By Real Estate NJ
Local officials in Jersey City are set to consider a revamped version of the high-rise project at the center of a controversy earlier this year involving the family of Jared Kushner, a published report said.
A report Monday by the Jersey Journal said the project, One Journal Square, was scheduled to go before the city planning board on Tuesday. The development team, a joint venture of Kushner Cos. and KABR Group, has proposed a somewhat scaled down version of the plan, which the report said now calls for two 56-story towers atop a 10-story podium, housing 1,512 residential units plus retail and office space.
One Journal Square gained unwanted national attention earlier this year over its use of the EB-5 program — which can offer foreigners a path to a visa if they invest at least $500,000 in a project that creates jobs in targeted areas — and amid reports that Kushner executive Nicole Meyer highlighted the family’s connections during a pitch to investors. Meyer is the sister of Kushner, the White House senior adviser who is also President Trump’s son-in-law.
The backlash gave way to Jersey City Mayor Steven Fulop announcing that the developers would be denied a package of city subsidies and the loss of a major investor and a key state tax credit, the report noted. Kushner Cos. and KABR in recent months have sought alternatives to financing the project outside of the EB-5 program.
For more, see Monday’s story by The Jersey Journal.
More New Jersey real estate headlines
New developer expected to take over D’Angelo Farms construction (The Record)
New Jersey Institute of Technology plans to expand campus in Newark (Jersey Digs)
Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.
