[Nexis4Jersey]

Council OKs 20-year tax break for Downtown Jersey City tower

By Terrence T. McDonald | The Jersey Journal
on September 09, 2015 at 8:46 PM, updated September 10, 2015 at 7:08 AM


A rendering of a proposed 400-unit residential development proposed for Marin Boulevard in Jersey City. (KRE Group)

JERSEY CITY — A 20-year tax break for a 17-story residential building proposed for the Hamilton Park neighborhood won final approval from the City Council tonight.

The $163 million project, which has already won a $40 million state tax break for developer KRE Group, will add nearly 400 units on a parking lot near Unico Towers, at Ninth Street and Marin Boulevard. Construction is expected to begin this month.

The city initially intended to award KRE a 30-year tax abatement, but the deal was amended to 20 years tonight. Asked why, Corporation Counsel Jeremy Farrell told The Jersey Journal to ask Deputy Mayor Marcos Vigil, who declined to explain.

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