JERSEY CITY | One Journal Square | 710 FT×2 | 64 + 64 FLOORS (1,723 Units)

[aquablue]

The old facade looked horrible. It almost seemed modular in nature and cheap with those oversize frames around the windows. I bet it wouldn't have come out well at all.

Good for NJ avoiding a tower that stinks of Atlantic Yards in Brooklyn. New one is bland but more elegant and the cantilevers give it something extra.

[C.]

Financing is now in place

https://www.barrons.com/articles/for...ect-1516726648

[citybooster]

Originally Posted by CIA

Financing is now in place

https://www.barrons.com/articles/for...ect-1516726648

Is it too early to finally start celebrating? So many false starts with this project as well all too well know!

[C.]

I personally wouldn't mind seeing one more redesign. There must have been twenty approvals at the planning board over there years for this single project. What's one more?

[citybooster]

I actually preferred the redesign with the cantilevers to the previous one... only wish they had pushed the FAA and kept them close to 900 ft, and not back off to 758ft. Without We Works and a real office component though, the extra floors aren't really necessary... over 1,500 apartments would still make this a huge project. Hopefully by this spring sometime, we can finally have groundbreaking instead of excuses. With the second of the KRE rival Kushner family development in back of the transit station which will be 71 stories and 759 ft in height... wouldn't it be fantastic to have 3 buildings over over 750 ft going up at the same time so close to each other? Soon we could be seeing a nice cluster of skyscrapers in the heart of the city, instead of all the growth being downtown or right along the waterfront. I won't bet the ranch, but the chances something could happen soon are at least a good possibility now, much better odds than we thought a few months back.

[chris08876]

Politics Still Shrouds One Journal Square As Kushner Cos. Plans to Move Forward

One Journal Square, the stalled Kushner Companies development was expected to join Journal Squared sometime in 2018. But continued financial delays and political woes have kept the project in limbo.

To recap, One Journal Square, then a 57-story mixed-use development, was approved by the Jersey City Planning Board in 2015. But the project became embroiled in controversy when representatives of Kushner Companies were reported as soliciting funding for the project from Chinese investors under the EB-5 visa program. The tactic was seen as the Kushner family leveraging their connection to the Trump administration; Jared Kushner is Trump’s son-in-law and a Senior White House adviser. As reported by Jersey Digs, “The legal, although ironic tactic given the company’s connection to President Trump and his anti-immigration stance, has been dubbed ‘the crack cocaine of real estate financing,’ according to The Real Deal. Not only cheaper than bank financing, the program gives developers more flexibility when raising money for a project.”

WeWork, the project’s anchor tenant, then backed out of the project, taking with it $59 million in tax breaks. Kushner Companies also dropped its request for a 30-year tax abatement from the city. Eventually, a scaled-back version of One Journal Square — now a two-tower project — was approved in September 2017.

[...]

Community leaders still hope the project moves forward. In a statement, Bill Armbruster, President of the New JSQ Community Association, told Jersey Digs, “We are eager to see One Journal Square developed. Some of us attended a presentation by KABR in October 2015, and we were very impressed. This is probably the most valuable undeveloped property in Jersey City, and it’s infuriating that this property has just been an empty lot for the past 10 years. I fear that if construction does not begin within the next 18 months, it could remain vacant for another 10 years.”

========================
https://jerseydigs.com/kushner-cos-o...-move-forward/

[citybooster]

The article, unfortunately, ultimately gives us no idea if anything is going to happen. If the mayor continues with his opposition(even development foe for the most part City Councilman Richard Boggiano wants this done and even supported the potential project across the street involving the old Jersey Journal Building included in the development of a 72 story tower behind it and would support even an abatement if it didn't go as long as 30 years) nothing will get done here. The fears of those thinking it could be a decade or more of this kind of eyesore may well be realized. One good thing is that the Kushners have ruled out asking for those kinds of payments from foreign nationals that really helped get this project in hot water. I have no love for them, but it's vital we get the Square back on track...while the rival Kushner family Journal Squared is doing well as the second and largest (71 stories, 759ft) of their three story project is ready for construction to start, it's behind the Square. One Journal Square would be the visible heart of the Square, and if the Kushners can acquire enough additional funding to get things going for real, the city should compromise and agree to some sweeteners so long as it's not ridiculous. Get this done.

[Crawford]

Originally Posted by citybooster

T If the mayor continues with his opposition

The JC mayor now supports this project. The issue with the Chinese marketing is done; the Kushners aren't seeking EB-5 money.

[NYguy]

subherwal

[C.]

Really negative story out this hour about the developer receiving improper loans. One Journal Square = dead?

[Crawford]

Originally Posted by CIA

Really negative story out this hour about the developer receiving improper loans. One Journal Square = dead?

You're confusing Kushners.

This project has been resubmitted to city planning and is moving forward.

[vandelay]

Originally Posted by Crawford

You're confusing Kushners.

They're not confusing Kushners. The report stated that Kushner Co. received very favorable financing after meeting with Jared Kushner:

https://www.nytimes.com/2018/02/28/b...T.nav=top-news

If there's any enforcement, it's unlikely that they'll simply assume that because Jared Kushner ostensibly divested himself in Kushner Co. that he didn't act in Kushner Co.'s benefit.

