Construction on “Journal Squared,” a massive three-tower project that will include the tallest residential building in New Jersey, has begun in Jersey City’s Journal Square.
The KRE Group project, which is located between Magnolia, Pavonia, and Summit Avenues, 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 project received a 30-year tax abatement from the city last November.
Once completed, the 70-story tower is expected to be the tallest residential building in New Jersey, according to Hollwich Kushner’s website, surpassing the 55-story Trump Tower Residences in Downtown Jersey City, which opened in 2008.
The development’s phase I tower is expected to be complete by 2016, while the second phase will be finished five years after the first tower is built, said Jonathan Kushner, president of The KRE Group.