Going up and up in Journal Square

Second tower of K2 development is on the rise

K2's second tower is under construction, promising to transform Journal Square.
×
K2's second tower is under construction, promising to transform Journal Square.

When Mayor Steven Fulop told the New JSQ Community Association last August that development in Journal Square was still on track, some people may have questioned it.

Legal issues involving other parcels along the historic shopping district seemed to have thrown a road block in the way of the development the city hoped to see in Journal Square.

Historically, the center of commerce for the state’s second largest city has been Journal Square, a retail hub to which people have flocked for decades. In contrast to the massive development that has taken place along the waterfront in Jersey City, Journal Square’s decline over the last twenty years has symbolized a city in decline, and has been the focus of many pitched political battles about how to restore it.

But Journal Squared, or J2 as it is sometimes called, has begun to construct the second of three towers, supporting Fulop’s claims.

Immense transformation

J2 is a retail and 3-tower residential complex that is expected to consist of a 54-story, 60-story, and 70-story building, among the tallest buildings in the state.

“Development has begun to spread away from the waterfront, with the first tower in three decades currently under construction in Journal Square,” Fulop said last year. “We’ve made it a priority to ensure that this development benefits everyone, and we have begun crucial investments in city-wide affordable housing.”

Construction on the first of the towers broke ground in October 2014, topping out a year later, and tall enough to be visible from most parts of the city. It was completed in 2017, setting the stage for the start of construction on the second tower last September.

Located at 615 Pavonia Ave., the tower is being developed by the Kushner Real Estate Group (KRE) and National Real Estate Advisors. When all three towers are finished, there will be about 1,840 new apartments and about 36,000 square feet of retail, a public plaza, and restaurants.

While the company broke ground on the second tower in 2018, vertical construction started in early 2019, and is expected to be completed in late 2020.

30-year tax abatement

The city council approved a 30-year abatement for the project in 2012, as part of an effort to bring needed large development projects to other parts of the city. In the past, most of the high rise luxury development had been built along the waterfront.

For updates on this and other stories check hudsonreporter.com and follow us on Twitter @hudson_reporter. Al Sullivan can be reached at asullivan@hudsonreporter.com