In any case, this means that future and current financing for Kushner Cos. projects will face enormous scrutiny, just like how Anbang's deal for 666 was torpedoed, and Anbang was taken over by the Chinese government.

[Crawford]

Originally Posted by vandelay

They're not confusing Kushners. The report stated that Kushner Co. received very favorable financing after meeting with Jared Kushner:

https://www.nytimes.com/2018/02/28/b...T.nav=top-news

If there's any enforcement, it's unlikely that they'll simply assume that because Jared Kushner ostensibly divested himself in Kushner Co. that he didn't act in Kushner Co.'s benefit.

In any case, this means that future and current financing for Kushner Cos. projects will face enormous scrutiny, just like how Anbang's deal for 666 was torpedoed, and Anbang was taken over by the Chinese government.

Pretty much everything you wrote is wrong. There was no Anbang deal for 666, so obviously nothing was torpedoed. Anbang was kicking the tires, alongside other investors.

And I can't stand you-know-who in the WH as much as anyone, but there is no relationship between JSQ and the WH. Stop with the ridiculous conjecture already. The whole WH staff could go to prison for life and it would have nothing to do with this thread.

[vandelay]

What's hard to understand? Kushner and Cos. got the loans after meeting with Jared. Kushner and Cos. is developing Journal Square. Did you even read the article?

[C.]

Excellent interview with Boggiano by Jersey Digs

https://jerseydigs.com/interview-war...ournal-square/

Jersey Digs: What are your priorities for your second term?

Rich Boggiano: One Journal Square. I want those buildings built. I want a supermarket, either a Trader Joe’s or a Whole Foods because we have nothing in that area. I want some nice restaurants. I want to see change. I’ve been waiting for four years. I’m tired of waiting. I want to see the Loew’s finished and done right.

For future developments, they’re going to have to start doing some stuff with the infrastructure because — I’ll be honest with you — they’re gonna put 7,500 units just in Journal Square in that one area and I don’t think the infrastructure can handle it.

Pershing Field is one of the nicest parks in the city. I want the tennis courts done right. I want the basketball courts done right.

[C.]

The One Journal Square curse strikes again!

Hours after reporting that the Kushner Companies/KABR Group’s plan to redevelop One Journal Square had hit a significant snag, the Jersey City Redevelopment Agency (JCRA) informed the developers that they have violated their agreement on the project.

“Since the execution of the Redeveloper Agreement, the Redeveloper has parted ways with its joint venture partner, proposed significant changes to the Project scope, sough multiple amendments to site plan approval, and has submitted its annual administrative fee due on April 21, 2017 to the Agency on April 4, 2018, nearly one full year past due,” JCRA Acting Executive Diana Jeffrey wrote.

“All of the forgoing raise concerns regarding Redeveloper’s ability to present a cohesive capital stack and to see the Project through to fruition.”

https://hudsoncountyview.com/jcra-sa...-800m-project/

• Video Link

Kushner Co’s. $800 M redevelopment agreement with city may be voided

The Jersey City Redevelopment Authority has notified the Kushner Companies that a plan to develop One Journal Square may no longer meet the city’s redevelopment requirements.

Changes in the plan as well as changes to the original partnership, and failure to submit an annual administrative fee due at the beginning of April, have the JCRA reexamining the agreement with Kushner Companies.

One concern, city officials said, is whether the company can raise the necessary funds to complete the project. The project’s financing came under scrutiny last year when the company attempted to use a controversial funding mechanism to raise funds from China.

Mayor Steven Fulop confirmed that the JCRA will review the agreements with the firm. Published reports suggest the project is relying on a potential tax break which many not materialize, putting the massive project at risk.

According to the original agreement, the project was supposed to break ground by Jan. 1, 2017. But lack of financing at the time delayed it.

The site of the project has been a political football for more than a decade, and figured prominently in the 2013 election as a symbol of the lack of progress being made in redeveloping Journal Square. Although other projects have begun in the area, the One Journal Square site remains as an undeveloped vacant lot in the middle of an area that includes bus and PATH terminal as well as buildings connected with the Hudson Community College.

Read more: Hudson Reporter - JERSEY CITY BRIEFS

http://www.hudsonreporter.com/view/f...city_top_story

Letter from the developer to the Mayor: https://hudsoncountyview.com/wp-cont...ino-Letter.pdf
Letter from JCRA attorneys to the developer: https://hudsoncountyview.com/wp-cont...ann-Letter.pdf

This one is not looking good...

[citybooster]

It's imperative that if in short order we know that if there is no way Kushner can credibly see this through, Fulop does what he did with the previous ownership...push them to sell. But this time to a developer who doesn't have someone in charge with delusions of political grandeur.

[chris08876]

^^^^^^^^^

Its the Kushner curse. Everything with "Kushner" seems to have bad luck, he's a jinx! He's like the Jinx from a Bronx Tale. We can't have him touch the money, put him in the closet!

[vandelay]

Charles Kushner recognizes that their name is in the toilet right now and has been doing a full court press in the media. But anyone who doesn't want media or political scrutiny will not go in with them, which is probably why WeWork backed out of this project, torpedoing it.

[Fvn]

Rename to Renhsuk Companies and they'll be good to go ( ͡° ͜ʖ ͡°)