KRE set to break ground for third tower as Journal Square building boom rocks on

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KRE Group is set to break ground for its third of it Journal
Square apartment towers in Journal Square.

Mayor Steve Fulop will do the honors at a ceremony next week
marking the completion of Journal Squared Tower 2 and the start of Journal
Squared 3.

 Journal Squared 2 at 615
Summit Avenue in Jersey City is a 68-story tower standing 754 feet tall and
comprising 704 residences. That building shattered New Jersey leasing records
after The Marketing Directors led a campaign that saw all 740 luxury apartments
rented within five months of the building opening.

Developed by KRE Group and National Real Estate Advisors, the
Journal Squared development is part of a construction boom in the neighborhood
that will bring thousands of new apartments.

In 2010, the city council approved the Journal Square 2060 Redevelopment Plan aimed at sparking redevelopment in the area’s central business district and encouraging new housing, offices commercial and public open space.

Rendering of the new Justice Complex

As part of that plan, the historic Loews Jersey Theater is
being transformed into a $72 million state-of-the-art performance venue, and a
new five-story courthouse complex designed by Rafael Viñoly Architects will
include a 75-seat public food court, a self-help law library, a children’s play
area, training spaces, and a 459-space parking garage. A new museum is also being
developed in partnership with France’s Centre Pompidou at the historic Pathside
Building at 25 Sip Avenue.

Among the developers busy in the neighborhood, Ironstate, in
partnership with Panepinto Properties and Kimmel LLC, is building a second Urby
tower at 532 Summit Avenue. The company’s first Urby in Downtown JC – built in
partnership with Mack-Cali – was completed two years ago.

Also in the mix in New York-based HAP, which is building a
42-story tower at 500 Summit Avenue with 902 rental units, retail space and a municipal
park, which will be deeded to Jersey City upon completion.

Sequoia Development and GRID Real Estate are building a 16-story tower at 289 Jordan Place with 300 rental units and 4,000 s/f of retail space; Namdar Group is behind a 20-story rental at 26 Cottage Street, one of six new towers designed by C3D Architecture the company is developing in and around Journal Square.

Namdar Group’s 618 Pavonia Avenue will join the 20-story 26 Cottage Street, where construction is nearing completion, and the 27-story 26-28 Van Reipen Avenue, all high rises that will be connected by Homestead Plaza, a pedestrian plaza within walking distance of the PATH station.

Located at the intersection of Pavonia and Summit Avenues with direct access to the Journal Square Transportation Center, the three-tower Journal Squared development will ultimately total 1,840 rental residences and 36,000 s/f of retail and restaurant space in 53-, 60- and 68-story buildings.

With thousands of residents living in the two completed residential towers, the development includes Whealth Kitchen, a catering company, café, and bakery owned by David Trotta and Gina Cassese serving the community out of the retail space, and a new pedestrian plaza providing public open space.

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