JERSEY CITY | 500 Summit Avenue | 458 FT | 42 FLOORS

[C.]

And another one for Journal Square, Jersey City!!!

http://stream.wsj.com/story/latest-h...9/SS-2-491490/

A New York developer is in contract to buy a site in the heart of Jersey City’s Journal Square, an area the city has been targeting for development with a revamped program of tax incentives.

HAP Investments LLC was in contract to pay $28 million for 80,000 square feet at 500 Summit Ave., said Eran Polack, chief executive of HAP.

The firm has yet to work out the exact plans for the site—now partly covered by a parking lot—but Mr. Polack said it could accommodate a 42-story, 1-million-square-foot tower for rental housing.

A project that size could cost $400 million to develop. It could incorporate either a hotel or offices, with a park and about 35,000 square feet of retail space as likely elements. He declined to name the seller.

This will be the first New Jersey project for the firm, which has focused on Manhattan, Mr. Polack said. High land prices spurred HAP to look for development opportunities 35 to 40 minutes outside of Manhattan, he said. And Jersey City has been aggressive about attracting developers to Journal Square, situated close to a PATH station and bus terminal.

“Journal Square is very close to Manhattan,” Mr. Polack said. With the PATH train service, “in 15 minutes you are on 34th Street.” And, he said, “the city is very pro-development.”...

As a resident of Jersey City within walking distance of Journal Square, I would like to show my support for this development. How can I get involved?