JERSEY CITY, NJ — Bayfront Development Partners, a joint venture between Pennrose and Paths Development, has broken ground on Bayfront Promenade, the first building in the mixed-use, mixed-income Bayfront redevelopment project in Jersey City. The six-story Bayfront Promenade will feature 210 units, 167 of which are set aside for low- and moderate-income households.
These include 74 units designated for families earning up to 60 percent of area median income (AMI) and 93 units for families earning up to 120 percent of AMI. A construction timeline for Promenade was not released, but developers are slated to complete the overall project by approximately 2043.
Bayfront Promenade will incorporate 10,000 square feet of community facility space and numerous amenities including an outdoor terrace with grilling stations, a community lounge and kitchen, a coworking and media lounge, fitness and yoga rooms and bicycle storage.
The City of Jersey City acquired the 100-acre, formerly industrial site, located directly on the Hackensack River, in 2018 from Honeywell. At full buildout, the new district will feature up to 8,000 residential units, with 35 percent designated as affordable housing. At the time of the acquisition, the city increased the affordable housing requirement from 5 percent to 35 percent.
The redevelopment also will include 340,000 square feet of commercial and retail space, a new elementary school, a firehouse and other community facilities. Bayfront, a transit-oriented development, will be connected to an extension of the Hudson-Bergen Light Rail.
In March, the New Jersey Economic Development Authority (NJEDA) approved a $64 million tax credit for Bayfront Promenade.