Bayfront developers, Jersey City agree to 1,000-unit deal

Jersey City has agreed to a deal for the first phase of the 8,000-unit Bayfront project slated for a 100-acre property on the Hackensack River waterfront, according to Bloomberg.

The Bayfront project is the biggest in the city since the Newport development in the early 1980s.

Mayor Steve Fulop announced that the project’s development partnership — Pennrose, Omni New York, and BRP Development Group — will pay $26 million to build 1,000 units in project’s first phase. They also agreed to set aside 35 percent of the 8,000 total units as affordable.

The city bought the development site from Honeywell International for $100 million in 2016 after extensive environmental remediation. [Bloomberg] — Dennis Lynch