Kushner Cos. says the first phase of One Journal Square in Jersey City will top out in April, when it will also start vertical construction of the project’s second phase. The completed development will include 1,723 rental units with more than 40,000 square feet of indoor and outdoor amenity space, as well as parking for more than 900 vehicles and 40,000 square feet of retail space that’s fully leased to Target. — Courtesy: Kushner
By Joshua Burd
A closely watched project that will add more than 1,700 apartments to Jersey City’s booming Journal Square neighborhood is on the verge of two key construction milestones.
Its developer, Kushner Cos., says the first phase of what’s known as One Journal Square is more than three months ahead of schedule and will top out by April, as crews complete the steel frame for the 64-story, 966-unit north tower. The firm at that point will also start vertical construction on the second phase, where plans call for another 757 units atop the podium that’s been built to support both structures.
Both buildings will stand at 710 feet tall when they open in mid-2025 and mid-2026, respectively, rising above the northeast corner of Bergen and Sip avenues.
“We’ve always felt that One Journal Square is the center of gravity in that Journal Square location,” said Michael Sommer, Kushner Cos.’ chief development officer. He pointed to the site’s location adjacent to the PATH station and between two key arts destinations — the Loew’s Jersey Theatre and the future Centre Pompidou satellite museum — as well as the ongoing wave of residential development around the historic commercial district.
“We find the transformation to be highly rewarding because the project has obviously been a very long time coming, and we’re finally seeing the fruits of our labor evolving before us.”
One Journal Square was nearly a decade in the making when Kushner broke ground in June 2022, joining Mayor Steven Fulop and other officials to kick off what will be more than $1 billion in development. Designed by Woods Bagot, the full project will include 1,723 rental units with more than 40,000 square feet of indoor and outdoor amenity space, as well as parking for more than 900 vehicles and 40,000 square feet of retail space that’s fully leased to Target.
AJD Construction serves as general contractor and drew praise from Sommer for helping the 2 million-square-foot development move “very, very smoothly,” he said, and for operating with a “level of precision” that comes from its vast experience in Jersey City and in high-rise projects. That’s helped Kushner stay on track with a plan that has always called for going vertical with the second tower while the first was still under construction.
“It’s noteworthy because the major risk associated with a project such as One Journal Square is really coming out of the ground,” said Sommer, who joined Kushner in January 2021. “And in this case, we’ve already built the podium, we’ve already built the foundation to go vertical and therefore it’s a far less risky proposition.”
Notably, the firm in 2022 locked in a contract for hard costs that covers everything through completion of the second phase. And while interest rates have spiked since the groundbreaking — a key consideration as Kushner seeks financing for the next tower — continued rent growth in Jersey City figures to offset any added borrowing costs.
“The market continues to be very strong,” Sommer said. “The demand for luxury Class A apartments in and around Journal Square continues to be strong and, given the offerings that we designed from the very beginning — inclusive of a super-extensive amenity package — it makes us confident and bullish on the idea that this building will be incredibly successful when ready for occupancy.”
One Journal Square is just one piece of Kushner’s growing development pipeline. The firm recently completed a two-building, 152-unit project in Miami’s Wynwood section and is nearing completion of an additional 420 units in the city, with more to come.
Elsewhere in New Jersey, it’s slated to deliver a combined 572 units this summer in Fair Lawn and East Hanover, where it has redeveloped the sites of obsolete suburban office buildings. It also plans to break ground this year on three additional projects in the state — in Long Branch, Colts Neck and Eatontown, the last of which will come as part of its transformation of Monmouth Mall.
Kushner, Fulop join to break ground on long-awaited One Journal Square project
