TRENTON – The Local Finance Board Wednesday approved a $10 million application to help close a financing gap involved with a major development project in Jersey City.
The three-building development in the Journal Square business district will create more than 2,600 permanent jobs, 1,800 market-rate units, and over 36,000 square feet of retail space when completed, the board was told.
The total cost of the three-phase project, involving three high rises each of which has more than 54 stories, exceeds $926 million, the board was told.
Board Chair Thomas Neff said that everything seemed to be in order, but as the project involves a payment in lieu of taxes agreement, the board still needs answers from Jersey City about why it appears not to be sharing some funds with the school district as often is done.
“We’re not going to slow this project down for that sole reason,’’ he said, but as part of due diligence to ensure funds are not being wasted, the board wants the city to complete a questionnaire.
The development, at Summit and Magnolia avenues, will take years to complete. The project already has been OK’d for $33 million in tax credits regarding the first phase of the development, the board was told.
The developer is KRE Group.