A Deep Dive into the Development of Journal Squared
Journal Squared is a residential high-rise development that has contributed to the evolving skyline of Jersey City’s Journal Square neighborhood. Developed by National Real Estate Advisors in partnership with The KRE Group, the project spans 2.3 million square feet across three towers. Since breaking ground in 2014, Journal Squared has introduced new housing options and transit-oriented living to the area. With the final phase completed in 2024, Robert Vallese, Senior Director of Portfolio and Asset Management at National, shares insights into the project’s journey—from vision to reality.
What factors influenced the selection of the site for Journal Square’s development?
Our strategy was focused on developing a modern, state-of-the-art community in a prime, transit-oriented location. The Journal Squared site stood out due to its superior access to transportation. The development is directly adjacent to the Journal Square PATH station, which offers residents exceptional connectivity to Jersey City, Newark, and Manhattan. As a result of National’s extensive experience in multifamily development, we understood that projects near mass transit lines are among the most desired in real estate.
Secondly, we were confident in the value of the neighborhood, given the prohibitively high rental costs in neighboring Manhattan, which consistently rank among the highest in the world. The relative affordability of Jersey City, combined with its strong quality-of-life appeal, made it an attractive alternative for residents seeking both value and convenience.
What challenges were anticipated before breaking ground?
We faced several challenges, the first being zoning and entitlement risk. Specific zoning permissions were required to proceed with the development of Journal Squared. Consequently, the Jersey City Council proposed the “Journal Square 2060 Redevelopment Plan,” designating the areas needing redevelopment. We successfully obtained approval for the project through numerous meetings between our project partners and local government officials.
We started the development process in 2008, during the financial crisis, which was a challenging time for real estate. Nevertheless, we remained patient investors and structured our acquisition of land parcels using purchase options, ultimately closing the deals.
What was the initial vision for the project?
In 2005, National, in partnership with KRE, built the Grove Pointe Apartments over the Grove Street PATH Station in Jersey City, one from Journal Square towards Manhattan. Before our redevelopment efforts, the neighborhood was uninviting. However, over the years, it has been thoroughly transformed with new developments featuring thousands of residential units, entertainment venues, and pedestrian-friendly streetscapes.
Given our experience with Grove Pointe, we were confident that Journal Squared would have a similar impact, and that has been reflected by the new housing supply that’s come online, as well as new retail and restaurant spaces.
Did anything change between the vision and the building’s construction?
As with most large-scale developments, from the initial planning stages to the final project delivery, there were several shifts in direction. We originally explored plans for four high-rise towers, each being 50 stories, with over 2,200 residential units. The development was set to unfold in phases, similar to what we ultimately executed.
At one point, we had considered incorporating an office tower alongside two multifamily towers. However, the demand for office space was not at the level that was required, and with Journal Square’s growing need for housing, we opted to focus entirely on residential development.
With respect to the ground floor design, one of our original aspirations was a grand, interconnected lobby linking all three towers. Structural limitations made that unfeasible, but we were able to connect the towers through the 8th floor amenity deck. In hindsight, this solution proved to be more effective, enhancing both functionality and community engagement.
Could you share the key inspirations behind the architectural design?
Our design vision was rooted in modern urban planning, emphasizing vertical density and seamless transit integration. Another crucial element of the design was the projected impact on the Jersey City skyline. Jersey City’s architectural profile was dramatically reshaped by introducing three striking high-rise towers, rising 70, 60, and 53 stories. The towers’ scale and height redefined the skyline and symbolized economic growth and modernization, marking a new chapter in Jersey City’s resurgence.
What distinguishes Journal Squared from other developments in Jersey City?
Journal Squared stands out due to three primary factors. First is its unbeatable location, directly adjacent to the PATH station. This offers incredible convenience in a region witnessing a boom in new residential projects, especially in Journal Square. Such proximity significantly benefits residents who desire easy access to Manhattan, with a direct PATH connection to Lower Manhattan in approximately 10 minutes.