The Jersey City Council approved bonding $170 million to purchase land for the Bayfront project in Ward A, which will include a mixed-used development with affordable housing.
By John Heinis/Hudson County View
The bond will leave $90 million toward the purchase of the land, a remediated Honeywell property, with the remaining funds to be available for other developmental costs such as the demolition of existing structures, the construction of infrastructure improvements and more.
“Mayor Fulop and his team have worked tirelessly to ensure this project becomes the centerpiece of the revitalization of the City’s West Side,” added Honeywell Global Director of Real Estate Dan Kirschner.
“We have received the environmental approvals required for transfer of the property and are committed to working collaboratively to finalize the sale.”
In August, the council approved the creation of an advisory board to help guide the Bayfront Redevelopment project, consisting of city officials and four community members.
“The advisory board will play a critical role, working to ensure that the City and community work together towards the success of the Bayfront redevelopment,” stated Ward A Councilwoman Denise Ridley.
“Combining the feedback from City officials and community members on our advisory board, we are able to create a thoughtful, inclusive plan to help shape our City,” exclaimed Ward B Councilwoman Mira Prinz-Arey.
The measure passed by a vote of 7-2 last night, with Councilmen Rich Boggiano and Michael Yun voting no, arguing that the project was not fiscally responsible given with the amount of debt the city currently has.
The council okay comes as no surprise, given that the first reading sailed through by a vote of 8-1 at last month’s meeting.