October 23, 2024
Journal Square is about to get another major addition. Kushner Real Estate (KRE) has taken ownership of roughly two acres of land in the heart of the neighborhood, and with approvals already secured, the company is preparing to break ground on a two-tower development that will bring housing, retail, a public art walk, and a new home for the Pompidou Museum to the area.
A Major Land Acquisition Sets the Stage
KRE, the firm behind the transformational Journal Squared complex that is just wrapping up construction, recently closed on several parcels for a combined $48.5 million. The assembled land includes:
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808 Pavonia Avenue
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132 to 140 Van Reipen Avenue
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12 Bryan Place
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813 Pavonia Avenue
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270 Magnolia Avenue
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54 Journal Square
These parcels sit above the PATH rail tracks and border the historic Loews Jersey Theatre, placing the project at one of the most visible and well connected corners of Journal Square.
Jersey Digs first published renderings of this development back in 2022, and the two-tower plan received approval just a few months later. Since then, one significant update has reshaped the project: a 30 year tax abatement approved by the Jersey City Council last month.
The Pompidou Museum Finds a New Home
In exchange for the abatement, KRE’s development will now include dedicated space for the Pompidou Museum, the world renowned Paris institution that Jersey City has been trying to bring stateside for years. The museum’s original planned home fell through after funding issues arose with the state’s Economic Development Authority. This new site inside the KRE project gives the long delayed Jersey City Pompidou effort a fresh path forward.
What the Towers Will Look Like
Plans call for two towers, standing 55 and 49 stories tall, each rising from a three story podium. Both buildings share a tiered design, with facades built from articulated metal panels and ground floor curtain walls that will help anchor the project visually within the Journal Square skyline.
Recent renderings released through the New York Immigration Fund confirm the scale of the residential component. The project is expected to include 1,189 units in total:
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405 studios
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611 one-bedroom units
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149 two-bedroom units
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24 three-bedroom units
No affordable housing units are currently part of the plan.
Amenities Built for Everyday Living
Residents of the new towers can expect a robust amenity package, including:
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An onsite pool
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Rooftop amenity spaces
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A karaoke room
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Golf simulators
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Billiard rooms
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A children’s playroom
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Multiple lounges
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Co-working spaces
A Public Art Walk Connects the Community
Beyond housing, the project includes real investment in public space. A new street connector will link Pavonia and Van Reipen Avenues, forming the backbone of an art walk that runs through the development.
At the start of the walk, a 6,194 square-foot gallery and cafe space will occupy a shorter structure positioned across from the taller of the two towers. From there, the art walk extends across Kennedy Boulevard through a series of distinct public areas, including Magnolia Plaza, The Town Square, The Art Space, and The Dog Park. An amphitheater and a landmark clocktower round out the public amenities planned along the route.
As part of its redevelopment agreement with the city, KRE will also contribute an additional $3.5 million to the Journal Square Cultural Arts Fund. That giveback allows the towers to rise above the area’s standard 37-story height limit.
Construction Timeline
Bob Antonicello, who has advised on the project through GRID Commercial Real Estate Advisors for nearly eight years, recently confirmed that construction on the first phase is expected to begin in the coming months. A parking lot tied to the property already closed earlier this fall, signaling that site work is underway even though an official groundbreaking date has not yet been announced.
It is worth noting that this KRE development, led by Murray and Jonathan Kushner, is a separate venture from the Kushner Companies project across the street, where two towers are currently under construction at One Journal Square.
Frequently Asked Questions
What is being built in Journal Square? KRE is developing two residential towers, standing 55 and 49 stories, along with a public art walk and dedicated space for the Pompidou Museum, on roughly two acres of land near the Loews Jersey Theatre.
How many units will the Journal Square KRE project have? The development is planned to include 1,189 units: 405 studios, 611 one-bedrooms, 149 two-bedrooms, and 24 three-bedrooms.
Will the Journal Square development include affordable housing? No affordable housing units are currently included in the approved plan.
When will construction start on the KRE Journal Square project? Bob Antonicello has indicated that construction on the first phase is expected to begin in the coming months, though an official groundbreaking date has not been set.
Is this the same project as One Journal Square? No. This KRE development is a separate project from One Journal Square, which is being built across the street by Kushner Companies.
