Two connected high-rises that have jumpstarted a neighborhood revitalization will be getting a towering addition in the coming months as the final portion of a massive Jersey City project has celebrated its official start.
A variety of local dignitaries joined principals from KRE Group and National Real Estate Advisors yesterday to mark two significant milestones at Journal Squared. The occasion celebrated both the five-month lease-up of the development’s 704-unit second tower and the groundbreaking on the project’s third and final 60-story high-rise.
Journal Squared’s 68-story second phase opened in March this year and features a ground-floor section with several works from local artists. In addition, a supermarket will be coming to the retail space on the Summit Avenue side of the building within the next few months.
Located partially above the Journal Square PATH station, the three-tower development, designed by Hollwich Kushner Architects (now called HWKN Architecture D.P.C.) and Handel Architects LLP, has revamped the surrounding area with several plazas and will ultimately total 1,840 rental residences and 36,000 square feet of retail space. Marc Kushner, Design Director at KRE Group, said during the ceremony that construction on the third tower is expected to formally begin in two weeks.
Jersey City Mayor Steve Fulop also spoke during the festivities and noted the myriad of other construction in the neighborhood, some of which can be seen from Journal Squared’s 8th-floor outdoor amenity terrace. He specifically mentioned Namdar Group’s multi-tower investment, Spitzer Enterprises’ project at 425 Summit Avenue, and the upcoming Urby Journal Square.
Besides the residential developments, a three-acre park is slated to be built on nearby Newark Avenue at the site of the current Hudson County Administration Building. That endeavor should begin in 2023 after construction wraps on the Frank J. Guarini Justice Complex that is being built across the street.
“The robust leasing activity we experienced in Tower 2 over the past five months demonstrates the enormous demand that exists here,” said Jonathan Kushner, President of KRE Group. “That speaks volumes about the product we’ve delivered, and the growing appeal of the neighborhood itself. We’re delighted to now begin work on the third tower which will bring our full vision to fruition.”
The third leg of Journal Squared will feature a collection of 600 rental residences complemented by another 18,000 square feet of amenities. The new social spaces in the final tower will showcase a creative theme highlighted by a performance lounge, karaoke room, and recording spaces. Residents will also enjoy a makerspace area, co-working lounge, lobby café, and a sky lounge.
Construction is slated to wrap on the entirety of the Journal Squared development during the spring of 2024.