BRP Companies, describes the project as a city-driven public-private partnership.
“The city came to the table with land, incentives and a willingness to partner to improve the west side of Jersey City and create much-needed affordable and workforce housing,” Cohen said.
