Coronavirus derails Jersey City’s Dream Tower project

The coronavirus pandemic has derailed another real estate development. Canbis and Dream Hotel Group told the Jersey City Redevelopment Agency that they can’t move forward with their mixed-use Dream Tower project as currently proposed, according to Jersey Digs. The 25-story, 350,000-square-foot tower “is no longer feasible due to changes in the market” caused by the pandemic, according to an item in a JCRA agenda last week. The project would have had 160 hotel rooms, 265 residential units and 6,000 square feet of retail space. It’s unclear if the project will be redesigned or dropped entirely. [Jersey Digs] – Dennis Lynch