The massive building boom in Jersey City’s Journal Square is slated to welcome a new crane to the landscape soon as another multi-phased development that will add over 1,000 housing units and a new museum has obtained a construction loan.
Kushner Real Estate Group announced they have secured $175 million in construction financing for the first phase of Artwalk Towers. Kennedy Wilson issued the note for the project, which will rise across the street from the Journal Square PATH station.
Designed by Handel Architects with landscape engineering work from Melillo Bauer Carman, Jersey Digs first reported on the project back in 2022. The plan was tweaked a bit earlier this year, as Artwalk Towers will now include space for the stalled Pompidou museum.
Jersey City’s Council granted the project a 30-year tax abatement to facilitate the move. The art museum will occupy 100,000 square feet in one of the towers that the city owns under the deal.
KRE has moved quickly on the project since obtaining the tax break, finalizing their purchase of the land just last month. Situated at 808 Pavonia Avenue, phase one will consist of a 49-story tower with 595 total residential units.
Amenities at the tower will include coworking spaces, a gym, as well as a rooftop area including a swimming pool and sundeck. Besides the high-rise a 22-foot-tall structure with more than 6,000 square feet of gallery and commercial space will be constructed as part of phase one.
The tower will also have 237 parking spaces and bicycle storage. Per a redevelopment agreement with the city, KRE will be making an additional $3.5 million contribution to the Journal Square Cultural Arts Fund as a giveback that will allow the towers to exceed the area’s 37-store height limit.
The design of both the first and second phases is tiered, with the exterior of the buildings utilizing articulated metal panels plus ground floor curtain walls. The development also includes some amenities for the community, as a “street connector” will be built between Pavonia and Van Reipen Avenues to facilitate an “art walk” spanning the project.
The remainder of the art walk space will span Kennedy Boulevard and create areas dubbed Magnolia Plaza, The Town Square, The Art Space, and The Dog Park. Other components of the walk include an amphitheater area and a landmark clocktower.
The second phase of Artwalk Towers will be a bit taller at 55 stories, with the entirety of the development including a total of 1,189 units. No affordable housing is included in the plan despite the tax abatement granted by Jersey City.
KRE is betting big on Journal Square, as the company recently completed their transformative Journal Squared project across the street. That $900 million endeavor spans 2.3 million square feet, includes several retail spaces, and spans a grand total of 1,840 units across three towers.
