Two years after receiving approval for a megaproject in Jersey City, Kushner Real Estate Group and Silverstein Properties landed financing for its first phase.
Kennedy Wilson provided $175 million in construction financing for the beginning of Artwalk Towers in the Journal Square neighborhood, Multi-Housing News reported. The financing only applies to the first of two buildings going up in the development, or 595 units of the broader 1,189-unit project.
The first phase of the development at 808 Pavonia Avenue will stand 49 stories tall, featuring units ranging from studios to three-bedroom apartments. Planned amenities include a gym, coworking spaces and a rooftop with a pool and sundeck. There will also be a gallery with 6,000 square feet of commercial space.
Handel Architects is designing the luxury development, which is expected to have its first phase completed in 2027. The 55-story adjacent building is expected to begin construction thereafter.
Kushner and Silverstein received approval for the project from the Jersey City Planning Board in October 2022. The two-acre site is across from the Journal Square PATH Station and behind the historic Loew’s Jersey Theatre.
In September, the mayor proposed a 30-year tax abatement for the project. In return, the development would feature a 100,000-square-foot art museum.
Northern New Jersey — and Jersey City, specifically — has been a hive of multifamily development recently. So far this year, developers have delivered 7,400 units to the region, nearly half of which are in Jersey City, according to Yardi Matrix. The projected northern New Jersey pipeline includes 29,500 units, 7,500 in Jersey City.
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In February, a Lakewood-based developer spent $12.5 million for a site on Culver Avenue in the city’s West Side neighborhood. The private development group is planning a 365-unit project with retail space.
Kushner also recently completed work on Journal Squared, a development a decade in the making. The $900 million project counts 1,800 units across its three buildings.