The Jersey City Council is slated to vote on the financial agreement with Canal Crossing project later this month, located in the Bergen-Lafayette neighborhood with rental units going for $1,000 and 20 percent affordable housing, Mayor James Solomon announced.
By John Heinis/Hudson County View
“The Canal Crossing Project is a model example for what Building for Working Families looks like. Instead of the wealthy always winning, we will build affordable housing and bring benefits to our neighborhoods,” Solomon said in a statement.
“I don’t take money from developers, and that’s how you know whose side I’m on. I’ve seen what happens when you build a city only for the wealthy — families priced out, communities left behind, and no one held accountable. That won’t happen under my watch.”
He added that the endeavor is part of a broader vision, “Building for Working Families,” which builds on a campaign pledge to make living in Jersey City more affordable.
Canal Crossing is expected to have 508 units, 102 of which will be affordable, about 20,000 square feet of commercial space, a 33,000 square-foot park – Garfield Park – with the building being built right across the street from the Garfield Avenue light rail stop.
Further, the project is expected to be built via union labor.
“I don’t take money from developers because I work for the people of Jersey City — not the people building in it,” Solomon added.
“Every deal that crosses my desk will be measured against what the city is owed, not what’s easiest to give away. That’s what an honest broker does, and that’s the standard every future agreement will be held to.”
The details of the proposed financial agreement were not immediately available, but it is likely to include a tax abatement or a payment in lieu of taxes (PILOT) deal, which Solomon often voted against as a councilman when they pertained to luxury housing.
As it stands today, the Jersey City Council will vote on the first reading of the financing proposal on June 10th, and as long as it’s approved, the second reading will take place on June 24th.
