Kushner firm drops bid to develop Jersey City's Bayfront

[TexasTowelie]

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

[greymattermom]

1. They made the decision last year?

And were selling it in China last week?

[Thomas Hurt]

2. Look Squirrel!

"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."

bullshit translation: "We recently got caught trying to peddle influence for investment capital through the EB5 visa program for this project."

[mercuryblues]

3. Not many takers on their visa scam

I presume.

[Jim Lane]

4. Responses are confusing two different projects

The recent EB-5 visa pitch was seeking investors for the Kushner project at Journal Square. That one's still live. The one that's been dropped is Bayfront, also in Jersey City but a few miles away from Journal Square.