So much for a slowdown of luxury rentals.
HAP Investments, a New York-based real estate investment and development company, announced plans Tuesday for a proposed luxury rental development at 500 Summit Ave. in the Journal Square neighborhood of Jersey City.
Located near the Journal Square PATH station, the planned 42-story building will feature 902 residential units along with an almost one-acre public park, retail stores and an 8,500-square-foot community center.
Designs for the park include an open-air terrace with seating, a playground, pedestrian footpaths and a dog run. The community center includes a large glass façade, with flexible spaces for art, culture, classes and meetings.
HAP Investments also will provide $500,000 toward new plantings and public amenities in the nearby Hilltop section, as well as designate parking spaces for visitors to the community center and the Hilltop Neighborhood Association.
HAP Investments co-founder and CEO-NY Eran Polack said the firm is eager to get started.
“Our goal is to create a destination that serves not only the residents of 500 Summit Ave., but the entire neighborhood as well,” he said.