, Tue, September 26, 2017
Old rendering of One Journal Square via KABR Group
The contentious residential and office tower planned for One Journal Square in Jersey City is getting a second life today when Kushner Companies and KABR Group present revised plans for the project to the city’s Planning Board. Earlier this year, according to NJ.com, the developers failed to get a package of city subsidies, a major investor and future tenant left the deal and a state tax break never came. The updated plan seeking approval includes two 849 foot tall, 56-story towers with 1,512 residential units plus retail and office space. Older plans called for a 56- and 79-story tower with a total of 1,725 units.
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With significantly lower rents than Manhattan and a less than 20-minute PATH ride to the city, Journal Square continues to blossom into the next hip neighborhood. In addition to the 10+ major residential projects going up in the neighborhood, it’s also looking to become an official Art District. According to Jersey Digs, the newest project to follow suit is a two-tower, mixed-use complex at 808 Pavonia Avenue, adjacent to the historic Loew’s Jersey Theater. Developer Harwood Properties tapped Studio V Architecture to create a pedestrian neighborhood, focused on arts and cultural facilities.
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, Tue, September 20, 2016
A Google Earth rendering of future Journal Square. Created by CityRealty
The migration of the New York development rush over to Jersey City was no surprise. Located along the waterfront, Jersey City boasts impressive views of the skyline and easy access into Manhattan from the PATH train. But as new development arrived at a rapid pace, it has resulted in rising prices and a lack of developable land. That’s caused developers to look inland in search of other Jersey City neighborhoods ripe for new development. Journal Square, the area surrounding the Journal Square PATH station, has clearly emerged as the new frontier. “We’re betting tens of millions of dollars that in the next 10 years, the neighborhood will be a brand on par with Brooklyn,” says Ken Pasternack, chairman of KABR Group, an active Journal Square developer.
SEE WHAT’S ON THE RISE IN JOURNAL SQUARE…