Game changer. Transformative. Incredible.
These were just some of the words used by Jersey City officials and developer KRE Group at the groundbreaking ceremony this morning for “Journal Squared,” a massive, three-tower project at the heart of the city which, upon completion, will boast the tallest residential building in New Jersey.
“This project which we’re undertaking today is truly a transformative project — transformative for this wonderful city of Jersey City, and for the state of New Jersey,” said Murray Kushner, KRE Group chairman, before a gathering of about 100 people. “The design, the scale, the scope of this project, and the importance of this project to restoring the historical significance of Journal Square are self-evident.”
The 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 538 units; a 70-story tower with 700 units; and a 60-story tower with 600 units. The projectreceived 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.