DevelopmentsReal Estate

HUDSON EXCHANGE WEST TO BEGIN CONSTRUCTION

Jersey City is set to build its first 80/20 program affordable housing building in 30 years.The building will be developed by Forest City Enterprises, developers of the New York Times building, the Beekman Tower, and the Barclays Center. The 80/20 affordable housing project was an initiative that features housing where 20 percent of the units are to be rented to low-income households.

 Credit: Hudson Exchange West Website

The project will consist of multiple buildings, including the primary 35-story tower which will house 336 units with 85 of those being affordable housing units. The building will also feature about 10,000 square feet of retail space and parking. The first two towers, once completed will bring 165 affordable units to the area. The overall complex will include 12 buildings in total. The full complex will also have a 10,000 square feet public plaza. The complete Hudson Exchange West complex will be 625,000 square feet.

Credit: Hudson Exchange West Website

The rent for the apartment is estimated to be about $2,325 for one-bedroom apartments and $954 for affordable housing residents. For two-bedrooms apartments, the rent is estimated to be $3,500 and $1,194 for affordable housing residents.

Credit: Hudson Reporter

Although it broke ground in November, a groundbreaking ceremony, attended by Mayor Steve Fulop, occurred this month. In regards to the development of new affordable housing, Mayor Fulop stated, “As Jersey City continues to grow, we are leading the state not just in new construction, but also in the creation of affordable housing. This is the first of several projects that will incorporate our vision of providing quality, affordable housing for residents throughout the city and will serve as a model for how to build diverse, mixed-income community.”

The construction begins this summer, there will be about 350 full-time construction jobs created.

Credit: Hudson Exchange West Website

 

Author’s Take It’s great to hear that the new Hudson Exchange West  complex will provide affordable housing for over 165 households for the first two towers, especially considering how incredibly high prices are around certain Jersey City neighborhoods. It’s also important to know that Forest City Enterprises has stated they will accommodate the Shop Rite currently located there. However, it is unfortunate that the other businesses around the lot, like BJ’s Wholesale Club and Bed, Bath, and Beyond have not yet been addressed by the developers and will probably be displaced.

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