October 27, 2022
REAL DEAL: Jersey City approves Kushner, Silverstein’s 1,200-unit megaproject
By Holden Walter-Warner — Real Deal |
It’s full steam ahead for two prominent developers in Jersey City, one of which is already dominating the Journal Square skyline.
The Jersey City Planning Board approved a 1,189-unit project from Kushner Real Estate Group and Silverstein Properties, according to the Hudson Reporter. The project spans two skyscrapers, which are anticipated to take a decade to construct.
The two towers will both deliver just under 600 units, with one set to stand 55 stories tall, and the other at 49. The two-acre development site is across from the Journal Square PATH Station and behind the historic Loew’s Jersey Theatre.
The area has a 37-story height limit, but the developers are allowed to exceed the cap after making a donation to the Journal Square Cultural Arts Fund.
The shorter tower will be built in the project’s first phase, sidelining the taller tower for later construction. The development will create open space and walkways while dismantling a four-level parking garage and separate parking lot to make room.
More than 360 parking spaces will be created. Other features include a gallery, cafe, rooftop pool and a dog park. A majority of residences will be one-story units, though there will also be studios, two-bedrooms and limited three-bedrooms; none are expected to be designated affordable.
The Kushner name is plastered all over the up-and-coming Journal Square neighborhood, which eschewed affordable housing in the Journal Square 2060 Redevelopment Plan, potentially putting rentals out of reach for many.
The KRE Kushners are developing the Journal Squared project, which has already brought two massive towers to the neighborhood. The firm broke ground on a third a year ago.
The unaffiliated Kushners are also shaping the Journal Square skyline. In June, Kushner Companies broke ground on One Journal Square after resolving a tax abatement dispute with the city. The $821 million project includes two 64-story buildings, a rebuilt PATH Plaza and a Target.