Continuing the discussion from JERSEY CITY | Journal Square 2060 Redevelopment Plan:
$19M state tax break for 13-story Journal Square residential tower
By Terrence T. McDonald
The Jersey Journal
on December 23, 2013 at 8:00 AM
2 Journal Square Plaza in Jersey City, Friday, Dec. 13, 2013. Reena Rose Sibayan/The Jersey Journal
A 13-story, 240-unit residential project set for Journal Square, the latest housing development planned for the Jersey City neighborhood, has received a $19.2 million tax break from the state.
The luxury rentals will be built next to an existing office building and above an existing parking dark that was developed in 1984 by Hartz Mountain, which is helping to develop the new building with former local Democratic bigwig Joe Panepinto and Garden State Development Inc.
Gus Milano, Hartz managing director, said the project was originally going to an office building. But with rents rising Downtown, and the PATH hub just down the street, developers saw a “wonderful opportunity” to convert it to residential, Milano said.
“We think that Journal Square has a lot of potential,” he said. “We’re delighted that other developers think that.”
The developers hope to begin construction next spring, with an anticipated opening in winter 2015. They expect to create 400 construction jobs.
City spokeswoman Jennifer Morrill said developers behind the project last week applied for a long-term tax break from the city, known as an abatement. Milano said it’s impossible to build anywhere outside of the Downtown without help from the city and state.
