{"id":1004110475,"date":"2015-01-06T08:15:00","date_gmt":"2015-01-06T16:15:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004110475"},"modified":"2022-12-08T01:21:44","modified_gmt":"2022-12-08T09:21:44","slug":"kushner-kabr-to-revitalize-journal-square-in-jersey-city","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kushner-kabr-to-revitalize-journal-square-in-jersey-city\/","title":{"rendered":"Kushner, KABR to Revitalize Journal Square in Jersey City"},"content":{"rendered":"<div id=\"attachment_100411\" style=\"width: 160px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Jared-Kushner-CEO-Kushner-Cos-.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-100411\" data-attachment-id=\"1004110509\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kushner-kabr-to-revitalize-journal-square-in-jersey-city\/jared-kushner-ceo-kushner-cos\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Jared-Kushner-CEO-Kushner-Cos-.jpg\" data-orig-size=\"515,349\" 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=\"Jared Kushner CEO Kushner Cos\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Jared-Kushner-CEO-Kushner-Cos-.jpg?w=515\" class=\"size-thumbnail wp-image-1004110509\" alt=\"Jared Kushner CEO Kushner Cos\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Jared-Kushner-CEO-Kushner-Cos-.jpg\" width=\"150\" height=\"150\" \/><\/a><p id=\"caption-attachment-100411\" class=\"wp-caption-text\">Jared Kushner, Kushner Cos.<\/p><\/div>\n<p>There\u2019s a major multi-family addition in Jersey City, N.J.\u2019s future. Kushner Cos. and The KABR Group have completed the acquisition of a two-acre parcel at One Journal Square, where the team plans to erect a mixed-use residential project. While the partners haven\u2019t released any specific details on the endeavor, they certainly have the freedom to go big, as the land is entitled for a development encompassing as many as 1,500 multi-family units.<\/p>\n<p>The seller of the land&#8211;located in the Journal Square neighborhood, the city\u2019s cultural center and transit hub&#8211;was Multi-Employer Property Trust, which, upon its acquisition of the property in 2007, had planned to build a two-phase, two-tower mixed-use destination featuring 1,200 residential units. However, those plans evaporated, leaving the One Journal Square vacant for the last several years.<\/p>\n<p>Now, Kushner and KABR are working with local and state officials to craft a plan for the site, which can also accommodate a large segment of retail space. The team\u2019s goal, Kushner CEO Jared Kushner noted in a prepared statement, is \u201cto create a property that will inspire a new life and lifestyle for Jersey City and, when it is built, be a catalyst for the revitalization of Journal Square.\u201d<\/p>\n<p>In addition to spurring the neighborhood\u2019s renaissance, the project will also answer a deafening cry for more rental units in Northern New Jersey and, specifically, in Jersey City. According to a third quarter 2014 report by Marcus &amp; Millichap Real Estate Investment Services, \u201cThe multi-family market is largely driven by rapid employment growth along the Hudson waterfront, particularly in Jersey City. Direct multimodal access to New York City and the addition of employers such as JPMorgan, Forbes Media and RBC Capital Markets are helping to maintain vacancy at tight levels in Jersey City.\u201d<\/p>\n<p>The average vacancy rate in Hudson County, of which Jersey City is the seat, was just 2.2 percent in the third quarter. And Hudson County was the only one of the region\u2019s six submarkets to experience a year-over-year decline in vacancy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There\u2019s a major multi-family addition in Jersey City, N.J.\u2019s future. <\/p>\n","protected":false},"author":952,"featured_media":1004110509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,21752,21742],"tags":[],"class_list":["post-1004110475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-mixed-use","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kushner, KABR to Revitalize Journal Square in Jersey City - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kushner-kabr-to-revitalize-journal-square-in-jersey-city\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kushner, KABR to Revitalize Journal Square in Jersey City\" \/>\n<meta property=\"og:description\" content=\"There\u2019s a major multi-family addition in Jersey City, N.J.\u2019s future.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kushner-kabr-to-revitalize-journal-square-in-jersey-city\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-01-06T16:15:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T09:21:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Jared-Kushner-CEO-Kushner-Cos-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"515\" \/>\n\t<meta property=\"og:image:height\" content=\"349\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kushner-kabr-to-revitalize-journal-square-in-jersey-city\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kushner-kabr-to-revitalize-journal-square-in-jersey-city\/\",\"name\":\"Kushner, KABR to Revitalize Journal Square in Jersey City - 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