Citi Bike Jersey City—named, like its New York counterpart, for lead sponsor Citigroup Inc.—will initially include 350 bikes and 35 stations, officials said on Tuesday. The two programs will be “interoperable,” meaning members can use their key fobs to access bikes in either city. An annual membership will cost $149, the same as in New York.

The launch comes at a time when New Jersey’s second-largest city is growing rapidly, attracting young professionals who would otherwise be living in the five boroughs. Officials there have been embracing the changes, opening up pedestrian plazas, shifting development incentives and creating 22 miles of bike lanes in recent years. They say a bike-share program is the “next step.”

“Jersey City is a diverse community with residents who largely use bikes, mass transit or walk to work and the city’s culture and vibrancy make it the perfect place for bike share,” Mayor Steven Fulop said in a statement.

For Fulop, an ambitious Democrat who is widely expected to run for governor in 2017, the news marks a major turnaround. His previous effort to launch a regional bike-sharing program fell apart last year as Citi Bike struggled in New York, ultimately requiring a buyout from several new investors.

The company managing the system has since been renamed Motivate and it has hired Jay Walder, the former chairman of the Metropolitan Transportation Authority, as its chief executive. On Tuesday, Citi Bike also announced new location in New York City.

The Jersey City program will be privately funded and so far has received $3 million in sponsorship agreements, according to a spokesperson. The initial startup costs were previously said to be about $2.5 million. Other sponsors include the Horizon Foundation, SUEZ North America, CarePoint Health and Jersey City Medical Center-Barnabas Health.

A website for the program went live on Tuesday— www.citibikejc.com—and will allow for sign-ups starting on Wednesday. Anyone who becomes a member before the launch in Jersey City will be able to ride in New York immediately.

“Citi Bike has already proven to be wildly popular in New York City with over 19 million trips in a little over two years,” Walder said in a statement. “We’re now expanding the reach, making bike share a seamless part of the region’s transportation network.”