The Jersey City Redevelopment Authority (JCRA) designated Canbis LLC as redeveloper and Dream Hotel Group as operator of a 25-story mixed-use tower on Newark Avenue in Journal Square.
Preliminary plans call for a 110-room hotel, 241 residential units, 6,200 square feet of retail space, a daycare center, and 120-unit parking structure on one site owned by JRCA and four sites owned by Canbis affiliates.
“This selection of Dream Hotel Group to operate a major mixed-use project in Journal Square represents a huge step forward for the neighborhood at the heart of our City, as well as our region as a whole,” Jersey City Mayor Steve Fulop said in a prepared statement. “The plan brings with it an internationally known brand that will bring a dynamic energy to the area, as well as hotel rooms, residential units, and tons of retail space. I am excited by the selection of this proposal and look forward to continuing to push Journal Square, and Jersey City, forward.”
The office of the mayor said Canbis, who currently owns four-fifths of the site on Newark Avenue, will purchase a parcel, 693-701 Newark Avenue and 30 Cottage Street, from the JCRA for $8.7 million.
Shree Bhuvneshwari Realty, a Canbis affiliate, owns 703-707 Newark Ave and 40 Cottage Street.
According to the Redevelopment Authority’s resolution, the organization received eight proposals for the site through an RFP process.
“Our evaluation team was impressed by Canbis, LLC’s innovative and thoughtful approach to their redevelopment plan in Journal Square,” said Diana Jeffery, acting director of the JCRA. “In addition, through this project Dream Hotel Group proved their engagement and enthusiasm for Jersey City’s culture, and have future plans to partner with local businesses and vendors to integrate the project with the surrounding community.”
According to a news release from May 2017, Dream Hotel Group expects to increase its footprint to 10,034 hotel units across 42 properties by 2022.
Canbis and Dream Hotel Group must present a final redevelopment agreement for the JCRA site on or before December 19.