No proposal for this site yet, and the White Castle must remain for at least 3 years, but zoning allows up to 47 floors if the site is developed with a mix of commercial and residential with inclusionary zoning.
An investor has acquired the site of a White Castle in Jersey City with the potential to bring a new mixed-use development to the property, in a deal arranged by EXP Realty.
According to the brokerage firm’s Minni Chalana, MNG Capital Inc. paid $13 million for the 23,025-square-foot building and the accompanying land at 2995 Kennedy Blvd. The deal in the Journal Square neighborhood came as part of a sale-leaseback with White Castle System Inc., she said, noting that the restaurant will remain for another three years on a triple-net basis.
During that time, the New York-based developer will look to gain approvals to build a luxury high-rise consisting of hotel, apartment and retail uses with amenities and perhaps parking.
Chalana added that “the vision for the development is still unclear,” though the property is located in a zone that calls for active and intensive use of parcels surrounding the Journal Square Transportation Center. The transit hub is a short walk away, providing easy access to rail and bus service, while it’s located in the city’s historic commercial district.
“It will most likely result in a luxury building with a combination of the Zone 3 permitted uses,” Chalana said, including hotels, residential, retail, live/work units, restaurants and structured parking. “They are interviewing architects to design the plans and not in a rush to develop as White Castle maintains a sale-leaseback for the next three years.”
restaurant in the ground floor?
