{"id":1004106213,"date":"2014-10-27T06:37:35","date_gmt":"2014-10-27T14:37:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004106213"},"modified":"2022-12-06T06:31:36","modified_gmt":"2022-12-06T14:31:36","slug":"national-re-kre-group-break-ground-on-jersey-city-m-u-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/national-re-kre-group-break-ground-on-jersey-city-m-u-tower\/","title":{"rendered":"National RE, KRE Group Break Ground on Jersey City M-U Tower"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Journal-Squared.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004106215\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/national-re-kre-group-break-ground-on-jersey-city-m-u-tower\/journal-squared\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Journal-Squared.jpg\" data-orig-size=\"720,458\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Journal Squared\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Journal-Squared.jpg?w=720\" class=\"alignright size-medium wp-image-1004106215\" alt=\"Journal Squared\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Journal-Squared.jpg\" width=\"300\" height=\"190\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Journal-Squared.jpg 720w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Journal-Squared.jpg?resize=300,191 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>By Keith Loria, Contributing Editor<\/p>\n<p>National Real Estate Advisors and the KRE Group have officially broken ground on Journal Squared, a three-tower, mixed-use development adjacent to Jersey City\u2019s Journal Square PATH Station.<\/p>\n<p>\u201cThe county that Journal Squared is located in is the most densely populated outside of Manhattan, so building in a place like that with access to transportation is a no-brainer that you will fill the place up in no time at all,\u201d Jeff Kanne, National\u2019s president &amp; CEO, told <i>Commercial Property Executive<\/i>. \u201cWe\u2019re going to be able to offer rents in a luxury tower for $40 a foot, roughly speaking, for a project that\u2019s going to be second to none in Jersey City.\u201d<\/p>\n<p>Journal Squared will consist of 1,838 rental residences and 36,000 square feet of retail and restaurant space in 53-, 60- and 70-story towers, the latter of which will be the tallest residential building in the state of New Jersey.<\/p>\n<p>Phase I will be the 53-story building, with 538 rental apartments, and is scheduled for completion by the end of 2016.\u00a0Phase II will include 700 rental residences in a 70-story building, while Phase III will feature 600 rental homes in a 60-story building. Residents will have panoramic views of Manhattan, the Statue of Liberty, plus the rivers and harbor.<\/p>\n<p>According to Kanne, the project is expected fuel the revitalization of the massive transportation hub and serve as the centerpiece of a resurgent urban neighborhood.<\/p>\n<p>\u201cIn our opinion, downtown Manhattan is undergoing an extraordinary renaissance, with the World Trade Center and Fulton Transportation Center, with millions of square feet of office space, so we see that as the epicenter of the New York area,\u201d Kanne said. \u201cJournal Square sits on the PATH station, and our three towers will have direct access to the PATH, so that station is a 10-minute ride to Ground Zero without changing trains and only 15 minutes to Mid-town.\u201d<\/p>\n<p>Located at the intersection of Pavonia and Summit avenues, the development will also include a pedestrian-friendly public plaza lined with trees, greenery and seating to encourage pedestrian activity and social interaction.\u00a0Additionally, a total of 920 parking spaces will be included in the development.<\/p>\n<p>National\u2019s investment in Journal Squared is on behalf of the firm\u2019s open-end, build-to-core fund, developing and redeveloping properties at appropriate points in the real estate cycle.<\/p>\n<p>\u201cOur basic investment strategy is to only invest in projects being developed or significantly renovated, because we think that\u2019s the best way to create value and we avoid having to compete with a lot of other people for existing, stabilized assets,\u201d Kanne said. \u201cThis gives us a modern portfolio, which is very green.\u201d<\/p>\n<p>As such, the developers will pursue LEED certification for all three buildings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Real Estate Advisors and the KRE Group have officially broken ground on Journal Squared, a three-tower, mixed-use development adjacent to Jersey City\u2019s Journal Square PATH Station.<\/p>\n","protected":false},"author":451,"featured_media":1004106215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21752,21742,10],"tags":[],"class_list":["post-1004106213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-mixed-use","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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