Panepinto Properties reaffirmed its pivotal role in Jersey City’s ongoing growth and vitality by breaking ground on a soaring 53-story residential tower in the historic and revitalized Journal Square neighborhood.
The development, rising just steps from the Journal Square PATH station at 499 Summit Avenue, is expected to bring 605 new rental residences to the area. In addition to well-appointed one-, two- and three-bedroom residences, the mixed-use project will include 3,200 square feet of retail space, a new landscaped public plaza, a parking garage with vehicle lifts, 304 bicycle parking spaces, and a wide range of lifestyle amenities and services. New York-based HLW International is the architect.
Panepinto is spearheading the $338 million endeavor in collaboration with AJD Construction, which is also responsible for the tower’s construction. The development team expects the project to generate more than 2,300 development, construction, and operations jobs, with an anticipated completion date in the second quarter of 2026. Construction financing was arranged by JLL Capital Markets.
Principals of Panepinto Properties hosted Jersey City Mayor Steven Fulop, fellow municipal officials, and other dignitaries to mark the start of construction on the development and emphasize its role in further reinvigorating the Journal Square neighborhood, which is reclaiming its status as the heartbeat of the city.
“As a company with deep roots in Jersey City, we are genuinely excited about the large-scale revitalization unfolding in Journal Square and are thrilled that we have this opportunity to further contribute to the neighborhood’s historic resurgence,” said Joseph A. Panepinto Sr., president & CEO of Panepinto Properties. “Today’s groundbreaking represents the culmination of years of thoughtful planning and design, ensuring that this project not only provides new, modern residential options adjacent to public transportation, but also becomes a lasting neighborhood asset. We appreciate the support and guidance we have received from Mayor Fulop, the City Council, and all of the other agencies and individuals who share our vision.”
Joe Panepinto Jr., president of Panepinto Global, remarked, “This project, along with the significant developments underway around the PATH Station, represents $2 billion in current real estate development. With 8,000 units already completed or slated for the next few years and another 14,000 units planned, this submarket of Jersey City is competitive with any neighborhood in Manhattan.”
499 Summit Avenue builds on the substantial investment pouring into Journal Square which is driving its remarkable revival as a business, arts, and shopping hub reminiscent of its former glory days.
“Something I say often is Journal Square is one of the best renaissance stories in the entire country, because it’s true,” Said Mayor Steven Fulop. “Behind me is going to be the North American headquarters of Centre Pompidou, a major cultural institution and museum. You have the Loew’s Theatre, which is under renovation, a $100 million project. And this way you will have a three-acre park with the moneys already earmarked from the new courthouse being developed. So when you look forward three, four, or five years, this will be the heart of the city again from a culture standpoint, from a nightlife standpoint, from a livability standpoint, and it takes partners to make that a reality.”
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