The first of three residential towers that will rise above Jersey City's historic Journal Square neighborhood is on track to be complete by the end of this year, its developers said.
The project, known as Journal Squared, is being developed by The KRE Group and National Real Estate Advisors and is aimed at fueling the revival of the onetime commercial hub of the city. Plans ultimately call for 1,838 rental units, 36,000 square feet of retail and restaurant space and a pedestrian-friendly, public plaza alongside the busy Journal Square PATH station.
The first building will be a 52-story, 538-unit tower, according to a news release. The other two towers will be 60 and 70 stories, respectively.
“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,” Jeff Kanne, CEO and president of National Real Estate Advisors, said in a prepared statement. “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 developers have “topped out” the first tower at 563 feet, a milestone celebrated last month in a ceremony with Jersey City Mayor Steven Fulop and other local officials. At the time, KRE Group President Jonathan Kushner said the project would “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.”
The project is creating more than 700 jobs in Jersey City, including construction and eventual full-time employment opportunities. It has been designed in collaboration by HWKN and Handel Architects.
When complete, Journal Squared 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, the news release said. It will also feature a 2,000-square-foot entertaining space that will be located on the 53rd floor.