By Joshua Burd
Amidst the challenges and uncertainties brought about by the global pandemic, Jersey City continues to forge ahead with its high-profile development pipeline. Led by Mayor Steve Fulop, the city remains committed to its critical development projects, with a focus on mixed-income housing that will have a significant impact on the region. Despite the statewide shutdown, Jersey City officials have been diligently working on the design, engineering, financing, and negotiation aspects of these projects, determined to keep the city's development momentum strong.
The Bayfront Project: A Beacon of Progress
One notable project that highlights Jersey City's perseverance is the 100-acre Bayfront project on the city's west side. This ambitious development aims to bring 8,000 units to the area, making it the largest new infusion of mixed-income housing in the tristate region. The first phase of the project, which recently commenced, will include 35 percent affordable housing, catering to the diverse needs of the community. Despite the challenges posed by the pandemic, Mayor Fulop and his team have remained resolute in their commitment to Bayfront, recognizing its significance for the city's future development.
Steven Fulop
Leading the Way in Development
While many cities have scaled back on large-scale projects due to the COVID-19 crisis, Jersey City has taken a different approach. The city has a longstanding reputation for being at the forefront of development initiatives, and this mindset has not wavered. Despite the initial setback caused by the cancellation of in-person meetings, Jersey City quickly adapted by scheduling virtual hearings for its land use boards, redevelopment agency, and other relevant entities. This proactive approach has allowed the city's development pipeline to remain active, even during these trying times.
W. Nevins McCann
A City with Vision
Jersey City's development success is not a result of chance; it is the product of careful planning and foresight. The city has diligently cultivated an environment that attracts developers and investors, resulting in a thriving residential market. With more than 30,000 residential units approved or proposed in key neighborhoods such as downtown, Journal Square, Bergen-Lafayette, and the burgeoning west side, Jersey City's commitment to growth is evident. Furthermore, the city already has 7,955 residential units under construction, providing ample opportunities for those seeking to invest in the area.
Plans for the first phase of the Bayfront project
Navigating the Challenges
Mayor Fulop emphasizes the importance of minimizing disruptions to development projects during this public health crisis. Acknowledging the impact on the city's budget, Jersey City has taken proactive steps to keep its building department functioning and revenues flowing. By doing so, the city can maintain its ratable base and ensure its financial stability. Fulop recognizes that times of crisis present opportunities for cities to set themselves apart and drive progress, and Jersey City is seizing this opportunity.
A rendering of 351 Marin, a luxury residential tower in Jersey City
The Future Looks Bright
Developers have not lost faith in Jersey City's potential. Despite the temporary pause caused by the pandemic, they remain bullish on the market's long-term prospects. The city's proximity to Manhattan and its vibrant residential options continue to attract builders who are eager to carry out their projects. Notably, Kushner Real Estate Group is moving forward with developments such as Journal Squared and the 351 Marin Blvd. tower. Moreover, the firm is actively seeking new opportunities and remains confident in Jersey City's position as a leading global financial and cultural capital.
Jonathan Kushner
Overcoming Adversity Together
Jersey City's ability to swiftly adapt to the changing circumstances has been crucial in keeping the development pipeline flowing. By embracing virtual meetings and leveraging online platforms, the city has maintained momentum in the face of adversity. Major projects, including an arts and residential development on New Jersey City University's west campus, have received approval and are progressing as planned. The responsiveness of regulatory bodies has played a significant role in advancing projects and ensuring their timely completion.
Joseph Mele
A Collaborative Approach
Collaboration between city officials and developers has been instrumental in overcoming challenges. In instances where hotel projects have faced difficulties in securing funding due to the impact on the hospitality sector, Jersey City has been flexible in repositioning these projects to ensure long-term success. By adjusting plans and considering alternative options, the city strives to support developers and maintain progress even in uncertain times.
With its unwavering commitment to development and resilience in the face of adversity, Jersey City is proving that nothing can halt its progress. Through strategic planning, proactive measures, and a collaborative approach, the city continues to thrive amidst the pandemic, setting an example for others to follow.
Jersey City names development team to launch 100-acre, mixed-income Bayfront project
