Jersey City Event Marks Journal Squared Development Milestones

JERSEY CITY, NJ —Mayor Steven Fulop and Hudson County Executive Tom DeGise were two of the speakers at a Tuesday event in Jersey City marking the completion of Journal Squared Tower 2 and the groundbreaking of Tower 3.

The event, which took place on the amenity deck at Tower 2, also featured other local municipal officials and representatives from real state company KRE Group and investment firm National Real Estate Advisors, the development team behind the three-tower Journal Squared project.

When finished, the project is expected to feature 1,840 rental residences and 36,000 square feet of retail and restaurant space in its 53, 68 and 60-story buildings. The towers are located at the intersection of Pavonia Avenue and Summit Avenue above the Journal Square Transportation Center

"There's nothing better than a groundbreaking, unless, of course, you have a ribbon cutting. Today we have both, and that makes this event very, very unique," DeGise said.

Officials announced that Journal Squared Tower 2 already had leased all 704 apartments in just five months.

"The robust leasing activity we experienced in Tower 2 over the past five months demonstrates the enormous demand that exists here," said Jonathan Kushner, president of KRE Group. "That speaks volumes about the product we've delivered and the growing appeal of the neighborhood itself. We're delighted to now begin work on the third tower, which will bring our full vision to fruition."

The third tower will rise 60 stories and feature 600 rental residences and 18,000 square feet of additional space, and it will include amenities like: a performance lounge, karaoke room and recording spaces, a makerspace area, co-working lounge, lobby café and sky lounge. Construction is due to be completed in spring of 2024.

"This (project) has happened here in Journal Square, and you can now see the transformation occurring," Fulop said. "This is just the early stages for what is on deck in Journal Square, which has a future that's very, very bright. We couldn't be more excited that (Tower 2) has completed leasing and that the KRE Group is still committed to Jersey City and immediately breaking ground on the newest tower."