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.
These days, everything seems to get the Brooklyn stamp. The Post even went so far as to declare Pennsylvania’s Amish Country the new incarnation of the borough. But a bit closer to home, Jersey City’s Journal Square is making serious headway in the race to become the next frontier. As CityRealty.com recently explained, the slightly-inland area, easily accessible to Manhattan via the PATH train, is prime for development due to lower land and construction costs than the waterfront. At least 10 major residential projects are planned for Journal Square, and according to Ken Pasternack, chairman of developer KABR Group, “Rents for a new-development high rise will be $40 a square foot here, as opposed to $100 in Manhattan. We’re betting tens of millions of dollars that in the next 10 years, the neighborhood will be a brand on par with Brooklyn.”
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.