'Transformative' 12-tower project underway in Downtown Jersey City

Jersey Journal

By Terrence T. McDonald | The Jersey Journal
on March 09, 2016


Declaring the start of a new era for Downtown Jersey City, Mayor Steve Fulop and developers today celebrated the start of construction of a new residential high-rise near Newport Mall, the first of 12 towers planned for the site over the next 20 years.

Fulop and developer Abe Naparstek said the project, known as Hudson Exchange, is one of largest, most transformative projects in the nation. The $223 million first tower, which will rise 35 stories and include 421 units plus 10,000 square feet of ground-floor retail space and a parking garage with 264 parking spaces, is expected to open in late 2017.

The tower, under construction on the site of the old Marin Boulevard Pep Boys, will also include 85 affordable-housing units, part of a Fulop administration effort to bring more affordable housing to the luxury high-rises along the Waterfront. A 397-unit tower planned for a lot across Marin Boulevard will include 80 affordable units, and the mayor said there are a few more similar projects "on deck."

Fulop told The Jersey Journal that it's not fair that in recent years affordable housing has been relegated to neighborhoods far from the posh high-rises along the Hudson River. Just because a building is located Downtown, he said, that doesn't mean a person of modest income should be excluded from living there.

"It really doesn't create diverse neighborhoods," he said. "It's important to have everybody have an opportunity to live in every corner of the city."






Photo: Construction of a new residential high-rise near Newport Mall in Jersey City, called Hudson Exchange, the first of 12 towers planned for the site over the next 20 years, Wednesday, March 9, 2016. Reena Rose Sibayan | The Jersey Journal