Speculation around a new 42-story tower at 500 Summit Avenue in Journal Square was ongoing since 2014 when erroneous reports came out that HAP bought the property. Now, according to the Commercial Observer, the deal officially closed on June 1st.
HAP purchased the 80,000 square foot lot, which is currently used for parking, for $26.5 million. They plan to build a $400 million tower, called HAP Tower, on the site. The 916,955 square foot tower, designed by CetraRuddy architects, will house 800 residential units, 30,000 square feet of retail space, and 100 parking spots.
Journal Square is quickly become the go-to location for big developers. With Journal Squared well under way, One Journal Square moving closer to breaking ground, 3 Journal Square slowly moving along, and eventually, 30 Journal Square, the area’s future is looking bright.
[gmap height=”250px”]500 Summit Ave, Jersey City, NJ 07306[/gmap]
500 Summit Ave, Jersey City, NJ 07306