Jersey City officials, developers and members of the media took a ride up to the 43rd floor of the $280 million Journal Squared tower, the first of three new towers that will bring 1,838 residential units to the city.
After construction workers for the project received a free lunch as a thank you for there hard work, officials and members of the media took an elevator ride up to the 43rd floor of the building known as “Journal Squared.”
The $280 million, 53-story tower, located at 136 Magnolia Ave. is the first of three residential towers set to go up adjacent from the PATH Station.
Between the three towers, the project will have 1,838 new residential units that boast panoramic views of the city that are tough to come by.
Officials also said that the project will boast 36,00 square feet of retail and restaurant space within a public plaza – all of which will play a role in creating over 700 jobs.
Ward C Councilman Rich Boggiano, whose district includes the redevelopment project, told us he’s excited to see Journal Square thrive again.
He added that he made a rare exception in voting in favor of the project’s 30-year tax abatement, which was approved by the city council, “because we had to start something up here.”
At a press conference back on the ground floor, Jonathan Kushner, the president of the KRE Group – one of the developers along with National Real Estate Advisors – thanked the architects, project workers and county officials who made this all possible.
Dan Gumble, the business manager of I.B.E.W.Local Union 164, Pat Kelleher, the president of the Hudson County Building Trades and Jeffrey Kanne, the president and CEO of National Real Estate Advisors, echoed Kushner’s sentiment before Mayor Steven Fulop took the podium.
Fulop pointed to the initiatives the city has embarked on for affordable housing and development away from the waterfront as examples of promoting a strong economy and being socially conscious.
Speaking with Hudson County View, Kushner said the hefty price tag for Journal Squared will be money well spent.
Jersey City Councilmen Rolando Lavarro, Khemraj “Chico Ramchal and Freeholders Bill O’Dea (D-2 and Anthony Romano (D-5) were among the dignitaries in attendance.