The Jersey City Municipal Council voted unanimously to move forward with a new mixed-use development project with the inclusion of a 30-year tax abatement and secured contracts for union labor workers.

Under the purview of the ordinance, the property would be applied a 30-year long-term tax exemption in order to secure approximately $11,537,940 in funding from the New Jersey Housing and Mortgage Finance Agency (“NJHMFA”), as previously reported by Jersey Digs.

The funds will support the construction of a new 35-story mixed-use development consisting of 360 residential units—90 of which will be designated as affordable housing—along with approximately 2,979 square feet of commercial space, various amenities, and related site improvements on the Property.