JERSEY CITY, NJ—The KRE Group and National Real Estate Advisors have topped out the first phase of Journal Squared at 563 feet, a milestone in the construction of the partnership's three-tower, mixed-use project to redevelop Jersey City's historic Journal Square neighborhood and its vital intermodal transportation hub.
Mayor Steven Fulop and fellow municipal officials joined the development partnership, union officials and tradespeople to celebrate the construction milestone.
"When you look at the Jersey City that has emerged in the last decade, it really is one of the greatest revitalization stories in the country," says Mayor Fulop. "It is the economic engine of New Jersey, leading the state in both job creation and construction starts, but for a long time Journal Square lagged behind in that progress. Now, for the first time in 45 years, we not only talked about significant development away from the waterfront, we actually got the shovels in the ground. We couldn't be prouder of the growth and potential of our city that is reflected in this Journal Squared development which will remake the entire skyline."
Scheduled for completion in late-2016, Phase I of Journal Squared will offer 538 studios, one-, two- and three-bedroom rental residences with upscale finishes and appointments and views of the Hudson River, Statue of Liberty, Ellis Island and downtown Manhattan. The building will also feature more than 10,000 square feet of amenities, including a full-service fitness center, golf simulator, children's playroom and outdoor pool. A 2,000 square-foot entertaining space will be located on the 53rd floor.
The 53-story building is the first of a three-phase project. Phase II will include 700 rental residences in a 70-story building, while Phase III will feature 600 rental homes in a 60-story building. The project will also include parking for 920 cars, and the developers will pursue LEED certification for all three buildings.
"We're moving quickly to realize our vision for this game-changing project in Jersey City, which combines vanguard design, unmatched transportation links, and outstanding public amenities," says Jeff Kanne, president and CEO of National Real Estate Advisors. "It offers the best of what inspired urban redevelopment must deliver: a highly attractive city environment, convenient lifestyles, and an anchor for future growth."
The development is creating more than 700 jobs in Jersey City, including construction and eventual full-time employment opportunities.
"We're delighted to be here today to recognize the combined efforts of our construction and design teams and the many skilled tradespeople who have helped us get to this point," says Jonathan Kushner, president of The KRE Group. "We believe this iconic project will serve as the centerpiece of a resurgent urban neighborhood by creating much-needed residential, retail and open space that complements the existing mass transportation infrastructure."
Designed in collaboration by HWKN and Handel Architects, Journal Squared will take full advantage of Journal Square's extensive transportation network highlighted by covered access from the residential lobby to the entrance of the PATH Station which offers rail service to lower and midtown Manhattan, Jersey City, Hoboken and Newark. Approximately 1,200 NJ Transit and private buses also serve the neighborhood on a daily basis, offering residents convenient access to major employment and recreation centers on both sides of the Hudson River without having to depend on their cars.
A significant community element of Journal Squared will be a new public plaza that will be built along the Magnolia Avenue entrance to the PATH station. At the heart of the plaza will be an open space courtyard lined with trees, greenery and seating to encourage pedestrian activity and social interaction. The plaza will also feature a "kiss-and-ride" cul-de-sac for safe and convenient commuter pick-up and drop-off.
Participating in the topping-off ceremony, from left: Jeffrey Kanne, president and CEO of National Real Estate Advisors; Dan Gumble, business manager of the International Brotherhood of Electrical Workers Local 164; Murray Kushner, chairman and CEO of The KRE Group; Kevin Verdi, managing director of National Real Estate Advisors; Steven Fulop, mayor of Jersey City; and Jonathan Kushner, president of The KRE Group.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
