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

[chris08876]

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

[chris08876]

$200M Capitalization Secured For Homestead Gateway In Jersey City, New Jersey

Lions Group has secured a $200 million structured capitalization for Homestead Gateway, a 34-story mixed-income residential tower planned for 701 Newark Avenue in Jersey City, New Jersey. JLL Capital Markets advised on the capitalization and forward Freddie Mac commitment for the development, which will bring 360 new residential units, including 90 affordable apartments, to a site formerly occupied by a municipal parking lot.

Beyond residential space, Homestead Gateway includes nearly 3,000 square feet of ground-floor retail. Amenities include a rooftop lounge, fitness center, bicycle storage, and shared workspaces. Notably, one-third of the project site will be publicly accessible open space, and will include a pedestrian “gateway” that connects to Homestead Place Plaza.

The development is 100 percent union-built, and includes a project labor agreement with Hudson County Building Trades and permanent union operations through 32BJ SEIU. Groundbreaking is scheduled for December 2025.

Homestead Gateway is located three blocks from the Journal Square Transportation Center, providing access to the PATH train with service to New York City’s Penn Station, World Trade Center, and Newark Penn Station.

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NYY

[mrnyc]

insta groundbreaking aerial —


https://www.instagram.com/reel/DR3tkh0jXWF/?igsh=NHN6YmFibWNlY2Jj