Kushner firm drops bid to develop Jersey City's Bayfront

Kushner Companies is no longer seeking to develop a sprawling, formerly contaminated site on the western Jersey City waterfront that officials have said will become the city's "second gold coast."

The firm, run by the family of Jared Kushner, adviser and son-in-law to President Trump, was one of multiple bidders seeking to develop the 100-acre property, known as Bayfront. The city's plan is to have more than 8,000 units of residential housing, parks, retail shops and other commercial properties on the site, located along the Hackensack River just north of Society Hill.

Kushner Companies spokesman James Yolles confirmed the news, first reported by Bloomberg.

"A decision was made late last year not to pursue the project because the company was not persuaded by the economics of the deal," Yolles said.

Read more: http://www.nj.com/hudson/index.ssf/2017/05/kushner_firm_backs_out_of_developing_bayfront_in_j.html