The $19.5 million purchase of seven adjacent properties by Amerestate Holdings hints at big plans for the area just west of the Journal Square transit hub. At less than a 10 minute walk from the Path trains, the property’s location sounds promising for a large scale development.
Included in the sale was Jersey City’s iconic Puccini’s Restaurant that closed earlier this year.
There’s no word yet on what the developer has planned but based on the size of the deal it is going to be large. The current zoning of the property allows for up to eight stories and over 500 residential units.
Journal Square is undergoing some major changes as it claws back its title as the heart of Jersey City. This deal is just another sign that the rebirth of Journal Square may not be as far away as we think.
Full story at Jersey Journal