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JERSEY CITY | 505 Summit Avenue | 577 FT | 54 FLOORS

Plans Submitted for Another 607-Unit Tower Near Journal Square :cheers:

https://28nwgk2wx3p52fe6o9419sg5-wpengin...-Avenue-Journal-Square-Jersey-City-2.jpg

Quote:

One of Jersey City’s fastest-growing neighborhoods has yet another high-rise in the works as a huge parking lot has a planned renaissance that includes a mixed-use development with a new public plaza.

Just before Thanksgiving, an application was submitted that could bring new life to 499-501 Summit Avenue. Currently a surface parking facility adjacent to the Journal Square Transportation Center, the entirety of the property spans about an acre and backs up to trackage for the PATH trains built beneath the cliff.

The land has been owned since the mid-1990s by Pathside LLC, a subsidiary of Panepinto Properties. The latest proposal submitted by the company calls for a 53-story tower set to rise just over 556 feet that includes a base structure featuring 3,183 square feet of ground-floor retail space.

The plans call for 304 bicycle parking spaces in the building’s cellar plus a valet parking facility with room for up to 140 cars. The application mentions a 3,200-square-foot public plaza, landscaping work, and other streetscape improvements would be included in the plan, which was drawn up by HLW International.

The new tower would boast a total of 607 units that skew smaller under the current proposal, breaking down as 107 studios, 388 one-bedrooms, 100 two-bedrooms, and 12 three-bedroom spaces. The development’s approval would require the city’s planning board to grant a “c” variance, which should trigger Jersey City’s new inclusionary housing ordinance.

Based on that legislation and accounting for the qualifying tier of the project’s neighborhood, 10% of the development’s proposed units, or about 60, would need to be designated as affordable housing.

Panepinto Properties had previously gained approvals to redevelop the property back in September 2016, but those now-expired plans obviously never came to fruition. Renderings of the latest proposal for the land have not been released.

The possible tower falls within a busy area, as the Journal Squared complex is across the street in one direction and HAP Investments has a plan in place for HAP Tower in the other direction, which will add a new community center and park along Summit Avenue.

Jersey City’s Planning Board will need to sign off on the proposal for 499-501 Summit Avenue before any construction begins at the property. A date to hear the property’s application has not been set.

https://aws1.discourse-cdn.com/business5...40967531a0b7f715053799b5325b3039947.jpeg
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Jersey Digs

Nice find with the rendering. A welcomed addition to the growing Journal Square.

Another one. JC is on fire!

I'm assuming this doesn't fill out the lot more fully because of the rock formations?

Renderings Revealed as 499 Summit Avenue Heads to Jersey City’s Planning Board

https://28nwgk2wx3p52fe6o9419sg5-wpengin...499-summit-ave-jersey-city-rendering.jpg

https://28nwgk2wx3p52fe6o9419sg5-wpengin...499-summit-ave-jersey-city-elevation.jpg

Quote:

The area surrounding the Journal Square PATH station has seen significant high-rise construction over the past few years and another tower could soon add to the landscape if officials green light a new proposal.

The land is owned by Panepinto Properties, who previously gained now-expired approvals to develop the property back in 2016. The company is hoping their latest proposal comes to fruition and has hired New York-based HLW International to draw up the latest plans.

The new development would rise just over 556 feet at the tallest point, consisting of a smaller five-story base plus the high-rise tower. The potential project would include 304 bicycle parking spaces in the building’s cellar and a valet parking facility in the rear of the building to be accessed via Summit Avenue with vehicle lifts capable of storing up to 140 cars.

The ground floor of the project would feature 3,183 square feet of ground-floor retail space set to face Summit Avenue, which would be spruced up under the proposal. The development of the land would add a 3,200-square-foot public plaza adjacent to the roadway complete with landscaping work and other streetscape improvements.

499 Summit Avenue’s residential component totals 607 units that skew smaller under the current proposal, breaking down as 107 studios, 388 one-bedrooms, 100 two-bedrooms, and 12 three-bedroom spaces. The development’s approval would require the city’s planning board to grant several “c” variances but does not appear to trigger the newly enacted affordable housing ordinance, as affordable units at the project are listed as “n/a” on the application.

Proposed amenities at the development include a sixth-floor outdoor amenity area complete with separate indoor spa and lounge sections. A wraparound terrace on the 53rd floor spanning over 4,000-square feet would come complete with windscreens in addition to a 1,361-square foot indoor communal kitchen and a 1,337-square foot coworking lounge.

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Jersey Digs

Is that the Burger King site? Nice! At one point they wanted to put like an 8 story office building there instead so this is a huge improvement

Quote:

Originally Posted by Busy Bee (Post 9495071)

I'm assuming this doesn't fill out the lot more fully because of the rock formations?

That's my guess too.

Quote:

Originally Posted by towerpower123 (Post 9515631)

Is that the Burger King site? Nice! At one point they wanted to put like an 8 story office building there instead so this is a huge improvement

It's incredible how much the area has transformed. The zoning encouraged up to four floors of commercial space by having it not count towards the FAR cap. This is intended to bring more jobs to the core of Journal Square. Unfortunately, it did not look this developer wanted to take advantage of that provision. Maybe they need to further incentive it - add an office floor, get a floor of residential free :)

Affordable housing is also becoming an increasing problem. Inclusionary zoning change requiring affordable units in new developments is a start. I'm anxiously watching how it plays out.

Next up will probably be the KFC (Kennedy Fired Chicken) site.

Hopefully that fried chicken site is the next to be redeveloped. That block would be perfect for a soaring new residential tower.

This one is now approved.

That has the POTENTIAL to be a handsome looking tower!

It's probably going to come down to the materials they use.

This is a good looking building. I'm not usually a fan of outward tapers or whatever it's called but this is very subtle and works. Looking forward to seeing it on the JC skyline.

I am so jealous of NYC and its nearby cities. Satellite cities of NYC get better buildings than the CBDs of many large metros.

Developers Break Ground At 499 Summit Avenue In Jersey City

https://newyorkyimby.com/wp-content/uplo...of-construction-at-499-Summit-Avenue.jpg

https://newyorkyimby.com/wp-content/uploads/2023/09/Aerial-rendering-of-499-Summit-Avenue.jpg

Quote:

Construction has commenced at 499 Summit Avenue, the site of a 53-story residential skyscraper in the Journal Square section of Jersey City. Led by Panepinto Properties and AJD Construction and designed by HLW International, the tower will contain 605 rental apartments, 3,200 square feet of retail space on the lower floors, and a parking garage. While the full amenity package has not been announced, renderings of the building reveal a roof deck above the podium level with a large communal terrace, outdoor lounge space, and planters. The development will also create a new public plaza.

“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 and 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.”

Total construction costs are estimated at $338 million and the building is expected to open by June 2026. Earlier this year, JLL Capital Markets arranged a $193 million construction loan for the project, which was provided by Pacific Life.

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NYY