60-Story High-Rise Will Complete the Three-Tower Mixed-Use Development
That has Spearheaded the Rebirth of its Historic Journal Square Neighborhood
JERSEY CITY, NJ May 9th, 2023 – KRE Group and National Real Estate Advisors, LLC (National), an investment manager developing and managing large-scale real estate projects, today announced the topping out of the third and final tower at Journal Squared, the visionary mixed-use development that has paved the way for a new era of investment, economic growth and vitality in Jersey City’s historic Journal Square neighborhood.
The construction milestone marks the 60-story building reaching its maximum height of 639 feet, bringing the full scope of the 2.3 million-square-foot residential and retail project closer to completion and cementing its status as a beacon of progress and renewal.
Expected to be completed in the first quarter of 2024, the new tower will add 598 rental residences and 18,000 square feet of amenities to Journal Squared. Already completed are two 53- and 70-story towers and a sweeping public plaza hosting community events and pedestrian connections. Located at the intersection of Pavonia and Summit Avenues, with direct access to the Journal Square PATH Station, Journal Squared will ultimately comprise 1,840 rental residences and 36,000 square feet of retail and restaurant space.
Principals of KRE Group and National joined AJD Construction and hundreds of building tradespeople at the topping out ceremony.
“We are thrilled to celebrate the topping out of the final tower at Journal Squared, a project that has served as the linchpin in the revitalization of this important and well-connected neighborhood,” said Jonathan Kushner, President of KRE Group. “This skyline-defining development has delivered iconic architectural design that can be viewed for miles from both New Jersey and New York City, modern residences and amenities, and public space that has sparked renewed interest in the area. We would not be able to achieve these results without the contributions from our talented team of architects, engineers, designers and building trades, and are excited to see the positive impact that Journal Squared will continue to have on the community.”
“We are delighted to mark the completion of vertical construction of the third tower at Journal Squared and commend the collective efforts of everyone who contributed to this remarkable achievement,” affirmed Jeffrey Kanne, President and CEO, National. “National takes pride in fostering job opportunities in the communities where we operate and seeks to deliver favorable returns to our institutional clients. This iconic building is made possible by the unwavering commitment and expertise of our labor force, and we are immensely grateful for their contributions.”
Designed by Hollwich Kushner and Handel Architects, the third tower at Journal Squared is rising above the Jersey City skyline, providing dramatic views of the Hudson River, Statue of Liberty, Ellis Island, and downtown Manhattan. The new building will feature 18,000 square feet of amenities that will bolster the nearly 100,000 square feet of indoor and outdoor amenities spread throughout the first two towers and shared by all residents. The new social spaces will showcase a creative theme highlighted by a performance lounge, karaoke room, and recording spaces. Residents will also enjoy a makerspace area, co-working lounge, lobby café and a sky lounge.
The Marketing Directors, which directed successful leasing programs for the first two phases, will serve as the building’s exclusive marketing and leasing agent.
For additional information on Journal Squared, visit www.journalsquared.com or call 201-210-5997. Follow @JournalSquared on Instagram.
About Kushner Real Estate Group
Founded in 1979 and headquartered in Jersey City, NJ, KRE Group is a full-service real estate investment and management company with properties in New York, New Jersey, and Pennsylvania. The KRE multi-family portfolio exceeds 9,000 existing apartments, with an additional 7,000 in various stages of approval and construction. The company also owns and manages more than 6,000,000 square feet of office, warehouse, and retail space. For more information, visit the company’s website at www.thekregroup.com.
About National Real Estate Advisors
National Real Estate Advisors, LLC (National) is an investment manager developing, operating, and managing commercial real estate projects across the United States. National is focused on environmental sustainability, social responsibility, and strong governance practices which seek to create value for investors and benefit local communities. Founded in 2000, the firm constructs investment portfolios of diverse property assets—apartment, office, mixed-use, medical/healthcare, industrial (including data centers), and hospitality.
National is an independently operated subsidiary of the National Electrical Benefit Fund (“NEBF”), a pension trust with assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.