New York City developer HAP Investments and CetraRuddy have revealed a 42-story mixed-use tower proposed for Jersey City that would hold 902 luxury rental units, a community center, and a park.
The scheme, planned for the heart of Jersey City’s Journal Square at 500 Summit Avenue, was designed for the developer previously known for landmark projects such as 329 Pleasant Avenue and Maverick Chelsea. HAP’s first foray across the river in Jersey City came about after they bought the site, currently still a carpark, in 2016 for $26.5 million.
That parking lot has been the subject of litigious conflict; the developer sued the city for allegedly intentionally stalling the project for over a year in 2018. Since then, the project has been revived after a settlement has reached with the city mandating the addition of the park and a community center.
The new plans show a one-acre park that will include an open-air terrace, an 8,500 square-foot, $2.5-million community center with space for art, culture classes, and meetings all enclosed in a sloped glass envelope. The conditions of the settlement have also resulted in an additional $500,000 for public amenities, more landscaping in the neighborhood, and parking for the Hilltop Neighborhood Association.
The renderings released last week show a cream-hued tower punctuated by large windows and a prismatic finish that will offer surround views across the river to Manhattan, in a prominent part of Jersey City that has convenient access to the PATH train.
Eran Polack, CEO and co-founder of HAP Investments said in a press release that, “Our goal is to create a destination that serves not only the residents of 500 Summit Avenue, but the entire neighborhood as well.” This will hopefully attract Manhattanites in search of a shorter commute and cheaper rents.
However, while construction is scheduled to begin sometime in 2022, Polack is reportedly still looking for an equity partner according to The Real Deal. If everything goes as planned, the tower would rise a stone’s throw from Woods Bagot’s Journal Square megadevelopment.
