Panepinto Properties, which has been developing Jersey City real estate for nearly 50 years, said Friday that its latest residential development in Journal Square has officially topped out at 577 feet and 54 stories. Once completed, it will be the tallest rental building in Jersey City.
The topping-out marks the completion of the tower’s vertical construction as the $388 million development transitions into its final phase.
Panepinto said the rental property is named 505 Summit, a nod to its location near the Journal Square PATH Station.
“505 Summit is a continuation of our longstanding commitment to Jersey City’s growth and the ongoing revitalization of Journal Square,” said Joseph A. Panepinto Sr., president & CEO of Panepinto Properties. “In addition to delivering a signature building with sought-after amenities and services, the project has played a vital role in supporting the neighborhood’s economic momentum, creating more than 2,000 construction and operations jobs.”
Panepinto also said leasing is scheduled to begin next spring for the luxury rental tower’s 605 studio to three-bedroom residences. The project will also include 4,000 square feet of street-level retail, a public plaza, a parking garage, and 304 bicycle storage spaces.
505 Summit was designed by New York-based HLW International. The property will feature an outdoor terrace with a pool, BBQs, resident lounge, co-working spaces, sports simulator, state-of-the-art fitness center, and more.
Residents will be able to view the Manhattan skyline, Statue of Liberty, and the surrounding cityscape.
505 Summit is the latest example of the investment resurgence of Journal Square as a business, arts, and shopping destination. As well, 505 Summit is less than a half-mile from the Journal Square PATH station, connecting the area tolower and midtown Manhattan, Jersey City, Hoboken, and Newark.
The milestone was recognized on site by Panepinto principals, executives from AJD Construction, Panepinto’s development partner and the project’s general contractor, and key business and financial leaders. The New York Immigration Fund contributed EB-5 financing to the capital stack through its local regional center.
Panepinto has appointed The Marketing Directors as exclusive marketing and leasing agent for 505 Summit and has chosen Greystar to manage the property.
