Page 40 - RE-NJ Nov.2021 #59

38 NOVEMBER 2021
COMING TO FRUITION
Developers kick off 600-unit third phase of landmark Journal Squared project
By Joshua Burd
Construction is underway on the final phase of the acclaimed Journal Squared project in Jersey
City, with plans calling for 600 new apartments amid continued demand at the property.
Its developers, Kushner Real Estate Group and National Real Estate Advisors LLC, joined public officials in early October to mark the start of the 60-story third tower. When complete, the development will include a total
of 1,840 upscale rentals and 36,000 square feet of retail and restaurant space at the corner of Pavonia and Summit avenues, having helped spark the revival of the city’s historic commercial hub.
The joint venture broke ground while also celebrating the success of the 704- unit second phase of Journal Squared,
which leased up in five months.
“Thank you to the KRE team for your belief in Jersey City and belief in Journal Square,” Mayor Steven Fulop said. “KRE has been a phenomenal partner for decades in Jersey City and willing to enter areas where few large developers would be willing to go. This has happened here in Journal Square, and you can now see the transformation occurring. This is just the early stages for what is on deck
in Journal Square which has a future that’s very, very bright. We couldn’t
be more excited that this building has completed leasing and that the KRE Group is still committed to Jersey City and immediately breaking ground on the newest tower.”
Located atop the Journal Square Transportation Center, the complex
Kushner Real Estate Group and National Real Estate Advisors LLC recently broke ground on the third and final phase of Journal Squared, a mixed-use project in Jersey City that will include 1,840 upscale apartments at full build-out, as depicted in this rendering.
is already home to thousands of residents, a business known as Whealth Kitchen and a new pedestrian plaza built by KRE. The developer’s efforts in the neighborhood go back some 15 years, thanks in part to the promise of its mass transit access and an untapped neighborhood away from the city’s waterfront.
“Our intent all along was to complement the existing mass- transportation infrastructure with new residential, retail and open space to create a well-balanced lifestyle
for residents
that would also
have a lasting
impact on the
city as a whole,”
said Jonathan
Kushner,
president of
KRE Group.
“The robust
leasing activity we experienced in Tower 2 over the past five months demonstrates the enormous demand that exists here. That speaks volumes about the product we’ve delivered, and the growing appeal of the neighborhood itself. We’re delighted to now begin work on the third tower, which will bring our full vision to fruition.”
The third leg of Journal Squared, which was designed by Hollwich Kushner Architects and Handel Architects, will feature 18,000 square feet of amenities that will bolster
the nearly 100,000 square feet of indoor and outdoor spaces within the first two buildings and shared by all residents, according to a news
release. The new social spaces will showcase a creative theme highlighted by a performance lounge, a karaoke room and recording spaces, with other offerings set to include a makerspace area, a co-working lounge, a lobby café and a sky lounge.
Construction is slated to be completed in spring 2024.
“Building upon the success of phases one and two, we look forward to continuing to contribute to the growth and vibrancy of Jersey City with the third tower,” said Jeffrey Kanne, president and CEO of National Real Estate Advisors. “Journal Squared
is a hallmark build-to-core project for National delivering on our commitment to create value, provide jobs and strengthen economic vitality in the places where we invest.”
The Marketing Directors served as exclusive marketing and leasing agent for the second tower, where renters also benefit from the surrounding restaurants, shops, cafes and nightlife destinations, along with views of the Hudson River, the Statue of Liberty, Ellis Island and downtown Manhattan.
Also on hand for the Oct. 5 ceremony was Hudson County Executive Tom DeGise.
“There’s nothing better than a groundbreaking, unless, of course, you have a ribbon-cutting and today we have both and that makes this event very, very unique,” DeGise said. “We’re thrilled to have Journal Squared as a neighbor. We now have something to look forward to.” RE
Jonathan Kushner
Courtesy: KRE Group