First of Three Towers Tops Out in Journal Square

The first tower in the massive Journal Squared Complex, being developed by the Kushner Real Estate Group, (KRE), has topped out. The tower, the shortest of the three, will stand at 53 stories (536 ft)  and will feature 538 units. Among those rental units will be one-, two-, and three-bedroom condos. While the tower will be complete by the end of this year, Phase I of the complex, as it has been labeled, is not expected to open until next year at the earliest.

According to the Hollwich-Kushner website “the development will comprise 1,838 rental residences and 36,000 square feet of retail and restaurant space in 53-, 60- and 70-story towers.”

The complex will be located adjacent to the Journal Square PATH Train Station, allowing easy transportation to those that will be living in the building. It is expected that this connection will help bring a sort of rebirth to the neighborhood. The neighborhood, formerly known for its famous art locations, like the Stanley Theater and the Loews State Theater before and the Mana Contemporary Museum of the Arts currently, will be able to build on the that artistic heritage.

2-1200x756 Credit: Hollwich Kushner

Aside from the Journal Squared project, there are a number of other real estate projects being developed. One Journal Square, will be a  57-story tall residential tower that will include 744 rental units. Another tower, forty-story tall 30 Journal Square will include 525 apartments. Both of these structures currently have no official completion date, but will begin construction soon.  These towers signify a massive growth in the neighborhood, one that will definitely continue on throughout the years.

New Jersey news website NJBIZ.com stated, “When complete, Journal Squared will also feature more than 10,000 square feet of amenities, including a full-service fitness center, golf simulator, children’s playroom and outdoor pool, the news release said.  It will also feature a 2,000-square-foot entertaining space that will be located on the 53rd floor.”

7-1200x756 Credit: Hollwich Kushner

 

Author’s Take: The concept is great as it slowly provides needed growth in the Journal Square area. According to the Hollwich-Kushner site, the project is set to create new jobs, temporary and full-time employment. While the project will bring some revitalization and new opportunities to the neighborhood, the problem of gentrification still weighs heavy on the development. Also with about 1,800 expected units to be built, traffic congestion in the area may eventually be another big problem. Another controversy is the tax credits the project is receiving. The project has received $93 million in tax credits, with $34 million in tax breaks over the next 20 years for the Journal Squared building and $59 million going to WeWork (office space provider of the tower) over the next 10 years. The project will have many pros and cons, but overall it will change the landscape of the neighborhood.

 

External Links:

Hollwich Kushner

NJBIZ

NorthJersey.com

Featured Image Credit: Hollwich Kushner

 

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