One Journal Square

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One Journal Square
One Journal Square June 2024.jpg
One Journal Square
Alternative names1 Journal Square
General information
StatusTower I: Topped-Out
Tower II: Under construction
TypeResidential
LocationJournal Square, Jersey City
Coordinates 40°43′52″N74°03′49″W / 40.7311°N 74.0635°W / 40.7311; -74.0635
Height710 feet (220 m)
Technical details
Floor count64 (52 in each tower, 12 in base)
Design and construction
Architecture firm Woods Bagot
DeveloperKushner Companies
Structural engineerLangan Engineering
Main contractorAJD Construction
Other information
Number of units1,723

One Journal Square is a skyscraper complex under construction at Journal Square in Jersey City, New Jersey. It is the fourth tallest building by structural height in Jersey City, construction began in 2022 after significant delays. The first tower topped-out in 2024, while the second tower is under construction, with the entire project expecting completion in 2026. The complex includes twin 52-story high-rises over a 12-story base rising 710 feet (220 m). [1] [2]

Contents

History

The land of the project had been vacant since 2009, and was bought in 2014. [3] A previously approved design by Becker + Becker Associates was being developed by Harwood Properties. [4] Construction was never started on the project and Harwood eventually sold the property to Kushner Companies in January 2015 for $27 million. [5] [6]

An initial design consisted of two towers with roughly 3,000 residential units and 160,000 square feet of commercial space, but the project was scaled back in 2020. Construction began in 2022. The first tower was topped off in 2024. [2]

In July 2024, Kushner Companies secured a $295 million loan from Apollo and RXR Realty, helping secure the funding for the remainder of the project. The entire project is expected to be completed in 2026. [2]

Design

The complex consists of twin 52-story towers over a 12-story base rising 710 feet to be built in two phases. The entire project includes 1,723 residential units (consisting of studios, one-bedrooms, two-bedrooms, and three-bedrooms), 41,000-square feet of retail space, and a 883-space parking garage. Reconstruction of the public plaza outside the Journal Square Transportation Center includes turning the taxi stand to green space. [2] [3] [7]

The complex offers many amenities for residents, including an Olympic-size indoor pool, cold plunge pool, whirlpool spa, sauna and steam rooms, a bowling alley, golf simulators, multiple lounges, co-working spaces, a chef’s kitchen and a kid’s club. There are two landscaped rooftop terraces with a swimming pool and hot tub. Fitness amenities include a full size basketball court, a rock climbing wall, a squash court, a spin cycle room, and several training rooms. The anchor tenant for the retail portion of the building will be Target. [2] [3]

In August 2019, Kushner Companies lost a lawsuit in which they claimed they were unfairly denied tax abatements due the project. [8] [9] The company and Jersey City later entered into a settlement agreement [10] where Kushner agreed to make a $2.5 million investment in local arts initiatives in exchange for the project's approval.

See also

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References

  1. ↑ Morris, Sebastian (June 19, 2022). "Kushner Breaks Ground On One Journal Square In Downtown Jersey City". New York Yimby. Retrieved July 18, 2024.
  2. 1 2 3 4 5 Fry, Chris (July 25, 2024). "Jersey City's One Journal Square Nabs $295 Million Loan". Jersey Digs. Retrieved August 10, 2024.
  3. 1 2 3 "Dev Lands $295M Loan for 2 Million SQFT Tower Project in Journal Square". www.bldup.com. Retrieved August 10, 2024.
  4. ↑ One Journal Square | Buildings | EMPORIS [usurped]
  5. ↑ "Jared Kushner pays $27M for Jersey City site". The Real Deal New York. January 5, 2015. Retrieved November 23, 2015.
  6. ↑ McDonald, Terrence T. (January 5, 2015). "Jared Kushner buys site of long-delayed Journal Square project for $27M". nj.com.
  7. ↑ Fry, Chris (November 6, 2020). "EXCLUSIVE: Details, Renderings Revealed for Kushner's One Journal Square". Jersey Digs. Retrieved November 13, 2020.
  8. ↑ McDonald, Terrence T. (June 28, 2018). "Kushner group sues Jersey City over stalled tower project, alleging anti-Trump bias". nj.com.
  9. ↑ Zeitlinger, Ron (August 8, 2019). "Federal judge tosses Kushner Companies lawsuit over $821 million One Journal Square project". nj.com.
  10. ↑ Porter, David (October 16, 2020). "Jersey City, Kushner reach accord in political bias lawsuit". AP NEWS. Retrieved November 13, 2020.
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