A transformative development currently rising in Jersey City has obtained a massive construction loan that will make sure the two-tower project meets its anticipated opening in two years.
Kushner Companies recently landed a $295 million loan for their One Journal Square endeavor. The project, which will invest over $1 billion in the neighborhood, will consist of 1,723 units and sprawling retail space on the ground floor to be anchored by a new Target store.
The loan for the project was issued by Apollo and RXR Realty and will help fund the remaining construction costs for the project, which finally broke ground after years of delays in 2022.
The structure began properly rising last year and the first tower is topped out. The two-million-square-foot development is situated adjacent to the neighborhood’s PATH station on a parcel that has sat vacant since 2009.
Set to rise 710 feet in the air at the highest point and consist of two 64-story structures, One Journal Square was designed by global architectural firm Woods Bagot. The base of project will include 883 parking spaces plus 40,000 square feet of retail space.
Future residents at One Journal Square will have access to robust amenities that include an Olympic-size indoor pool, cold plunge pool, whirlpool spa, sauna and steam rooms, a bowling alley, golf simulators, multiple lounges, co-working spaces, a chef’s kitchen and a kid’s club.
The buildout of One Journal Square will also see the construction of a new public plaza facing John F. Kennedy Boulevard, which will transform a taxi parking lot into green space with new seating areas. Kushner anticipates that the entirety of the project will be completed sometime in 2026.
