NEW BRUNSWICK, N.J., Aug. 13, 2025 /PRNewswire/ — New Jersey Community Capital (NJCC) has made an $8.6 million preferred equity investment in the Cove Point phase of the Bayfront Redevelopment Project. The project will transform 100 acres of previously environmentally contaminated waterfront in Jersey City, NJ, into the region’s largest mixed-use community, creating jobs during and after construction and providing equal housing opportunities. The development is a public-private partnership which includes the City of Jersey City, Bayfront Development Partners, and BRP Companies.
New Jersey Community Capital has made an $8.6 million preferred equity investment in Cove Point, part of Jersey City’s Bayfront Redevelopment Project. The 100-acre waterfront site will feature up to 8,000 housing units, retail space, and parks, with 35% of Cove Point’s units designated as affordable or workforce housing. Photo Credit: Minno and Wasko.
The former chemical plant and brownfield site, located on the city’s west side and on the Hackensack River, was environmentally rehabilitated by the previous owner and acquired by the City of Jersey City in 2018. The Bayfront Redevelopment Project site totals 100 acres and will eventually contain up to 8,000 housing units. The Cove Point phase consists of four buildings, each with 350-400 housing units. 35% of the units will be set aside as affordable or workforce housing. The site will also include retail development and an outdoor park space.
“Bayfront is our promise kept to put people before profit, delivering the most affordable housing of any private mixed-use community of its size in the country. This transformation of a once-contaminated site into a vibrant neighborhood shows what’s possible when public and private partners work together,” said Steven M. Fulop, Mayor of Jersey City.
“The Bayfront Development investment is central to the NJCC mission of redeveloping underutilized property and creating workforce housing,” added Bernel Hall, NJCC President and CEO. “With the eventual creation of 8,000 housing units, a new light rail stop, and a water taxi to Newark Liberty International Airport, the Bayfront Redevelopment represents one of the largest impact investments in the State of New Jersey.”
Andrew Cohen, Managing Director, Development for BRP Companies describes the project as a city-driven public-private partnership. “The city came to the table with land, incentives, and a willingness to partner to improve the west side of Jersey City and create much needed affordable and workforce housing,” Cohen said. BRP Companies is a New York-based developer specializing in affordable and workforce housing.
About New Jersey Community Capital
New Jersey Community Capital is a nonprofit community development financial institution dedicated to advancing opportunity through strategic investments and knowledge-based programs. It finances and supports individuals, businesses, educational organizations, and communities; preserves and develops affordable housing, community facilities and educational organizations; and creates sustainable economic development generating quality jobs, improving education, and strengthening neighborhoods ensuring that communities can thrive. Founded in 1987, NJCC is a critical architect of community development initiatives, driving economic stability and wealth generation in overlooked areas.
SOURCE New Jersey Community Capital
Originally published at https://www.prnewswire.com/news-releases/njcc-provides-pre-development-funding-in-bayfront-properties-in-jersey-city-302529148.html
Images courtesy of https://pixabay.com
