The team behind Jersey City, N.J.’s Journal Squared project recently topped out phase II at the development, a 754-foot-tall story residential community that is now the tallest tower of the three-building project and the tallest tower in Jersey City. The news was first reported by New York Yimby.
KRE Group’s 537 Summit Ave. is the second tower to rise at the mixed-use project and first broke ground in the spring of 2018. Slated to be fully completed by late 2020, the tower will house 704 residential units and 18,000 square feet of retail space. In January of this year, developers closed on $258 million in financing for the property.
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The milestone comes less than a month after a partnership of KRE Group and Northwestern Mutual broke ground on another Jersey City development: a 507-unit, mixed-use residential tower in downtown Jersey City dubbed 351 Marin.
Detailed information on the unit mix the community have not yet been revealed by KRE Group, but a website for the Journal Squared project reveals that interiors at the development will feature central air, dishwashers and hardwood floors. Community amenities will include a 24-hour attended lobby, package concierge, garage parking, a pool with sundeck, a 24-hour fitness center and a children’s playroom.
A project in the works
The Journal Squared development was approved by the Jersey City Council in 2012, with developers later obtaining a 30-year tax abatement and $10 million in bonds from the city. Situated just above the PATH station in the heart of New Jersey’s Journal Square neighborhood, the development will feature three residential towers—a 54-story, 60-story and 70-story building—that together total 1,840 apartments, as well as office and retail components.
Construction broke ground on the first tower in 2014 and the property was completed the following year. In 2018, a joint venture of KRE Group and National Real Estate Advisors secured $210 million in permanent financing for the property. Designed by Hollwich Kushner and Handel Architects, the 538-unit tower features 20,000 square feet of resident amenities, including a swimming pool, children’s playroom, fitness center and a top-floor observatory lounge.