November 18, 2024
The Real Deal | KRE Group lands $175M for Jersey City megaproject
By TRD Staff — Two years after receiving approval for a megaproject in Jersey City, Kushner Real Estate Group landed financing for its first phase.
Kennedy Wilson provided $175 million in construction financing for the beginning of Artwalk Towers in the Journal Square neighborhood, Multi-Housing News reported. The financing only applies to the first of two buildings going up in the development, or 595 units of the broader 1,189-unit project.
The first phase of the development at 808 Pavonia Avenue will stand 49 stories tall, featuring units ranging from studios to three-bedroom apartments. Planned amenities include a gym, coworking spaces and a rooftop with a pool and sundeck. There will also be a gallery with 6,000 square feet of commercial space.
Handel Architects is designing the luxury development, which is expected to have its first phase completed in 2027. The 55-story adjacent building is expected to begin construction thereafter.
KRE Group received approval for the project from the Jersey City Planning Board in October 2022. The two-acre site is across from the Journal Square PATH Station and behind the historic Loew’s Jersey Theatre.
In September, the mayor proposed a 30-year tax abatement for the project. In return, the development would feature a 100,000-square-foot art museum.