Spitzer Enterprises has partnered with Arden Group on a planned 26-story, 390-unit apartment tower 425 Summit Ave. in Jersey City, as depicted in this rendering. — Courtesy: Marchetto Higgins Stieve Architects
By Joshua Burd
A joint venture is eyeing a 2024 delivery for a planned 26-story, 390-unit apartment tower adjacent to the busy Journal Square PATH station in Jersey City.
The partners, Arden Group and Spitzer Enterprises, on Thursday detailed their plans for the $150 million project at 425 Summit Ave., seeking to tap into the ongoing demand for apartments in the city and its resurgent Journal Square neighborhood. In the process, they’ll look to capture the benefits of the federal Opportunity Zone program, which provides tax benefits for investing in certain neighborhoods and census tracts.
“We’re excited to partner with Eliot and Spitzer Enterprises on our latest Opportunity Zone investment, which will bring a much-needed new residential option to the New York City region,” said Craig A. Spencer, chairman and CEO of Arden Group. “As employees continue to return to the office, we anticipate this project’s affordability compared to other regional multifamily options and transit-oriented location will be a particularly attractive selection for New York office workers seeking newly built, well-priced housing with convenient access to Manhattan.”
Designed by Marchetto Higgins Stieve Architects, the project is proceeding through one of Arden’s private fund vehicles focused on Opportunity Zone developments, according to a news release. Newmark’s Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani arranged the equity placement on Spitzer’s behalf.
Jersey City’s planning board approved the project earlier this year. In addition to luxury apartments, plans call for ground-floor retail space and parking.
“We look forward to partnering with Arden Group to build this great new addition to Jersey City’s skyline,” said Eliot Spitzer, CEO of Spitzer Enterprises. “Journal Square is thriving and will continue to expand for years to come.”
