Yesterday, officials from The KABR Group and Jersey City came together for a ceremonial ground breaking on a new 5-floor rental building at 720-726 Bergen Avenue in Jersey City’s McGinley Square neighborhood. The project is the first major residential development in the area in decades.
The 53,000 square foot mixed-use project will house 58 rental units above street level retail and parking. Planned building amenities include a rooftop deck, BBQ grills and a resident lounge.
Kenneth Pasternak, Chairman of The KABR Group, who spoke at the event, told a story of how one Sunday about 15 years ago, he took Adam Altman [Managing Director of KABR] for a walk through this little hipster neighborhood called Williamsburg. After the walk, KABR acquired 13 buildings in the area. Needless to say, that investment paid off well. Pasternak plans to tell a parallel same story in 10 years about McGinley Square.
With construction now moving forward, KABR expects to have the building open in the first half of 2018.
Christine Barresi, Executive Director of the McGinley Square Partnership, pointed out how excited local businesses are for the project. “These businesses have been the backbone of the community for 25 years and they’re very happy to have KABR here.”
Diane Coleman, Councilwoman for Ward F, who also spoke at the event, is ecstatic that the project is getting underway. “Save some dirt for me, I’m coming over to help out!”, she proclaimed. “We are going to fix Ward F!”
720 Bergen Ave, Jersey City, NJ 07306