Jersey City, especially the Journal Square neighborhood, is a hotbed for new high-rise development proposals. This is a much small development than the ones we've seen in the past week. It will still play an important role of helping to revitalize the community, which will involve the redevelopment of an un-pedestrian friendly parking garage. The proposed development is located across the street to the Journal Square transportation, a 60-second walk. PATH subway trains at Journal Square take about 12 minutes to Midtown Manhattan or the World Trade Center during weekdays.
Image courtesy of NJ.com.
Quote:
A 13-story, 240-unit residential project set for Journal Square, the latest housing development planned for the Jersey City neighborhood, has received a $19.2 million tax break from the state.
The luxury rentals will be built next to an existing office building and above an existing parking dark that was developed in 1984 by Hartz Mountain, which is helping to develop the new building with former local Democratic bigwig Joe Panepinto and Garden State Development Inc.
Gus Milano, Hartz managing director, said the project was originally going to an office building. But with rents rising Downtown, and the PATH hub just down the street, developers saw a “wonderful opportunity” to convert it to residential, Milano said.
“We think that Journal Square has a lot of potential,” he said. “We’re delighted that other developers think that.”
The developers hope to begin construction next spring, with an anticipated opening in winter 2015. They expect to create 400 construction jobs.
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More images and text at the following link:
http://www.nj.com/hudson/index.ssf/2013/...ry_journal_square_residential_tower.html
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