7:30 AM
Groundbreaking has officially occurred for 136 Summit Avenue, a nine-story mixed-use building coming to Jersey City, New Jersey. The site is located a mile away from the Journal Square Train Station, serviced by the PATH trains. Monticello Equities is responsible for the development, and purchased the property from GRID Real Estate LLC. GRID is still involved, working as advisors and entitlement managers.
The building will yield 99 apartments, along with 2,240 square feet of retail, and a parking garage with capacity for 75 vehicles. Once complete, it will become the largest development south of Montgomery Street in Jersey City, and the largest in Bergen Hill. The total cost for the site is $36 million, with Sterling/Berkshire Bank providing financing.
The project had turned a few heads when first publicized, but was approved by the Jersey City Planning Board in October of 2016. Completion is expected in 14 months.
