Plans for Imperial Tower at 2966 John F. Kennedy Blvd. in Jersey City call for 542 apartments, a 154-key hotel and 34,105 square feet of ground-floor retail space. — Renderings by MVMK Architecture / Courtesy: Integritas Capital and Kriss Capital
By Joshua Burd
A development team has scored $220 million in financing to complete a 56-story high-rise in Jersey City, one that’s slated to include 542 apartments and a 154-key hotel after it was redesigned mid-construction to allow for a major expansion.
The lenders, Integritas Capital and Kriss Capital, announced Thursday that they provided the debt in connection with the so-called Imperial Tower project at 2966 John F. Kennedy Blvd. and just two blocks north of the Journal Square PATH station. That positions developers Kuldeep “Sunny” Kumar and Mohan Myneni to complete the project in 2028, adding to the fast-growing stock of luxury rentals in the historic commercial district.
Plans for the 827,867-square-foot development, which will have 57 homes reserved as affordable housing, also call for 34,105 square feet of ground-floor retail space.
“Imperial Tower represents a thoughtfully planned mixed-use development in a premier transit-oriented location that addresses a growing demand for housing and hospitality in one of the region’s most dynamic neighborhoods,” said Stephen Palmese, managing principal at Integritas Capital. “Our background as developers, combined with the construction expertise embedded throughout our vertically integrated platform, enables us to assess complex projects through a lens that many traditional lenders cannot.”
Originally conceived as a smaller-scale project, Imperial Tower broke ground in 2023 but was paused the following year to allow Kumar’s team to take advantage of newly adopted density bonuses for Journal Square, according to published reports. That allowed it to expand the development from 35 to 56 stories, a design that yielded 542 residential units with floorplans ranging from studios to three-bedroom homes plus penthouses, as well as the Marriott-flagged hotel.
Noble Construction is the project’s general contractor, with MVMK Architecture serving as architect of record.
“Journal Square continues to experience strong population growth and investment activity, and we are pleased to provide financing for a project that will expand housing supply, introduce new hospitality accommodations and contribute to the neighborhood’s continued evolution,” said Jody Kriss, founder of Kriss Capital.
According to a news release, Imperial Tower will have a contemporary glass façade, expansive views of the Manhattan skyline and amenities such as a rooftop infinity pool, a fitness center, coworking lounges, a private screening theater, a library, a children’s playroom and dedicated pet facilities. New retail offerings and streetscape improvements will activate the building’s frontage along John F. Kennedy Boulevard, while residents will be steps from the Journal Square PATH station with easy access to both Lower and Midtown Manhattan.
Upon completion, Imperial Tower will stand among the tallest residential structures in Journal Square.
“From the outset, our goal was to create a landmark mixed-use destination that supports the continued evolution of Journal Square,” Kumar said. “Integritas Capital recognized the strength of that vision and has been an invaluable partner in helping bring it to life, and we look forward to advancing a project that expands housing opportunities and contributes to the neighborhood’s long-term growth.”
