The New Jersey Economic Development Authority (NJEDA) just gave the go-ahead to two big residential projects—one in Jersey City’s Journal Square and the other in Atlantic City. Together, these projects represent more than $143 million in investment.
Thanks to the state’s Aspire Program, the plan is to add hundreds of new and preserved housing units, expand affordable housing options, and boost community infrastructure. From luxury high-rises to much-needed affordable housing rehab, these moves push New Jersey closer to more sustainable, inclusive, and vibrant communities.
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Major Investment in Housing and Community Revitalization
The Aspire Program started under the 2020 Economic Recovery Act. Its main goal? Spark development in targeted areas and guarantee affordable housing stays in the mix.
This round of NJEDA approvals will create or preserve 537 homes. Out of those, 267 are set aside as affordable housing.
Jersey City’s 701 Newark Avenue development in Journal Square will rise as a 34-story residential tower. It’ll offer 360 apartments, with 90 of them affordable.
The project also plans for nearly 3,000 square feet of retail space and a new pedestrian walkway called Homestead Place. That’s a lot happening in one spot.
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Homestead Place: A Pedestrian-Friendly Vision
This new corridor will connect residents to supermarkets, healthcare, the Hudson Pride Center, and the local library. It’s not just housing—it’s a community hub meant to make city life a little easier and a lot richer.
Strong Financial Support and Strategic Goals
The NJEDA approved up to $89.96 million in Aspire tax credits for the Jersey City project. That covers up to 60% of construction costs.
In Atlantic City, the Garden Court Apartments will get a major rehab, preserving 177 affordable units across 20 buildings. Gateway Community Action Partnerships will offer residents services like workforce training, financial literacy, and education.
Atlantic City’s Affordable Housing Preservation
The Atlantic City project is set to receive up to $53.3 million in Aspire tax credits, covering an impressive 85% of costs. Combined with Low-Income Housing Tax Credits from the New Jersey Housing and Mortgage Finance Agency, these funds help low- and moderate-income residents stay in their homes.
Residents will also have access to programs that aim to improve their quality of life and boost economic prospects. It’s a real chance for stability and growth.
The Aspire Program’s Impact on New Jersey Cities
Since launch, the Aspire Program has pushed transit-oriented development and mixed-use projects. By requiring at least 20% of residential units in approved projects to be affordable, it helps keep communities diverse and accessible.
What This Means for Jersey City Residents and Visitors
With new developments like 701 Newark Avenue rising in Journal Square, Jersey City keeps building its reputation as one of New Jersey’s most dynamic urban centers. For anyone looking at where to stay in Jersey City, the city’s skyline is growing—offering everything from sleek high-rises to historic neighborhoods.
The addition of pedestrian walkways and new retail means even more things to do in Jersey City. Whether it’s dining, checking out cultural spots, or wandering through lively city districts, there’s no shortage of options.
Projects like these are shaping Jersey City’s future, both for residents and visitors. The city’s evolving, and honestly, it’s pretty exciting to see where it goes next.
Planning Your Visit
If you’re getting to Jersey City, you’ll find the city’s transit options make things pretty simple. Hop on the PATH train, light rail, ferry, or just drive in—there’s no shortage of ways to get here.
Many new developments cluster around areas with strong transit links. That’s great for both locals and visitors, honestly.
If you’re hunting for a place to stay, Jersey City hotels offer a bit of everything. There are boutique spots near the waterfront and luxury hotels close to Journal Square.
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Here is the source article for this story: NJEDA Aspire Program Advances Residential Developments in Jersey City and Atlantic City
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