JERSEY CITY, NJ — The Jersey City Council on Tuesday gave final approval to a PILOT agreement for a 508-unit housing complex, including 102 units designated affordable.
The Canal Crossing Project is part of a 111-acre site to be redeveloped in the city's Bergen-Lafayette neighborhood, east of Liberty State Park.
The complex will include 102 affordable homes with some rents under $1,000, a city spokesperson said.
The approval marks the first housing agreement fully negotiated under Mayor James Solomon's "Building for Working Families" agenda, said Solomon's chief of staff, Laura Bustamante, in an announcement.
The first move-ins could come in around two years, officials said.
For more than 50 years, the Canal Crossing site was an industrial area, and was left contaminated with chromium, the city said.
Residents fought for cleanup, and now the area meets strict state standards, officials said.
"Jersey City residents fought for decades to reclaim this land, and tonight we delivered on their promise," said Mayor James Solomon.
He added, "Canal Crossing is what it looks like when development works for the people who live here: affordable homes for families, good union jobs, and a brand-new park, all built on land that sat empty for generations. This is how we build a Jersey City working people can afford to stay in."
The plan also includes nearly 20,000 square feet of new commercial and retail space, and the 33,000-square-foot Garfield Park.
The developer will pay for the park, which will be the first extension of the Morris Canal Greenway, connecting to Berry Lane Park.
The site is adjacent to the Garfield Avenue light rail stop.
The PILOT (Payment In Lieu of Taxes) agreements for the site allow the developer to contribute an agreed-upon annual amount to city coffers.
Deputy Mayor Keshav Poddar said that the housing will supply tax revenue worth 13 times more than what the property is currently generating.
"This is a new standard for development in Jersey City and we look forward to many more projects like this in the months and years to come," Poddar said.
Find out more about affordable housing in Jersey City here.
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