The Real Deal New York

Jersey City mulls 443-unit residential tower approval in exchange for homeless shelter construction

March 05, 2019 02:09PM

Claremont Companies is expected to get approval for a 443-unit residential tower in downtown Jersey City in exchange for building a new 47,000-square-foot homeless shelter, NJ.com reports. The local city council is expected to approve a deal that will allow Claremont, a Bridgewater, Massachusetts-based real estate investment and development firm, an eight-fold increase in density for the new apartment building on the site of the historic St. Lucy’s church. The new St. Lucy’s shelter will cost an estimated $16 million, while the value of the zoning change is estimated to be $37 million, the outlet reported. [NJ.com]