O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — Section C
www.marej.com
HLW International serve as architect of new mixed-use project rising in Journal Square Panepinto Properties breaks ground on 53-story tower in Jersey City, NJ
HI-LIGHTS OCTOBER 2023 tate landscape for nearly five decades, reaffirmed its piv - otal role in the city’s ongo- ing growth and vitality by breaking ground on a soaring 53-story residential tower in the historic and revitalized Journal Square neighborhood. The transformative develop - ment, rising just steps from the Journal Square PATH station at 499 Summit Ave., is poised to introduce 605 new rental J ERSEY CITY, NJ — Panepinto Properties , a central player in shap- ing Jersey City’s real es- Diversified Properties begins construction on Jefferson Place
Jersey City municipal officials, including Mayor Steven Fulop and director of Department of Housing, Economic Development & Commerce Annisia Cialone (Center), joined principals of Panepinto Properties and AJD Construction to officially mark the start of construction on the transformative development.
499 Summit Ave.
PATH Station, represents $2 billion in current real estate development. With 8,000 units already completed or slated for the next few years and another 14,000 units planned, this submarket of Jersey City is competitive with any neighbor - hood in Manhattan.” 499 Summit Ave. builds on the substantial invest - ment pouring into Journal Square which is driving its remarkable revival as a business, arts, and shopping hub reminiscent of its former glory days. MAREJ
Capital Markets . Principals of Panepinto Properties hosted Jersey City Mayor Steven Fulop , fellow municipal officials, and other dignitaries to mark the start of construction on the develop - ment and emphasize its role in further reinvigorating the Journal Square neighborhood, which is reclaiming its status as the heartbeat of the city. Joe Panepinto Jr. , presi- dent of Panepinto Global, remarked, “This project, along with the significant develop - ments underway around the
residences to an area brimming with renewed vibrancy. In ad - dition to well-appointed one-, two- and three-bedroom resi - dences, the mixed-use project will include 3,200 s/f of retail space, a new landscaped public plaza, a parking garage with vehicle lifts, 304 bicycle park - ing spaces, and a wide range of lifestyle amenities and ser- vices. New York-based HLW International is the architect.
Panepinto is spearheading the $338 million endeavor in collaboration with AJD Construction , which is also responsible for the tower's construction. The development team expects the project to gen- erate more than 2,300 develop - ment, construction, and opera - tions jobs, with an anticipated completion date in the second quarter of 2026. Construction financing was arranged by JLL
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Acadia Lodging Brokers & Advisors announces $24M all-cash sale of Meadowlands View Hotel
GZA promotes Parekh to associate principal
NORTH BERGEN, NJ — Sabena Arora of Aca- dia Lodging Brokers and
Advisors is pleased to announce the $24 million, all - cash sale of the Mead- o w l a n d s View Hotel. The Mead- o w l a n d s
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Sabena Arora
ALSO INSIDE Carlo L. Batts, MAI,
View Hotel is a rare, unen - cumbered hotel asset in a high barrier to entry market. This hotel is known for its proximity to New York City and its stunning views of the Meadowlands and Manhattan. The 12-story, 250 room hotel had been closed since COVID and in need of renovations and repositioning. The sale
Rittenhouse Appraisals . 2C Crystal Windows . .......... 8C ECS Mid-Atlantic, LLC ..11C People on the Move ....12C www.marej.com
The Meadowlands View Hotel Acadia successfully drove a highly competitive bidding process that yielded multiple offers from a variety of private and institutional investors.
transaction involved a complex dissolution of a partnership, subject to approvals of New Jersey Bankruptcy Court and New York Supreme Court.
The asset was ultimately acquired by an hotel investor who plans to unlock significant value from a comprehensive redevelopment. MAREJ
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