Once the core of Jersey City, Journal Square is currently in the early stages of a comeback that so far is showing no signs of slowing down. The most prominent sign of the rebirth is KRE’s towering Journal Squared high-rise which welcomed residents last year. That project’s second and tallest tower is currently under construction and should top out by the end of the year.
However, it’s not just large developers claiming a piece of Journal Square. Grid Real Estate just announced the sale of three smaller development sites, all within the Journal Square 2060 redevelopment zone, all to local mid-sized developers.
“Journal Square continues to attract many small and large investors looking to develop within the 2060 redevelopment plan,” said Bob Antonicello, President of Grid Real Estate LLC. “The courthouse market is a natural extension of what’s coming to the ‘core’ of the square. We’re looking forward to seeing these projects going forward and the overall development of the city’s central business district as it continues to take center stage.”
The properties sold are located at 425 Hoboken Avenue, 26 Oakland Avenue, and 14-16 Oakland Avenue. All properties were sold as vacant lots and fall within the Journal Square 2060 redevelopment plan.
425 Hoboken Avenue is a 7,800-square-foot site that currently contains a vacant firehouse and abuts Namdar Group’s 30-story residential tower that has just broken ground. 26 Oakland Avenue is a 4,400-square-foot corner site which currently is a vacant parking lot and sits across from a recently approved 15-story 297-unit development. 14-16 Oakland Avenue is a 4,700-square-foot site that sits directly across from the soon to be Frank J. Guarini Court House.