The third phase of Journal Squared currently being built looks like it will be getting a new sky-high neighbor as the green light has been given to another massive project along a rapidly changing corridor.
Jersey Digs first broke the news late last year about a proposed project at 499-501 Summit Avenue from Panepinto Properties. Early renderings emerged last month, and the planning board voted 5-0 to approve the development during their February 1 meeting.
The land encompassing the project spans about an acre and is currently home to a surface parking facility. Panepinto Properties brought on New York-based HLW International to design their latest 53-story project, which will include a smaller five-story base, rise just over 556 feet at the tallest point, and utilize a mixture of gray and black metallic panels on its exterior.
The ground floor of the project is set to feature 3,183 square feet of retail space facing Summit Avenue, which will be spruced up under the plan. A 3,200 square-foot public plaza will run adjacent to the roadway and feature new landscaping work along with other streetscape improvements.
The project will also include 304 bicycle parking spaces in the building’s cellar and a valet parking facility in the rear of the building to be accessed via Summit Avenue. The garage portion will feature vehicle lifts and be capable of storing up to 140 cars.
499 Summit Avenue’s residential component totals 607 units that skew smaller, breaking down as 107 studios, 388 one-bedrooms, 100 two-bedrooms, and 12 three-bedroom spaces. The development’s approval required the city’s planning board to grant several “c” variances but did not trigger the recently enacted affordable housing ordinance.
Amenities at the development include a sixth-floor outdoor recreation area complete with separate indoor spa and lounge sections. A wraparound terrace on the 53rd floor spanning over 4,000-square feet will come complete with windscreens in addition to a 1,361-square foot indoor communal kitchen and a 1,337-square foot coworking lounge.
The neighborhood surrounding the approved tower has a lot going on. Beside Journal Squared, HAP Tower is proposed for a property across the street and a 26-story high-rise from Spitzer Enterprises is under construction just a few blocks away.
Panepinto Properties previously gained now-expired approvals to develop their 499 Summit Avenue property back in 2016, but that project obviously never broke ground. The company has not announced when construction on the new development could begin and did not return an inquiry we placed about the property’s future.