In what is arguably Jersey City’s most visible area of rapid growth, Journal Square is a neighborhood literally on the rise. Now, a fully approved high-rise development site is for sale and accepting bids.
Surrounded by soaring high-rises, some completed, others currently rising, 500 Summit offers developers a shovel-ready development project in a highly desirable, rapidly growing area. Approvals are in place for a 42-story high-rise tower spanning over 916,000 square feet on a 0.8-acre site. Flexible zoning allows for residential, retail, office or hotel and includes parking. The project can be built as 100% free market units, further adding to the upside of the site.
Located adjacent to the Journal Square PATH station, the site offers direct access to both Downtown and Midtown Manhattan. In addition, the Journal Square Transportation Center is also served by NJ Transit and private bus lines to both north and south New Jersey neighborhoods including all NJ Shore points and Atlantic City.
Neighboring projects include KRE Group’s three-tower Journal Squared project, which is wrapping up construction on its third tower. Kushner Companies’ One Journal Square tower is currently rising, which will include significant retail space anchored by Target.
The last two decades have transformed Jersey City into a bustling city in its own right. No longer simply a bedroom community for commuters to Manhattan, Jersey City now hosts many highly acclaimed restaurants, major retailers blended with boutique mom-and-pop shops, and is also home to the headquarters of many large corporations.
With the Hudson River waterfront now mostly developed, growth has moved westward, most notably to Journal Square. Originally the cultural and business center of Jersey City, the area is currently undergoing a rebirth. Numerous new residents have moved to the neighborhood, bringing new businesses, restaurants, and a pipeline of arts and cultural projects.
500 Summit is marketed by Hilco Real Estate Sales and bids are due by April 8th. For more information on the opportunity visit or contact Jonathan Cuticelli at [email protected].
