The Kushner family's business has dropped its $150 million bid to redevelop a Jersey City industrial site into a massive housing complex, per Bloomberg.

The intrigue: A Kushner spokesman said that the company dropped its plan "late last year," but Jersey City representatives thought the deal was on as recently as a few weeks ago.

Why it matters: Kushner Companies LLC might be feeling the heat after controversy regarding possible conflicts of interest — given Jared Kushner's senior White House role — reached a fever pitch last weekend when Kushner's sister pitched Chinese investors on a controversial U.S. visa program offered to wealthy foreign financiers.