Page 16 - RE-NJ

14 WINTER 2024
MARKET MILESTONE
KRE, National unveil fi nal piece
of pioneering 1,840-unit
Journal Squared project
By Joshua Burd
Kushner Real Estate Group has
debuted the third and fi nal
piece of Journal Squared,
the collection of more than 1,800
luxury apartments that’s widely seen
as a 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 offi cials
on Oct. 29 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 refl ecting on a
$900 million, 2.3 million-square-foot
project that is nearly two decades
in the making and 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
fi rst visited
the site in late
Jonathan Kushner
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
Hollwich Kushner, 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 fi rst building in
2014 as Fulop and other city offi cials
began a push to revitalize Journal
Square and steer investment beyond
Jersey City’s booming waterfront,
giving way to the 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,
lauding KRE’s
vision for the
neighborhood.
He noted that,
Steve Fulop
despite the abundant transportation
infrastructure in Journal Square,
“the reality in 2012 and 2013”
Courtesy: KRE Group
Kushner Real Estate Group and National Real Estate Advisors joined their project team, Jersey City Mayor Steve Fulop and other
offi cials on Oct. 29 to debut the third and fi nal phase of the 1,840-unit Journal Squared project.
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 fi nal
tower connects to the 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
fi tness 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 offi cer.
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 fi rst 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 fi nal
phase continues to attract renters
drawn to its outstanding amenities,
connectivity, and the energy of
Journal Square.”