Bayfront Development Partners, a joint venture of Pennrose
and Omni America and BRP Development Group, has been selected to build the first
phase of an 8,000-unit mixed use development in Jersey City.
Mayor Steve Fulop announced the developers have paid $26
million to build 1,092 apartment units on four parcels within the 100-acre
Bayfront development site beginning in the fall.
Jersey City acquired the Bayfront property from Honeywell Corporation in 2018 for $100 million with the aim of increasing the on-site affordable housing requirements from five to 35 percent with the city controlling the property.
“I hope with this project Jersey City can demonstrate to the
country what type of development is possible when we don’t let the typical
boundaries limit us. We made a $100 million bet on affordable housing, and it
looks like this will pay off huge, both economically for current taxpayers and
future residents,” Mayor Fulop said.
The JV was selected following
a Request For Proposals from the Jersey
City Redevelopment Agency (JCRA), and the Department of Housing, Economic
Development and Commerce (HEDC).
In phase one, BRP will build 552 units on their two lots,
totaling 193 affordable units, and Pennrose/Omni is responsible for 540 units,
189 of which will be affordable housing. The units will be a mixed community of affordable units. Within the
Pennrose/Omni development site, all of the units will be up to 60 percent
Average Median Income (AMI), while the BRP development site will be a blend of
28 units at 30 percent AMI, 28 units at 40 percent, 28 units at 50 percent, 28
units at 60 percent, 28 units at 80 percent and 53 units at 120 percent.
“Today’s announcement represents a huge step forward.
These initial proposals will create a model development designed for people all
across Jersey City, with more than 400 units of affordable housing at a range
of incomes,” said Reverend Laurie Wurm, Jersey City Together. “None of this
would have been possible without the persistent organizing of faith leaders and
residents for decades, who fought to clean up the site and then to ensure it
would be an inclusive opportunity for the city as a whole. In the midst of
several serious crises, we must and will continue to build for a better future
in our city and region.”
The Bayfront Redevelopment Plan will transform the once
contaminated site along the Hackensack Riverfront into the centerpiece of the city’s
West Side revitalization.
The plan is designed to maximize the economic benefits to
Jersey City and its taxpayers while prioritizing affordable housing, localized
hiring opportunities during and after construction, and sustainable “green”
development.
“We look forward to working collaboratively with local
officials and Omni to transform an underutilized site into a vibrant new
mixed-use community,” said Jacob Fisher, Regional Vice President at Pennrose.
“Featuring green design, top-notch amenities, and ample outdoor and community
spaces, the plans for the Bayfront development will have long-term, positive
impacts on the entire neighborhood.”
“Developing sustainable, mixed-income communities is vital for success in today’s market,” said Meredith Marshall, co-founder and managing partner of BRP Companies. “We are looking forward to embarking on a new partnership with the City of Jersey City, the Jersey City Redevelopment Agency and the greater Jersey City community to enhance the quality of life for the City’s residents, as well as continuing to grow our footprint within the Garden State.”
Eugene Schneur, Managing Director of Omni said, “Omni is
excited to work with local and state officials and our partners at Pennrose on
this transformational project which we feel will be the catalyst for future
public private partnerships in Jersey City. We expect the Bayfront
redevelopment to benefit all members of the community and transform
underutilized land into a vibrant and thriving neighborhood.”
“While many municipalities are paralyzed by the pandemic,
today’s announcement speaks to the fact that here in Jersey City we continue to
proactively work to prepare for a post-pandemic world,”concluded Mayor Fulop.
The city expects to break ground on the infrastructure work
for Bayfront in the fall.
