M id A tlantic Real Estate Journal — Owners, Developers & Managers — November 19 - December 23, 2021 — 5C
www.marej.com
O wners , D evelopers & M anagers
Work begins on new 60-story rental building KRE Group & National Real Estate Advisors break ground on final tower at Journal Squared
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ERSEY CITY, NJ — Jersey City Mayor St even Ful op and Hudson County Executive Tom DeGise recently joined principals from KRE Group and National Real Estate Advisors, LLC to mark two significant milestones at Jour - nal Squared, the prolific and transformative apartment complex in Jersey City’s his - toric Journal Square neigh - borhood. The development partners and municipal of - ficials celebrated the five- month lease-up of Journal Squared’s 704-unit second tower and broke ground on the project’s third and final building, a 60-story high-rise comprising 600 rental resi - dences. Located at the intersection of Pavonia and Summit Av - enues with direct access to the Journal Square Transporta - tion Center, the three-tower development will ultimately total 1,840 rental residences and 36,000 s/f of retail and restaurant space in 53-, 60- and 68-story buildings. With thousands of residents living in the two completed residen - tial towers, the highly popular Whealth Kitchen serving the community out of the retail space, and a new pedestrian plaza providing public open space, Journal Squared has successfully fueled a resur - gence for Journal Square as a sought-after residential destination. “Thank you to the KRE team for your belief in Jersey City and belief in Journal Square,” Mayor Fulop said. “KRE has been a phenomenal partner for decades in Jersey City and willing to enter areas where few large developers would be willing to go. This has happened here in Journal Square, and you can now see the transformation occurring. This is just the early stages for what is on deck in Journal Square which has a future that’s very, very bright. We couldn’t be more excited that this building has completed leasing and that the KRE Group is still committed to Jersey City and immediately breaking ground on the new - est tower.” “There’s nothing better than a groundbreaking, unless, of course, you have a ribbon cut - ting and today we have both and that’s makes this event very, very unique,” County
third tower,” stated Jeffrey Kanne , president and CEO of National Real Estate Advi- sors . “Journal Squared is a hallmark build-to-core project for National delivering on our commitment to create value, provide jobs, and strengthen economic vitality in the places where we invest.” Des i gned by Hol lwich Kushner Architects and Handel Architects , Journal Squared has ushered in a new era for Journal Square while paying homage to the history and rich cultural background of the neighborhood. MAREJ
nities spread throughout the first two buildings and shared by all residents. The new social spaces will showcase a creative theme highlighted by a performance lounge, karaoke room, and recording spaces. Residents will also enjoy a makerspace area, co- working lounge, lobby café and a sky lounge. Construc - tion is slated to be completed in Spring, 2024. “Building upon the success of phases one and two, we look forward to continuing to con - tribute to the growth and vi- brancy of Jersey City with the
Executive Tom DeGise add- ed. “We’re thrilled to have Journal Squared as a neigh - bor. We now have something to look forward to.” The third leg of Journal Squared will rise 60 stories above the Jersey City skyline, providing dramatic views of the Hudson River, Statue of Liberty, Ellis Island, and downtown Manhattan. The new tower will feature a col - lection of 600 stylish rental residences complemented by 18,000 s/f of amenities that will bolster the nearly 100,000 s/f of indoor and outdoor ame-
Shown from left: Jonathan Kush- ner, KRE Group; Jersey City Mayor Steven Fulop; Jeremy Kaplan, KRE Group and Marc Kushner, KRE Group.
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