The next chapter of Jersey City’s skyline is about to rise on Newark Avenue. Homestead Gateway, a 34-story mixed-income tower planned for a former municipal parking lot, just secured a major financing package that clears the way for construction and signals real confidence in the city’s housing market.
This $200 million project brings together affordable and market-rate apartments, union-built construction, and new neighborhood retail. It’s a pretty striking example of how Jersey City is juggling growth, affordability, and density all at once.
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A $200 Million Bet on Jersey City’s Future
Developer Lions Group locked in a $200 million structured loan to fund Homestead Gateway, a 360-unit residential high-rise at 701 Newark Ave. The financing stands out not just for its size, but for the complex mix of support from big institutional players.
Goldman Sachs pulled together a multi-part capital stack that really shows how carefully big urban projects get underwritten in today’s market:
JLL Capital Markets brokered the deal for Lions Group. That says a lot about the level of institutional know-how these urban infill projects demand in places like northern New Jersey.
Tax Credits and Public Support
On top of private financing, the project picked up a big public boost: a $90 million tax credit award through the state’s Aspire program in September 2025. Aspire aims to encourage transformative, transit-oriented projects in New Jersey’s urban centers, and Homestead Gateway fits that bill.
This mix of tax credits and LIHTC equity helps close the financial gap that often makes mixed-income housing tough to deliver, especially when land, labor, and lending costs are all climbing.
A Mixed-Income Tower on Newark Avenue
Homestead Gateway’s groundbreaking is set for early next month. The site will shift from a municipal parking lot to a dense residential hub.
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C3D Architecture PLLC designed the tower to balance affordability with modern amenities and urban convenience. The 360 apartments will split between 90 affordable units and 270 market-rate residences, with layouts for singles, couples, and families:
The ground floor will offer 3,000 square feet of retail space, likely bringing new shops or services to the neighborhood. Residents will get access to a suite of amenities aimed at modern city living.
Amenities and Union Construction
Homestead Gateway’s amenity package is geared toward renters looking for a full-service building without crossing the Hudson:
Union labor will build the project under a Project Labor Agreement with the Hudson County Building Trades. That supports local jobs and training, and it lines up with the region’s long-standing construction traditions.
Part of a Larger Northern New Jersey Multifamily Wave
Homestead Gateway isn’t popping up in a vacuum. It’s part of a bigger multifamily boom changing northern New Jersey, especially along transit-accessible corridors.
Across the region, 86 properties are under construction, set to deliver over 24,000 new units. Still, fully affordable projects are rare—only a small chunk of the pipeline is dedicated entirely to low-income housing.
Homestead Gateway’s 90 affordable units matter, but they also highlight the ongoing tension between market-rate development and real affordability.
Location, Transit, and Access to Manhattan
The Newark Avenue site sits close to major highways and transit connections, just nine miles from Downtown Manhattan. For commuters, access to PATH, local buses, and regional roads will be a huge draw, especially as New York housing prices keep pushing renters outward.
This easy access is central to the project’s appeal, and it matters for the city’s broader economic health. Jersey City keeps marketing itself as a real alternative to outer-borough living, with more space and newer inventory.
What Homestead Gateway Means for Jersey City Residents
As more towers rise and new city districts take shape, people are asking what kind of urban fabric is actually being built. Homestead Gateway adds needed housing, a bit of affordability, and new retail, but it also stirs up questions about long-term equity, infrastructure, and neighborhood identity.
The growth around Newark Avenue will shape the character of local neighborhoods and even the hospitality market, including demand for Jersey City hotels. As development heats up, figuring out where to stay in Jersey City becomes just as much about neighborhood feel as it is about transit access.
Connecting Development to Everyday Life
Projects like Homestead Gateway don’t exist in a vacuum. They intersect with residents’ daily routines—commuting, school drop-offs, the survival of local shops, and the ever-shifting list of things to do in Jersey City on weekends or after work.
These developments also shape how newcomers see getting to Jersey City and whether they’ll stick around or just treat it as a stopover for Manhattan. The impact ripples out, sometimes in ways you don’t notice until you’re living it.
As this 34-story tower starts to rise, it’s not just another glass-and-steel building poking into the skyline. It’s a bit of a test—can Jersey City keep growing without losing its sense of welcome and belonging?
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Here is the source article for this story: Lions Group Lands $200M for Jersey City Residential Tower
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