In 2014, plans were announced for a 14-story Marriott hotel over the Grove Street Path Station in Jersey City. The $21 million hotel is set to have 152 rooms with plans for it to open in June 2016. Also in 2014, construction started on a Hyatt House hotel at Exchange Place that’s set to be 13 stories, have 258 rooms, and cost $90 million. However, it looks like plans aren’t done for bringing hotels and other new buildings into Jersey City.
There is one new hotel in the works that’s going to be located in a vacant lot right outside of the Holland Tunnel on 14th Street. Construction on the $8 million, 5-story, 87-room hotel is set to start in June 2015 and continue on for two years. A second hotel, which is set to be 7-stories and have 75 rooms, will be located on Tonnelle Avenue and cost $6.1 million. Although the latter project has no start date as of yet, it’s expected to take about a year. The two new hotels will receive a 20-year tax abatement, but it’s expected that both will generate $288,752 total in hotel occupancy taxes every year.
The previously mentioned four hotels aren’t the only construction projects happening around Jersey City. Currently, the honor of having the tallest building in the state goes to Goldman Sachs. Their tower, which is located at 30 Hudson Street in Jersey City, is 781-feet and 42-stories. At 548-feet tall and 42-stories, the Merrill Lynch Building at 101 Hudson Street in Jersey City grabs the number three spot with the former Revel Casino in Atlantic City sandwiched in between the two on the list as the second highest building in New Jersey at 710-feet. However, a planned 950-tower at 99 Hudson Street might knock those other towers down a peg on the list if Perkins Eastman has anything to say about that.
Ground also broke in late October for the Journal Squared project, which involves the building of three towers, one of which is going to be a 700-unit, 70-story tower that will be the tallest residential building in the state. The title currently belongs to the 55-story Trump Tower Residences at 88 Morgan Street in Jersey City. A second tower will be 54 stories and have 538-units, while the third tower will be 60 stories and have 600 units. KRE Group is the developer for the project. Their Chairman, Murray Kushner, said at the groundbreaking, “This project which we’re undertaking today is truly a transformative project — transformative for this wonderful city of Jersey City, and for the state of New Jersey. The design, the scale, the scope of this project, and the importance of this project to restoring the historical significance of Journal Square are self-evident.”
With the aforementioned projects in the works, combined with the influx of businesses bringing their offices over to Jersey City, there’s no doubt that Jersey City is undergoing major revitalization with no signs of slowing down.
