The Jersey City Redevelopment Agency is moving forward with plan to bring a hotel to Journal Square, selecting a developer at their meeting last night.
By John Heinis/Hudson County View
The hotel is slated to be built on a five-parcel lot at the intersection of Newark and Cottage Avenues in Journal Square.
The site, which had been previously transferred to the JCRA, will be purchased and redeveloped by Canbis, LLC, who has entered into a partnership with Dream Hotel Group, and has proposed a mixed-use space.
“This selection of Dream Hotel Group to operate a major mixed-use project in Journal Square represents a huge step forward for the neighborhood at the heart of our City, as well as our region as a whole,” Mayor Steven Fulop said in a statement.
“The plan brings with it an internationally known brand that will bring a dynamic energy to the area, as well as hotel rooms, residential units, and tons of retail space. I am excited by the selection of this proposal, and look forward to continuing to push Journal Square, and Jersey City, forward.”
The JCRA believes the Canbis, LLC plan was the one that best fit with the Journal Square 2060 Redevelopment Plan, which aims to guide the future development and success of the City’s central neighborhood.
The Shorewood Group will also be involved with bringing this project to Jersey City.
The proposal included a $8.7 million purchase price for the cost of the 5-parcel site on Newark Avenue, which was 20 percent more than the next highest proposal submitted.
A preliminary concept for a 25-story building also included 110 hotel rooms, over 200 residential units, 6,200 square feet of ground floor retail, a daycare center, fitness center, and 120 reserved and unreserved parking spaces.
The development plan for the dream hotel project in Journal Square incorporates a design for a major transit oriented development that links the Journal Square transit terminal with a vibrant and growing local neighborhood.
The project site incorporates not only the JCRA property, but also four additional lots directly adjacent that are currently owned by Canbis, LLC.
“Our evaluation team was impressed by Canbis, LLC’s innovative and thoughtful approach to their redevelopment plan in Journal Square,” said JCRA Acting Executive Director Diana Jeffery.
“In addition, through this project Dream Hotel Group proved their engagement and enthusiasm for Jersey City’s culture, and have future plans to partner with local businesses and vendors to integrate the project with the surrounding community.
The JCRA board approved Canbis, LLC’s proposal at last night’s meeting by a unanimous vote (5-0).