Kushner Cos. and KABR Group have paid $27 million to acquire another development site in Jersey City's Journal Square section, one that could house some 1,500 multifamily units.
The 2-acre site known as One Journal Square is located at Sip Avenue and John F. Kennedy Boulevard, the firms said in a news release Monday. Aside from the residential units, the property is entitled for development that also includes “a large retail component” and parking.
“We are bullish on Jersey City, as evidenced by this investment as well as our strong development history in the market,” Jared Kushner, CEO of New York-based Kushner Cos., said in a prepared statement. “We look forward to unveiling plans for One Journal Square that will help drive the city’s continued renaissance.”
The firms have not yet announced a timeline for the project, which is a 50-50 joint venture.
It’s the latest redevelopment plan to move forward in Journal Square, the city’s onetime commercial hub that’s anchored by a busy PATH station. Kushner and KABR also own the site that long served as the Jersey Journal headquarters, which will be home to a 40-story apartment tower behind the building while its iconic façade is preserved.
“One Journal Square is an investment that aligns with our tradition of identifying real estate opportunities to apply our entrepreneurial approach to create great value,” said Kenneth Pasternak, KABR’s chairman. “Working with Kushner Cos. and the city, we will soon share plans for this site that will bring a new 24/7 vivacity and energy to the heart of Jersey City through the development of a truly outstanding mixed-use product, and contribute to the ongoing transformation of this city into a first-choice destination.”
In his own statement, Jersey City Mayor Steven Fulop said, “For the last eight years this lot has been a vacant eyesore.
“Our administration has put a great deal of effort to move Journal Square forward and help foster this transition so this lot can be transformed, which is major step forward that we are excited about.”
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