The third and final Journal Square tower in New Jersey which began construction last year has finally topped out. It’s a 60-story residential tower which upon completion will house 596 rental apartments and a 18,000 square foot amenity space. However, the entire project will feature 1,840 rental residences and 36,000 square feet of retail and restaurant space.
The 2.3- million square foot Journal Square tower development is taking place at 595 Pavonia Avenue in Jersey City. Similar to its sister towers, the new high-rise will have a clean white facade design, with a grid pattern window system. The grid pattern will be arranged from podium to pinnacle. The developers expect their third tower to be completed by the first quarter of 2024.
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Reported in 2022
US$ 88M Loan Secured for Journal Square Urby Project in New Jersey, USA
A US$ 88.34M nonrecourse construction-to-perm financing loan was secured recently for the construction of a 317-unit Journal Square Urby, multi-housing development in New Jersey. JLL Capital Markets represented the developers, Urby and Panepinto Properties, on this transaction which was meant for a ten-year, fixed-rate loan.
Journal Square Urby is planned to be a mixed-use multi-housing community, located at 532 Summit Avenue in Journal Square’s neighborhood of Jersey City. Designed by HLW Architects, this property will offer residents Urby’s living concept, which is aimed at encouraging neighbourly interaction. This implies the provision of shared spaces and amenities in the building to give residents a sense of community.
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Features of the Journal Square Urby project
Journal Square Urby will feature a wide selection of studio, one-, two- and three-bedroom units, furnished with 9-foot ceilings, large windows, high-end appliances and tile bathroom flooring. Some of the shared amenities which will be provided at the Journal Square Urby multi-housing community include a yoga studio, state-of-the-art fitness centre, barbecue and grilling stations, a large swimming pool, and a 3,000-square-foot public café/bar.
The Journal Square Urby property will also be a prime location, ideally positioned to provide residents with transit access to Interstates 78 and 95/New Jersey Turnpike. The Newark Liberty International Airport is about 15-minute away from the site by car and the PATH New Jersey Transit is also within 0.3 miles of the intersection of Summit and Pavonia avenues, which will enable residents to reach Midtown Manhattan within 22 minutes, and also get to the Financial District in about 18 minutes.
Thomas E. Didio, Jr., a Senior Director, who led the JLL Capital Markets team that represented the borrowers said, his company was excited about working together with Ironstate and Panepinto to make the Journal Square Urby property, which is Urby’s second delivery into a reality in the Jersey City market.
The first Urby development in Jersey City was a 69-story tower, which was built along the city’s waterfront about 5 years ago. This became one of the most prominent buildings in the area and it wasted no time setting records for price per square foot, while also attracting marquee restaurants like DomoDomo.