The sky’s the limit for Jersey City’s Journal Square neighborhood. Literally.
Situated in the western half of Jersey City, three PATH train stops from Lower Manhattan, Journal Square was once one of city’s most prosperous quarters. The area, though, has largely missed out on the waves of development that have, over the last few decades, transformed the Jersey City waterfront along with the downtown stretches around the Grove Street PATH stop.
Seeking to remedy this, the city government has, in recent years, passed a number of initiatives to drive development. First came a 2010 rezoning plan eliminating height density restrictions in certain portions of the neighborhood. Then, upon winning office last May, Mayor Steven Fulop changed the city’s tax-abatement program.
The mayor’s new scheme aims to incentivize developers to locate their projects within key inland spots like Journal Square — which sits one PATH stop from downtown Jersey City and two from the waterfront. Under the new rules, downtown and waterfront developments are eligible, at most, for 10-year abatements. A Journal Square project, on the other hand, can snag up to 30 years of tax abatements.