Kushner Real Estate Group President Jonathan Kushner spoke Tuesday, Oct. 29, as KRE and National Real Estate Advisors joined their project team, Jersey City Mayor Steve Fulop and other officials to mark the opening of the third and final phase of the 1,840-unit Journal Squared project in Jersey City.
By Joshua Burd
Kushner Real Estate Group has debuted the third and final piece of Journal Squared, the collection of more than 1,800 luxury apartments that’s widely seen as a main catalyst for the decade-long development boom in Jersey City’s historic commercial district.
The developer and its partner, National Real Estate Advisors, joined their project team, Jersey City Mayor Steve Fulop and other public officials on Tuesday to mark the opening of the new 598-unit tower at Pavonia and Summit avenues. That meant not only highlighting the 60-story third building but reflecting on a $900 million, 2.3 million-square-foot project that is nearly two decades in the making and also includes more than 100,000 square feet of upscale amenities, 36,000 square feet of street-level retail space and a public plaza alongside the all-important Journal Square Transportation Center.
“It’s been a gargantuan effort,” said Jonathan Kushner, KRE Group’s president, noting that the company first visited the site in late 2006 before it began to assemble the development parcel. He went on to thank a long list of private- and public-sector professionals that contributed to the project, which has drawn thousands of residents to the Journal Square neighborhood.
“Truly, everyone here had some role in getting to where we are today,” Kushner said.
Designed by Handel Architects and HWKN Architecture, Journal Squared has been visible for miles from both sides of the Hudson River as each of the three towers has risen in recent years. KRE and National broke ground on the first building in 2014 as Fulop and other city officials began a push to revitalize Journal Square and steer investment beyond Jersey City’s booming waterfront, giving way to a successful lease-up of the initial 538 apartments and the start of the 704-unit second phase in 2018.
In the ensuing years, developers have broken ground on and completed thousands of apartments at other projects around the PATH station and transit hub, which anchors Jersey City’s onetime commercial epicenter, while spurring other investments such as the restoration of the historic Loew’s Jersey Theater.
“It takes a special developer to actually see what was possible here at the time,” Fulop said Tuesday, lauding KRE’s vision for the neighborhood. He noted that, despite the abundant transportation infrastructure in Journal Square, “the reality in 2012 and 2013” was that development was highly concentrated along the Hudson River.
“People were a little bit cautious of venturing away,” he added. “And then to think about this big building and the amount of capital that they were willing to invest here … it was really something that was transformational for the state of New Jersey.
Built by AJD Construction, the final tower connects to project’s upscale, hotel-style lobby and includes amenities such as a performance lounge with bleacher seating, a soundproof recording studio, a karaoke lounge, a boxing gym and a sky lounge with a wet bar and sweeping views. Those features complement existing shared spaces across the development, including a fitness center, an indoor bouldering wall, a library and multiple coworking lounges and conference rooms, among others.
“From the drawings that we made 15 years ago to seeing these soaring towers in this area and an entire area transformed, it’s incredibly gratifying and thrilling to do it with all of you,” said Marc Kushner, KRE Group’s chief design officer.
Jeffrey Kanne, CEO and president of National Real Estate Advisors, added: “Journal Squared is testament to National’s commitment to building sustainable, community-centered developments nationwide. More than a decade ago, we set out to create a vibrant hub of convenience, connectivity, and thoughtfully designed living spaces. Today, we are proud to see that vision fully realized.”
According to KRE and The Marketing Directors, which has overseen leasing for all three buildings, the third phase is poised to continue the momentum enjoyed by the first two buildings.
“Journal Squared set a new standard for luxury living in Jersey City, and the exceptional leasing success across all three towers speaks to the appeal of this unique community,” said Jacqueline Urgo, president of The Marketing Directors. “This final phase continues to attract renters drawn to its outstanding amenities, connectivity, and the energy of Journal Square.”
