JERSEY CITY | 701 Newark Avenue | 392 FT | 34 FLOORS

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34-Story Jersey City High Rise Nabs $90 Million Tax Credit

A development looking to revitalize a surface parking lot into a mixed-use complex with significant affordable housing has been awarded a state incentive just months after securing a tax exemption from Jersey City.

The New Jersey Economic Development Authority (NJEDA) recently approved a tax credit for a project at 701 Newark Avenue in the city’s Journal Square community. The NJEDA approved an award of up to 60 percent of the total project cost, not exceeding $89.96 million.

The development comes courtesy of Lions Group and is expected to cost about $162 million. Designed by C3D Architecture, the project will consist of a 34-story building with 360 residential units including 90 affordable units.

The ground floor of the development will sport nearly 3,000 square feet of ground-floor retail space along the Homestead Place Pedestrian Plaza, which will be expanded northbound to the development as part of the work. The walkway will provide improved access to nearby supermarkets, healthcare facilities, the Hudson Pride Center, and the local library.

Lions Group has not yet announced a construction timeline for their contribution to the area’s development.

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Jersey Digs