Homestead Gateway is a transformative 34-story mixed-income tower now rising at 701 Newark Avenue in Jersey City’s Journal Square. It marks a pivotal moment in the city’s evolution from industrial hub to modern urban destination.
This ambitious project replaces a former municipal parking lot with a vibrant residential community. It blends affordable housing, public space, and economic development in one of Jersey City’s most transit-rich neighborhoods.
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Homestead Gateway: A Major New Landmark for Journal Square
Journal Square has always been a kind of bellwether for Jersey City’s fortunes. Homestead Gateway really does signal a new chapter.
Lions Group leads the project and will deliver 360 residential units, with 90 set aside as affordable housing. That 25% ratio stands out in an era of escalating rents and reflects the city’s ongoing effort to keep a diverse range of residents in the urban core.
The site used to be just a public parking lot. Now, it’s being reimagined as a vertical community with modern amenities and a real connection to the neighborhood.
For Journal Square, this isn’t just another tower. It’s a test for how Jersey City balances growth with equity.
Financing the $200 Million Urban Transformation
Turning a surface lot into something that defines the skyline? That’s not cheap. The total financing package for Homestead Gateway closed at around $200 million.
JLL Capital Markets advised on a complex structured capitalization. A forward Freddie Mac commitment underpins part of the deal, giving long-term stability for the residential side.
Goldman Sachs Alternatives’ Urban Investment Group jumped in with a multi-tranched capital solution. That includes construction loans, bridge facilities, Low-Income Housing Tax Credit (LIHTC) equity, and Aspire tax credit purchases.
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These tools are familiar to development insiders. They’re crucial for making mixed-income projects work financially while still delivering real affordable housing.
Tax Credits and Long-Term City Support
Public support has played a big role here. The New Jersey Economic Development Authority awarded the project a $90 million tax credit, recognizing its potential to spark growth and provide much-needed housing.
Jersey City also granted a 30-year tax abatement. It’s a controversial but common tool to attract large-scale development and stabilize operating costs over time.
City officials say these incentives are investments in Journal Square’s future. They’re betting that more foot traffic, retail activity, and long-term population growth will more than repay the public’s contribution.
Design, Amenities, and Public Space for a Growing Neighborhood
Homestead Gateway isn’t just another private residential tower. The site plan dedicates a third of the land to publicly accessible open space, extending and enhancing the Homestead Place Pedestrian Plaza.
For residents and neighbors, this means more room to walk, gather, and connect. It’s a welcome shift in an area that’s long been dominated by cars and transit infrastructure.
Amenities That Match Modern Urban Living
The building will offer nearly 3,000 square feet of ground-floor retail. That should create street-level activity to support local businesses and bring new energy to Newark Avenue.
Inside, residents will have access to:
These features line up with how people want to live and work today. Especially in a neighborhood just minutes from Manhattan via PATH and regional bus connections.
Union Labor and Long-Term Jobs
Homestead Gateway also stands as a commitment to local labor. The development operates under a Project Labor Agreement with Hudson County Building Trades, so all construction work is done by union labor.
Once complete, the property will keep supporting unionized operations through 32BJ SEIU. For Jersey City, that means good-paying jobs during construction and stable employment for building staff after opening.
What Homestead Gateway Means for Jersey City’s Future
Cranes are rising over Journal Square. Homestead Gateway now fits into a bigger story about Jersey City’s growth, especially across its different city districts.
This tower helps reinforce Journal Square’s role as a central hub for transit, culture, and housing. It complements the waterfront boom that’s already changed the skyline in a big way.
If you’re visiting, nearby Jersey City hotels around Journal Square and the waterfront put you right in the middle of all this change. Travelers wondering where to stay in Jersey City are starting to look at Journal Square for a more local vibe, quick PATH access, and a growing mix of places to eat or shop.
Homestead Gateway’s rise adds to the city’s appeal. As more people move in, local businesses, arts venues, and restaurants will probably see more demand, which just adds to the long list of things to do in Jersey City.
Whether it’s strolling the waterfront, checking out neighborhood restaurants, or catching a cultural festival, there’s always something going on. And honestly, isn’t that what makes a city feel alive?
With PATH, buses, and major roads close by, getting to Jersey City is pretty straightforward for both commuters and visitors. As Journal Square keeps evolving, Homestead Gateway isn’t just a symbol—it’s helping drive that change, bringing more density, jobs, and public spaces to a neighborhood that’s right at the heart of Jersey City’s next chapter.
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Here is the source article for this story: $200 Million Financing Secured for 34-Story Homestead Gateway Tower in Jersey City’s Journal Square
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