MS&B’s Leadership, Creativity, and Excellence Leads to Creative Transaction Structure
This week, the City of Jersey City and our client the Jersey City Redevelopment Agency announced the first phase of its Bayfront development, which will ultimately redevelop over 100 acres of previously contaminated industrial property along the Hackensack. In building out the first new neighborhood in decades in the State’s most diverse city, the City and Agency have a bold vision that includes mixed income development, with more than a third of the units qualifying as affordable and workforce housing, open spaces, local hiring opportunities, new infrastructure, and sustainable development. The City and Agency are committed to development and contracting opportunities for minority business enterprises and women business enterprises, and one of the two developers announced for the first phase is 100% minority owned. This first phase, built by Bayfront Development Partners (a joint venture of Pennrose and Omni) and BRP, will bring almost 1,100 new residential units, including 335 affordable and workforce units, and generate $26 million to the City in land sales.