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Jersey City Bayfront redevelopment project receives approval

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Jersey City’s purchase of approximately 70 acres of land from Bayfront Redevelopment properties has been approved, Mayor Steven Fulop announced.

Jersey City’s purchase of approximately 70 acres of land from Bayfront Redevelopment properties has been approved, Mayor Steven Fulop announced.

The City Council on Oct. 10 passed an agreement to bond $170 million for the purchase of the land and for construction of fundamental infrastructure. About $90 million of the bond will be put toward the purchase of the remediated former Honeywell property while the remainder will be available for development costs including demolition and construction.

According to the city, the redevelopment of the West Side is designed to increase affordable housing and create jobs with the establishment of the “largest mixed-income development in decades.”

An advisory board made up of city official and four community members to guide the redevelopment project was approved in August.

 

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Jessica Perry

Jessica Perry


Jessica is the Web Editor for NJBIZ. You can reach her at jperry@njbiz.com.

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