JERSEY CITY, NJ-This is how it begins, the grand and massive redevelopment of Journal Square, where four major projects are planned to transform the gritty area around the PATH station with towering apartment buildings, a revived theater and new hotel, retail and office space. All that will take a decade or two. It begins like this: 56 apartments carved out of a 1960s office building opening next month.
“We're a forerunner at Journal Square,” says Matt Weinreich of New York City-based Hopkins Group. “We're here at the start of an incredibly exciting time.”
The company's Kennedy Lofts will open at 100 Newkirk Street just off the square, in a former social services building that just months ago was a typically frayed element in an old and quirky neighborhood.
Cracked sidewalks and windows, grafitti on the walls, a balky elevator and grungy hallways. At first, Weinreich brought potential partners and financiers to see the building - named for John F. Kennedy who had stopped by Journal Square in 1960 on his last campaign appearance in the presidential campaign that year – and they said, “This is where you want to do development, huh?”
In the last year, though, he says, “Jersey City has gained legitimacy in the region.” Like Jonathan Kushner, who is president of the KRE Group that will build three towers, 54, 60 and 70 stories tall, at Journal Square, Weinreich credits state incentive programs and Jersey City's new mayor Steve Fulop for changing the dynamic in this city.
The mayor has made 30-year tax abatements available to developers – such as KRE – a “generational commitment,” as Weinreich says. He has also thrown his weight behind the redevelopment and transformation of the Loew's Jersey Theatre, a Journal Square landmark across from the PATH station that has long been considered a gem in the rough.
Skyrocketing housing prices in Manhattan continue to drive renters to the Jersey City waterfront, where prices are starting to rise and occupancy is very tight.
"While Journal Square is only now beginning its transformation,” says Weinreich, “we believe that people will very quickly see the merits of staying on the PATH one additional stop past the Jersey City waterfront. People will really be surprised at the value they can get in a location that's almost directly next to a PATH station."
The Kennedy Lofts building has studio, one-bedroom and two-bedroom layouts, with monthly rents to start at $1,500; one-bedrooms at $1,800 and two-bedrooms at $2,100 a month.
Units have ten-foot ceilings and huge windows providing views of Manhattan, the Statue of Liberty, Ellis Island, the Verrazano Narrows Bridge and the entire area. There are USB ports in every room of each unit and amenities will include a rooftop terrace, fitness center, tenant lounge and game room, bicycle room and storage lockers.
“We know this will be a very compelling package and we are thrilled to be the first building to emerge in this niche at Journal Square,” adds the developer. Hopkins' joint venture partners for the development are the ROC Group and Skyview Capital of New York City.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
