Tuesday, November 19, 2013

Journal Square Megaproject Moving Forward

1840 residential units plus commercial that won't be built over a farm or forest in a state that has seen 30 years of rampant sprawl. 

After all these years, I still go to my dentist located by Journal Square in Jersey City.  It's a depressed area loaded with surface parking lots and underdeveloped property . . . that is immediately adjacent to the Journal Square PATH station, which provides fast, 24-hour service into Manhattan and Newark.  In short, it's one of the best sites in New Jersey for dense, transit oriented development.  Last week when I was out there I noticed that two of the parking lots showed signs of digging, and a dilapidated wood frame house had been demolished.  And here's why:
The proposed development, to be located at the top of Magnolia Avenue, just east of the Port Authority transportation hub, will include a 54-story tower with 540 units; a 70-story tower with 700 units; and a 60-story tower with 600 units. The developer is KRE Group, headed by Murray Kushner.
Construction on the first tower is expected to begin later this year and take three years to complete. The final tower is expected to be complete in 2029.
I can't speak to the merits of the tax incentive package; this being Hudson County, I can't assume its a good deal for the public.  What I do know is that this is an excellent site for this type of development, and is likely to be followed by more development around the hub.  And that's a good thing.

No comments: