Jersey City Planning Board Approves 34-Story, 360-Unit Building With 20% Affordable Housing

In a significant stride towards enhancing housing accessibility, the Jersey City Planning Board has approved a striking 34-story, 360-unit residential building at 693-701 Newark Avenue, prominently featuring a commendable 20% allocation for affordable housing. This translates to 72 units offering a mix of 1-, 2-, and 3-bedroom apartments, aiming to cater to the diverse needs of the community.

Managed by Brian Liebeskind, a civil engineer representing Dresdner Robin, this ambitious project encompasses an expansive 353,000 square feet in total, inclusive of 3,000 square feet allocated for ground-floor retail space. Notably, the development is part of the Homestead Place Pedestrian Walkway Extension initiative, connecting Pavonia Avenue outside Journal Square to Newark Avenue. Attorney Chuck Harrington, from Connell Foley, emphasized that the site redeveloper, 701 Newark Ave LLC, was officially designated by the Jersey City Redevelopment Agency (JCRA).

The Namdar Group, headquartered in Great Neck, NY, and the owner of 701 Newark Ave LLC, has been instrumental in the Homestead Place Extension and the construction of several towering skyscrapers. Last month, NJ Biz reported a substantial $160 million loan for their ongoing projects.

Harrington underscored the collaborative efforts with the JCRA and outlined plans to seek assistance from the New Jersey Economic Development Agency’s (NJ EDA) Aspire Program, which recently announced a 101-unit affordable housing project in Union City, alongside the 4 percent tax credit program.

Source: https://hudsoncountyview.com/jersey-city-planning-board-approves-34-story-360-unit-building-with-20-affordable-housing/

Location

28 Cottage St, Jersey City, NJ 07306, United States

-1.2537016, 36.7165298

https://goo.gl/maps/JZC64azPPSFW2zow8

Jersey City Department of Housing, Economic Development & Commerce

The Jersey City Department of Housing, Economic Development & Commerce offers critical services to promote and sustain the city’s economic development. The department provides the resources for individuals and businesses to maximize their potential in Jersey City through housing, economic development initiatives, and commercial activity. Its services range from providing affordable housing opportunities to creating job training programs that equip citizens with the skills needed in today’s economy. It also fosters small business growth by linking entrepreneurs with funding sources and facilitating access to financial literacy programs. Additionally, it actively supports development projects that revitalize neighborhoods while ensuring equitable access to resources. Furthermore, the department is committed to strengthening economic mobility for all residents by investing in high-quality employment and educational advancement opportunities and implementing programs dedicated to financial security and upward mobility.

Location

30 Montgomery St # 820, Jersey City, NJ 07302, United States

40.717599306794476, -74.03503649434428

https://goo.gl/maps/nNJobhm1xqcqAzKw6

Jersey City Economic Development Corporation

The Jersey City Economic Development Corporation (JCEDC) is a non-profit organization dedicated to promoting economic growth and prosperity throughout Jersey City. The JCEDC works closely with city officials and other public partners to create an environment that is conducive to both businesses and residents. Their mission focuses on helping small businesses expand their operations, encouraging new investment opportunities, and providing resources for job creation. Through initiatives such as urban beautification projects, workforce development programs, and infrastructure upgrades, they strive to create an attractive environment that attracts entrepreneurs and employers alike. In addition to these efforts, the JCEDC operates many grant programs designed to support local businesses through a variety of financial opportunities. By investing in the community's long-term economic well-being while fostering an environment of collaboration and opportunity, the JCEDC seeks to make Jersey City an ideal place for business success.

Source:https://jcedc.org/

Location

342 Martin Luther King Dr, Jersey City, NJ 07305, United States

40.710763713962955, -74.07952807107381

https://goo.gl/maps/RK2VeDe9GALy8Hrk8

New Jersey Apartment Association

The New Jersey Apartment Association (NJAA) is a membership-based organization that serves as a resource for people in the rental housing industry throughout the State of New Jersey. With a mission to uphold ethical standards and provide quality services, the NJAA promotes its members' success through various means. These include providing workshops and seminars, hosting networking events, offering legal advice, and providing tenant screening services. In addition, members gain access to valuable publications and discounts on products and services related to rentals. The NJAA is committed to ensuring that everyone involved in the rental housing industry in New Jersey has access to the resources they need to be successful. Its diverse offerings and commitment to education make it an invaluable resource for anyone who needs assistance navigating the rental housing market of New Jersey.

Source: https://njaa.com/

Location

162 W State St, Trenton, NJ 08608, United States

40.23453099083672, -74.77083484793539

https://goo.gl/maps/E2niJnASMd2eLczB9