Terrence McDonald at NJ.com reports on the continuing rise of Journal Square with the listing of a property on Summit Ave for a proposed 42-story building.
Commercial real-estate firm Cushman & Wakefield is seeking buyers for a Summit Avenue property that could one day be the location a 42-story tower opposed by local residents.
The New York-based firm is brokering a deal to sell the property, now owned by Ayner Netter, to developers seeking to build in the newly lucrative Journal Square area. And the firm is using the possibility of a residential tower on the location to lure buyers.
“The current 35,000-square-foot lot can be developed into an approximately 916,000-square-foot luxury tower featuring a mix of residential, hotel, retail, office and parking,” it reads.
Across the street, KRE Group is building three residential towers, one of which would hit 70 stories.