New Jersey Community Capital (NJCC) has committed $8.6 million in preferred equity to support Cove Pointe, the second phase of development for the Bayfront Redevelopment Project in Jersey City, New Jersey. Designed by Perkins Eastman and developed by BRP Companies in partnership with the City of Jersey City and Bayfront Development Partners, Cove Pointe includes four residential buildings totaling between 1,400 and 1,600 units, alongside retail spaces and parkland. The property is located along the Hackensack River to the west of Route 440.
Rendering of Cove Point. Courtesy of Minno and Wasko
Rendering of Cove Point. Courtesy of Minno and Wasko
The Bayfront site was previously a brownfield owned by Honeywell and acquired by the city in 2018. The full redevelopment plan calls for up to 8,000 housing units, with 35 percent designated as affordable or workforce housing. Work is part of a public-private partnership and includes additional civic infrastructure such as a charter school and fire station.
Rendering of the Bayfront master plan. Courtesy of Bayfront Jersey City
The initial phase of the project, Bayfront Promenade, broke ground earlier this year and is being developed by Pennrose and PATHS Development LLC. The phase will yield 210 units, ground-floor retail, and community amenities, including an on-site daycare facility and public waterfront access.
Rendering of the Bayfront master plan. Courtesy of Bayfront Jersey City
“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.”
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Is this area flood-prone?
Yes!
Need to extend the HBLR across the river to Newark!
Route 440 had the be the most car oriented surface street in all North Jersey. If the whole neighborhood can be built to this density, it will be a great accomplishment. But they can’t do that without making it much more accessible by bus and train.