This 1.5 acre site adjacent to the Journal Square PATH station represents one of the most exciting and significant development opportunities in the region. The existing surface parking lot and 1-story retail stores will be replaced with an iconic structure of exceptional design that will be a visual gateway to Journal Square , support a growing population and workforce, and further the revitalization that is already underway. The plan combines rental housing, multi-story retail and parking in a transit-oriented, "green" development that will bring new vigor to Journal Square . This mixed-use development will consist of 58- and 38-story residential towers above a 7-story retail and parking base with a rooftop terrace.
The Journal Square Project will contain150,000 square feet of retail space on the basement, ground and second levels and fronting Journal Square Plaza, the PATH and Transportation Center and Sip Avenue; 330,000 square feet of structured parking on five levels; 1.24 million square feet of studio, one-bedroom and two-bedroom apartments for approximately 1,500 units and 40,000 square foot roof terrace with a swimming pool, children's play area, dog run, lawn area and other amenities.
This project is being undertaken by MEPT Journal Square Urban Renewal, LLC - a partnership between the Multi-Employer Property Trust based in Bethesda, Md., a national real estate equity fund that invests union pension funds; Harwood Properties, based in Jersey City; and the Fairfield, Conn.-headquartered Becker + Becker, an architectural, planning, preservation and development firm.
The project has received Preliminary Site Plan approval from Jersey City Planning Board, and has executed a redevelopment agreement with the Jersey City Redevelopment Agency. Once the design is complete and fully approved, the project will take approximately 30 months to construct, with the
Tower completed in advance of the
Tower . The first units are expected to be available for occupancy in 2010.
About the co-developers:
Becker + Becker Associates
seeks projects that have a social and environmental value: restoring underutilized historic buildings and urban sites to provide housing, education, retail and day care facilities. B+B prides itself on developing creative solutions to complex challenges in land use planning and architecture to create sustainable development.
We strive to enrich the larger environment and community that our work becomes a part of, and are committed to recognizing and addressing the vital social and environmental role of buildings. We believe good design and development result from a comprehensive understanding of how buildings should function, serve their users and affect the environment.
Becker + Becker
95 Reef Road
Fairfield, CT 06824
MULTI-EMPLOYER PROPERTY TRUST (MEPT) is an open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets, and 100% union-built new construction properties. MEPT's portfolio consists of 170 properties in 24 major metropolitan markets around the country. MEPT’s primary investment strategy is to create top-quality, core, income-producing assets through development, rehabilitation, or acquisition and repositioning of undervalued assets. The Fund invests in office buildings, warehouses, flex/research and development facilities, retail centers, apartments and hotels in order to maintain a diversified, institutional-grade “core” portfolio that produces strong and stable current income.
Founded in 1982, MEPT has $7.04 billion in net assets and has grown to become one of the largest commingled real estate equity funds in the country and the largest fund with a commitment to union labor. MEPT has 170 properties owned nationwide, and over 318 participating pension plans. With a 25-year track record, MEPT's seasoned management team has consistently delivered competitive and stable returns for its investor base while providing an investment vehicle that offers flexibility and liquidity, creates jobs, and contributes to the overall economic vitality of the markets where the Fund invests.
Block & Lot Map
Parking Study Report
Study of Existing Conditions
Journal Square Vision