Plans for 505 Summit, a 54-story residential tower developed by Panepinto Properties and AJD Construction, call for a mix of rentals ranging from studios to three-bedroom units and a host of amenities in Jersey City’s historic Journal Square. — Rendering by HLW/Courtesy: Panepinto
By Joshua Burd
Panepinto Properties has reached a key construction milestone for a new 605-unit luxury apartment tower in Journal Square, the revitalized commercial district in Jersey City.
The firm, which has been building in the city for nearly 50 years, announced Wednesday that it has completed the 577-foot steel and concrete structure for what’s known as 505 Summit, which it’s developing alongside partner and general contractor AJD Construction. That paves the way for the final phase of construction and a spring 2026 opening for the 54-story building, part of a $388 million project just east of the Journal Square Transportation Center.
Plans call for a mix of rentals ranging from studios to three-bedroom units, along with 4,000 square feet of street-level retail, a landscaped public plaza, a parking garage and 304 bicycle storage spaces.
“505 Summit is a continuation of our longstanding commitment to Jersey City’s growth and the ongoing revitalization of Journal Square,” said Joseph A. Panepinto Sr., CEO and president of Panepinto Properties. “In addition to delivering a signature building with sought-after amenities and services, the project has played a vital role in supporting the neighborhood’s economic momentum, creating more than 2,000 construction and operations jobs. We’re incredibly grateful to the construction and design teams whose exceptional work has us tracking well ahead of schedule for a spring debut.”
Panepinto marked the completion of vertical construction alongside AJD Construction and key business and financial leaders, noting that the New York Immigration Fund contributed financing under the federal government’s EB-5 program. To prepare for its debut, Panepinto has appointed The Marketing Directors as 505 Summit’s marketing and leasing agent and has selected Greystar to manage the property.
“505 Summit will set a new level of residential living in Journal Square, offering an elevated rental experience for both new and longtime residents,” said Joe Panepinto Jr., president of Panepinto Global. “Reaching the top of the building brings that vision one step closer to reality, and we’re thrilled to see it taking shape.”
Designed by New York-based HLW International, 505 Summit will also have amenities such as a sprawling outdoor terrace with a pool, grilling areas, a resident lounge, coworking spaces, a sports simulator and a modern fitness center. Residents, meantime, have panoramic views of the Manhattan skyline, the Statue of Liberty and surrounding cityscape.
Panepinto broke ground in late summer 2023, marking its latest project in the city’s historic commercial district and helping to fuel a resurgence that’s now more than a decade in the making. The transit hub has been the focal point, providing PATH service to Lower and Midtown Manhattan, Jersey City, Hoboken and Newark and NJ Transit and private bus service to employment centers and recreational destinations throughout the region.
The developer also pointed to the neighborhood’s growing cultural and creative scene, which includes anchors such as the Mana Contemporary arts center, the historic and soon-to-be restored Loew’s Theater at 54 Journal Square Plaza and the planned Centre Pompidou x Jersey City that will serve as an outpost of the iconic French institution.
Panepinto, adding to five-decade legacy in Jersey City, breaks ground on 605-unit high-rise
