Panepinto Properties broke ground this week on a soaring 53-story residential tower in the historic and revitalized Journal Square neighborhood of Jersey City.
The transformative development, just steps from the Journal Square PATH station, at 499 Summit Ave., is poised to introduce 605 new rental residences to an area brimming with renewed vibrancy.
Panepinto is spearheading the $338 million endeavor in collaboration with AJD Construction, which is also responsible for the tower’s construction. The development team expects the project to generate more than 2,300 development, construction and operations jobs, with an anticipated completion date in the second quarter of 2026. Construction financing was arranged by JLL Capital Markets. New York-based HLW International is the architect.
In addition to well-appointed one-, two- and three-bedroom residences, the mixed-use project will include 3,200 square feet of retail space, a new landscaped public plaza, a parking garage with vehicle lifts, 304 bicycle parking spaces and a wide range of lifestyle amenities and services.
Principals of Panepinto Properties hosted Jersey City Mayor Steven Fulop, fellow municipal officials and other dignitaries to mark the start of construction on the development and emphasize its role in further reinvigorating the Journal Square neighborhood, which is reclaiming its status as the heartbeat of the city.
“As a company with deep roots in Jersey City, we are genuinely excited about the large-scale revitalization unfolding in Journal Square and are thrilled that we have this opportunity to further contribute to the neighborhood’s historic resurgence,” Joseph Panepinto Sr., CEO and president of Panepinto Properties, said. “Today’s groundbreaking represents the culmination of years of thoughtful planning and design, ensuring that this project not only provides new, modern residential options adjacent to public transportation, but also becomes a lasting neighborhood asset. We appreciate the support and guidance we have received from Mayor Fulop, the city council and all of the other agencies and individuals who share our vision.”
Joe Panepinto Jr., president of Panepinto Global, remarked: “This project, along with the significant developments underway around the PATH Station, represents $2 billion in current real estate development. With 8,000 units already completed or slated for the next few years and another 14,000 units planned, this submarket of Jersey City is competitive with any neighborhood in Manhattan.”
“Something I say often is Journal Square is one of the best renaissance stories in the entire country, because it’s true,” Fulop said.
Journal Square’s allure lies in its diverse population, historic landmarks and a vibrant fusion of culture, entertainment and shopping. The neighborhood’s vitality is further enhanced by its exceptional connectivity, anchored by a robust transportation network centered around PATH service to Lower and Midtown Manhattan, Hoboken and Newark. New Jersey Transit and private buses consistently serve the area, offering convenient connections to major employment and recreational centers on both sides of the Hudson River.
