JV Breaks Ground on Jersey City Tower
The 38-story high-rise marks the latest project in the city for KRE Group, which is building several other properties in the downtown area.
KRE Group, in a partnership with Northwestern Mutual, has broken ground on a 507-unit mixed-use residential tower in downtown Jersey City. The project is the latest in KRE Group’s roster of projects in the city. Designed by Hollwich Kushner in a partnership with HLW, the 38-story building, dubbed 351 Marin, will also include 8,000 square feet of commercial space and a 4,500-square-foot public plaza.
The project is rising at 351 Marin Blvd., at the corner of 1st Street and Marin Boulevard, within the Powerhouse Arts District. The Grove Street PATH station is a three-minute walk from the community while several restaurants and nightlife venues have recently opened nearby, including biergarten Hudson Hall. The community will offer 203 parking spaces and two full floors of amenities for residents. A spokesperson for KRE Group declined to divulge more information about the unit mix and amenities at the property.
Active players in the market
The 351 Marin project is the latest new development for KRE Group, which has been busy developing Journal Squared, a three-building, mixed-use project that will house a total of 1,840 residential units once completed in 2021. Journal Squared is in an opportunity zone and is aiming for LEED certification. KRE Group previously developed Grove Pointe, also located on Marin Boulevard, as well as luxury rentals 225 Grand, 18 Park and 485 Marin.
Northwestern Mutual has been an active buyer and seller of multifamily properties across the country over the last several months. Last month, the life insurance firm purchased a luxury community in Tampa, Fla., for $103.5 million from a joint venture between Forge Capital Partners and Intown/Framework Group. Prior to that deal, the company bought a 326-unit luxury community in Washington, D.C. for $141 million from Skanska in June and sold a St. Petersburg, Fla., community for a record $85.1 million.