Jared Kushner’s Kushner Companies, in partnership with the KABR Group, paid $27 million for a vacant Jersey City site just across the street from the firm’s planned 40-story residential tower.
The two-acre site at One Journal Square was at the center of a long-delayed plan to construct two 60-story towers holding 1,500 rental units and 150,000 square feet of retail space. Kushner said in a statement that he will soon unveil plans for the site that “will help drive the city’s continued renaissance.”
Multi-Employer Property Trust and Washington, D.C.-based real estate firm Landon Butler were developing the One Journal Square buildings, once expected to be called the City Centre Towers. Plans were repeatedly delayed after the Hotel on the Square was demolished in 2009.
Kushner and KABR are also jointly developing the tower at 30 Journal Square, the former home of the Jersey Journal, and a 50-story residential tower at 65 Bay Street in downtown Jersey City. — Mark Maurer