JERSEY CITY, NJ—The KRE Group and National Real Estate Advisors broke ground this week for “Journal Squared,” a three-tower, mixed-use development adjacent to the Journal Square PATH Station that the two developers hope will revitalize the massive Journal Square transportation hub and become the centerpiece of a resurgent urban neighborhood.
The new 53-, 60- and 70-story towers, at the intersection of Pavonia and Summit Avenues, will have 1,838 rental units, 36,000 square feet of retail and restaurant space and a pedestrian-friendly public plaza.
“This is an exciting day because this is really a game-changer for Jersey City in so many ways,” says Jersey City Mayor Steven Fulop. “This project is going to change Jersey City, and it's certainly going to change Journal Square. When all three towers are complete, it will literally transform and recreate the entire Jersey City skyline. That is no small accomplishment and nothing short of something that the entire city should be proud of.”
Phase I of Journal Squared will be a 53-story building with 538 rental apartments scheduled for completion by the end of 2016. 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 development will include 920 parking spaces and the developers say they will pursue LEED certification for all three buildings.
Designed in collaboration by HWKN and Handel Architects, the new development 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.
A significant community element of the project 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.
“While Journal Squared was designed to meet the ever-increasing demand for a desirable urban living experience near public transportation, the broader intent is to complement the existing mass-transportation infrastructure with new residential, retail and open space to create a well-balanced destination that becomes a center point for community life,” says Murray Kushner, chairman of The KRE Group. “We successfully executed this formula at our Grove Pointe development across from the Grove Street PATH Station in downtown Jersey City, and believe Journal Squared will achieve similar results, but on a much larger scale. This development will help Journal Square reach its potential as a dynamic urban neighborhood for those who choose to live, shop, dine and work here.”
The first phase will also feature more than 10,000 square feet of amenities in the building, including the entire eighth floor. An outdoor swimming pool, fitness center, golf simulator and children's playroom will be offered. A 2,000 square-foot entertaining space will be located on the 53rd floor.
“We are excited to be working alongside KRE Group on this transformative new icon for Jersey City,” says Jeff Kanne, president and CEO of National Real Estate Advisors. “We're also proud that this new development will generate much-needed jobs for the people of New Jersey. We believe this project will spark a renaissance in the Journal Square neighborhood similar to what downtown Jersey City has already experienced, with increased economic activity and numerous new employment opportunities benefitting not only new residents, but the community as a whole.”
The overall development is expected to create over 700 construction jobs and approximately 20 permanent jobs.
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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].
