http://www.rew-online.com/2014/03/26...opment-action/
According to the Wall Street Journal, the New York based investment and development company paid $28 million for the site, currently occupied by a parking lot.
The proposed tower, to be known as HAP Tower, will have views of Manhattan from a majority of the floors. The site can accommodate a 42-story rental building with commercial office and community facility space. The anticipated cost of the one million square foot development is estimated to be $400 million, according to HAP..
Further details of development plans have not yet been announced, but Jersey City Mayor Steven M. Fulop is delighted nonetheless.
“Our administration has made the redevelopment of Journal Square a priority and
we are pleased to welcome this 42-story residential tower to the substantial projects just underway on the Square,” said the Mayor. “HAP Investments’ announcement is further affirmation that our policies are working to attract such significant development.”
The City has approved an ambitious redevelopment plan for the area long considered the poor relation of its glitzier downtown, where luxury towers and office buildings hug the Gold Coast and drive a micro-economy of gourmet markets, daycare and restaurants and big names such as Trump, LeFrak and Mack-Cali have driven a development boom.
Journal Square 2060 sets out a 50-year schedule of new building as the area plays catch-up to its downtown. The plan calls for buildings concentrated around the PATH Station reaching heights over 60 stories.
Early investors include Kushner Real Estate, which is planning three towers set
as high as 85-stories on a site within the PATH Plaza that will include open space, a dog run, new restaurants and retail.