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53-Story Rental Tower Designed by HLW International Breaks Ground in Jersey City, N.J.'s Journal Square

By 86rkelly
Sep 19, '23 11:46 AM EST
499 Summit Avenue, Jersey City
499 Summit Avenue, Jersey City

Panepinto Properties, a central player in shaping Jersey City’s real estate landscape for nearly five decades, reaffirmed its pivotal role in the city’s ongoing growth and vitality by breaking ground on a soaring 53-story residential tower in the historic and revitalized Journal Square neighborhood.  New York-based HLW International is the architect.

The transformative development, rising just steps from the Journal Square PATH station at 499 Summit Avenue, is poised to introduce 605 new rental residences to an area brimming with renewed vibrancy. In addition to well-appointed one-, two- and three-bedroom residences, the mixed-use project will include 3,200 square feet of retail space, a new landscaped public plaza, a parking garage with vehicle lifts, 304 bicycle parking spaces, and a wide range of lifestyle amenities and services. 

Panepinto is spearheading the $338 million endeavor in collaboration with AJD Construction, which is also responsible for the tower's construction. The development team expects the project to generate more than 2,300 development, construction, and operations jobs, with an anticipated  completion date in the second quarter of 2026. Construction financing was arranged by JLL Capital Markets.

Principals of Panepinto Properties hosted Jersey City Mayor Steven Fulop, fellow municipal officials, and other dignitaries to mark the start of construction on the development and emphasize its role in further reinvigorating the Journal Square neighborhood, which is reclaiming its status as the heartbeat of the city. 

“As a company with deep roots in Jersey City, we are genuinely excited about the large-scale revitalization unfolding in Journal Square and are thrilled that we have this opportunity to further contribute to the neighborhood’s historic resurgence,” said Joseph A. Panepinto Sr., President & CEO of Panepinto Properties

“Today’s groundbreaking represents the culmination of years of thoughtful planning and design, ensuring that this project not only provides new, modern residential options adjacent to public transportation, but also becomes a lasting neighborhood asset. We appreciate the support and guidance we have received from Mayor Fulop, the City Council, and all of the other agencies and individuals who share our vision.”

Joe Panepinto Jr., President of Panepinto Global, remarked, “This project, along with the significant developments underway around the PATH Station, represents $2 billion in current real estate development. With 8,000 units already completed or slated for the next few years and another 14,000 units planned, this submarket of Jersey City is competitive with any neighborhood in Manhattan.” 

499 Summit Avenue builds on the substantial investment pouring into Journal Square which is driving its  remarkable revival as a business, arts, and shopping hub reminiscent of its former glory days.

“Something I say often is Journal Square is one of the best renaissance stories in the entire country, because it’s true,” Said Mayor Steven Fulop. “Behind me is going to be the North American headquarters of Centre Pompidou, a major cultural institution and museum. You have the Loew’s Theatre, which is under renovation, a $100 million project. And this way you will have a three-acre park with the moneys already earmarked from the new courthouse being developed. So when you look forward three, four, or five years, this will be the heart of the city again from a culture standpoint, from a nightlife standpoint, from a livability standpoint, and it takes partners to make that a reality.  Joe Panepinto grew up in Jersey City. He knows Journal Square better than anybody, and he is a believer in Jersey City. So seeing him developing such a significant site in Journal Square is another favorable check on the Panepinto legacy. ”

Journal Square’s allure lies in its diverse population, historic landmarks, and a vibrant fusion of culture, entertainment, and shopping The neighborhood's vitality is further enhanced by its exceptional connectivity, anchored by a robust transportation network centered around PATH service to lower and midtown Manhattan, Jersey City, Hoboken, and Newark. NJTRANSIT and private buses consistently serve the area, offering convenient connections to major employment and recreational centers on both sides of the Hudson River.

In addition to its transportation advantages, the neighborhood plays an integral role in Jersey City's rich cultural tapestry and dynamic arts scene. At its core is Mana Contemporary, an art center featuring exhibitions, studios, performing arts spaces, and resources for artists, students, and the wider community. Adding to its cultural charm, the prestigious Parisian art institution, Centre De Pompidou, is set to unveil its exclusive North American satellite museum at 25 Journal Square Plaza in 2026. Concurrently, the city is dedicated to restoring the iconic Loew's Theater at 54 Journal Square Plaza, transforming it into a modern entertainment venue while preserving its cherished historic architecture.

The profound artistic connections found in Journal Square resonate harmoniously with Panepinto's fundamental mission of crafting distinctive properties that foster meaningful human connections and cultivate thriving communities within culturally significant neighborhoods. Through its Panepinto Fine Art division, the company serves as a vital bridge linking developers and artists, curating art collections that adorn residential, commercial, and hospitality properties.