A joint venture partnership between developer KRE Group and financial services organization Northwestern Mutual will bring a 38-story, mixed-use tower with 507 residents and 4,500 square feet of public space to Jersey City, the pair announced Friday.
The development, located at 351 Marin Blvd. and stretching from 1st to Bay streets, will also be home to nearly 8,000 square feet of commercial space, 203 parking spots and two floors of amenities. It is also a three-minute walk to the Grove Street PATH station.
The partnership broke ground on the building, which will be called 351 Marin. Leasing is slated to begin in the fall of 2021.
“We’re excited to partner with Northwestern Mutual to bring a new, mixed-use development to this prime location in Jersey City,” Jonathan Kushner, president of KRE Group, said. “351 Marin will offer its residents an exceptional downtown location and urban lifestyle with unmatched walkability, and we’re thrilled to work alongside Northwestern to bring this project to life.”
“We’re very impressed with KRE’s portfolio of outstanding residential projects and view 351 Marin as the perfect opportunity to partner with Jersey City’s preeminent developer,” Tom Zale, vice president and head of real estate investments at Northwestern Mutual, said. “As an investor, large luxury apartment projects in thriving markets such as Jersey City have been an area of consistent success, translating to real value for our policyowners.”
Financial terms were not disclosed