JERSEY CITY — Despite opposition from two council members and several residents, and driven by a flood of union workers who turned out to express their support, the City Council on Wednesday approved a residential housing project on Marin Boulevard that will receive a 25 year tax abatement and $20 million in redevelopment bonds, according to local news reports.
The two-tower, 852-unit project on Marin Boulevard was approved by a vote of 7-2. Councilmen Richard Boggiano and Michael Yun voted “No.”
The long term tax break and bonds were a sticking point with both the dissenting councilmen and several residents.
The towers, proposed by developer Forest City, are planned to be 35 stories and 36 stories, with an estimated 420 and 432 residential units, respectively. Of the total of 852 units, 172, or 25 percent, will be affordable housing rental units.
The towers will be built on the former old Pep Boys location in the Metro Plaza shopping center in Downtown Jersey City near the Newport mall. In lieu of paying regular taxes, Forest City will pay Jersey City 7 percent of its annual gross revenue from the $449 million project.
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