The site of a well-known diner in Jersey City has changed hands, paving the way for potential redevelopment in the city’s newly revitalized Journal Square neighborhood.
Over the past 15 years, Panepinto Properties and Ironstate Development have transformed an entire block in the heart of downtown Jersey City, delivering three towers with nearly 1,500 apartments, along with a 152-key hotel, a 1,000-space parking garage and street-level retail space along Columbus Drive. In the process, they have anchored the resurgence of a neighborhood just a few blocks from the Hudson River, paving the way for other projects in the booming multifamily submarket.
Among those of you who shared your predictions for 2019, the worst thing I heard was “I’m not sure yet.” And if uncertainty is the worst thing we have in the year ahead, I think we’re well-equipped to take our chances. In the interim, we’re thrilled to begin our third full year of Real Estate NJ, the only New Jersey-based publication dedicated exclusively to commercial real estate.
Ironstate Development Co. and Panepinto Properties have taken the wraps off the last piece of a multiphase, mixed-use project that has brought nearly 1,500 new apartments and a hotel to downtown Jersey City over the course of a decade.
Developer Joseph A. Panepinto has donated $10 million to Saint Peter’s University, marking the largest-ever philanthropic gift to the Jersey City school in its nearly 150-year history.
Another site in the Journal Square section of Jersey City is slated for redevelopment, with plans calling for a mixed-use tower with 110 hotel rooms and more than 200 residential units.
Even before I started covering commercial real estate full-time, I still came across development stories during my earlier days as a metro reporter in Central Jersey. One of those stories came when I was covering Bound Brook, a borough in Somerset County that had a tired downtown and a history of being battered by flooding from the Raritan River. But in early 2011, we learned that a developer named George Capodagli was interested in building the type of new apartments that were starting to crop up elsewhere in the state.
A stretch of downtown Jersey City that has become known for its high-end apartment buildings has added a new high-end hotel, following the completion of an extended stay Marriott property by two area development firms.
A new 240-unit luxury rental building in the Journal Square section of Jersey City, built by two longtime Hudson County developers, is set to kick off leasing later this month.