The first project in the massive mixed-use Bayfront development on the Hackensack River in Jersey City will receive incentives from the New Jersey Economic Development Authority.

NJEDA approved developer Bayfront Partners 32 Urban Renewal for up to 60% of the total project cost, up to $64 million. The New Jersey Housing Mortgage and Finance Agency will also support the project with Low-Income Housing Tax Credits, according to the Jan. 24 announcement.

Bayfront Promenade on the West Side will add 210 rental units, with 74 affordable residences, according to the NJEDA. The credits come under the recently updated Aspire program.

Last week, Gov. Phil Murphy signed into law updates to the legislation for the program, which the CRE industry lauded. The place-based economic development program supports mixed-use, transit-oriented development by seeking to close financing gaps for development projects.

Announcing the latest approval Jan. 24, NJEDA Chief Executive Officer Tim Sullivan drew attention to how Aspire has “supported meaningful development projects throughout the state.”

“Bayfront Promenade will help revitalize the West Side of Jersey City and provide residents with affordable housing options and access to critical services,” Sullivan said.

Last March, Bayfront secured a $1.6 million federal grant toward the project.

Set on 100 acres at a vacant site along Route 440 in Jersey City, Bayfront Promenade will also feature 10,600 square feet of commercial and retail space. The project will comply with the Energy Star Homes Program included in the NJHMFA’s Green Standard Requirements, which satisfies NJEDA’s Green Building Standards.

Amenities at the residential development include outdoor terrace with grilling stations, community lounge with kitchen area, coworking lounge, fitness and yoga room, dog washing station and a children’s play area. The project will also include a 21,000 square foot covered parking garage with 52 parking spaces and electric vehicle charging stations, NJEDA said.

‘A transformative step’

Project co-applicant Greater Bergen Community Action Inc. will provide several services for residents. Based in Hackensack, nonprofit GBCA works to build more sustainable families, communities and institutions throughout New Jersey. Beyond operating an on-site day care center – that will also serve the surrounding community – GBCA will run a credit unit to provide banking services, too.

Under Aspire, all resident projects must include at least 20% affordable housing.

“The Bayfront redevelopment project represents a transformative step forward for Jersey City’s West Side, bringing much-needed affordable housing, vibrant mixed-use spaces, and new opportunities for our residents,” said Jersey City Mayor Steven Fulop, also a 2025 gubernatorial hopeful. “With the support of the NJEDA’s Aspire tax credit awards, we are turning vision into reality, building a stronger, more inclusive community that reflects our commitment to progress and equity.”

The city’s West Side has seen a flurry of multifamily activity recently. In addition to Birch House attracting tenants on Fisk Street, RIVET traded hands recently (for $75 million), while a building with nearly 200 apartments secured $69 million in refinancing.