JERSEY CITY | 500 Summit Avenue | 458 FT | 42 FLOORS

[chris08876]

HAP Investments Sues Jersey City Over Alleged Stalling at 500 Summit Avenue

Legal action has officially been taken over a 42-story development that has been planned in the Journal Square neighborhood, as the company behind the project claims that Jersey City has unfairly denied them permits that would let them begin construction at the site.

The development in question would rise on the east side of Summit Avenue between Sip and Magnolia Avenues just a block from the area’s PATH station. Designed by Centra Ruddy Architecture, the high-rise building is set to contain 740 rental units, 15,000 square feet of ground floor retail, and 200 parking spaces.

The site plan as currently designed completely conforms to existing zoning regulations under the Journal Square 2060 Redevelopment Plan. But according to the property owners, who are legally designated as 500 Summit Avenue Mazal LLC and a subsidiary of HAP Investments, Jersey City officials have yet to hold a planning board hearing on their application despite them submitting it almost a year ago.

In a lawsuit filed in Hudson County court on September 25, the company says they handed over all the documentation that was required of them to Jersey City’s Division of Planning on November 8, 2017. After a 45-day period of review expired in December last year, HAP claims they met in February with planning officials who had a few questions about the project’s height, but nonetIheless stated to them that the application would be deemed complete.

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Jersey Digs

[C.]

My sources tell me this will be 470ft and contain 856 units. Hope you win your lawsuit HAP. This site has been stalled long enough.(I kinda understand where the residents are coming from. The magic Summit line where 70 floor towers to the west and 2 and 3 floor single family homes to the east, but it's unrealistic to expect that imaginary line to hold forever. I, for one, am happy that stupid empty lot it will occupy will be developed.

[chris08876]

Excellent news. I think the unit counts are more important than the height. Those are some solid numbers CIA.

[chris08876]

First look at HAP's Journal Square tower at 500 Summit Avenue

From the distinctly designed 329 Pleasant Avenue in East Harlem to Maverick Chelsea, where the facade was recently completed, HAP Investments has made its mark all over New York. Rather than rest on its laurels, though, the firm is instead hard at work across the river on its first Jersey City project at 500 Summit Avenue, a former parking lot acquired for $26.5 million in June 2016.

HAP Investments CEO and Co-Founder Eran Polack has long been enthusiastic about Jersey City, citing its “quality living, more affordable prices compared to Manhattan, and great transportation access to and from New York City” in a 2018 interview with CityRealty. Jersey City officials were a bit less forthcoming - while the site plan’s design conformed to existing zoning regulations, city officials took so long to hold a board hearing about the application that the developer took legal action in September 2018. But according to a recent Instagram post, the developer has received approval to move forward with the project.

Renderings show a sleek 42-story tower punctuated by oversized windows. CetraRuddy is listed as the designer of the new project, which will bring 740 rental units, 15,000 square feet of retail space, 200 parking places, and a new community park to the Journal Square area of Jersey City. Information on residential amenities is not yet available, but the location will allow for spectacular views of the Manhattan skyline.

The project takes place in a robust section of Jersey City, where the nearby Journal Square PATH station allows for an easy commute to Lower and Midtown Manhattan. It is around the corner from the three-towered Journal Squared complex, where the first completed tower is offering one month free on 13-month leases.

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City Realty

[citybooster]

I think the extra time fighting the lawsuits actually resulted in a much better design... residential units down a bit to 740 but still impressive. 42 stories still going to result in a 470 ft height? I just hope that HAP will get it going in the near future but with the park and significant retail will be an outstanding addition to the community. Just wish that affordable components were required... 25-30% affordable would still result in over 500 market rate apartments. Mixed income developments are the way to go... so many mid and larger projects likely that the whole community should benefit, certainly with future larger scale projects 15 stories and up.

[C.]

Originally Posted by citybooster

I think the extra time fighting the lawsuits actually resulted in a much better design... residential units down a bit to 740 but still impressive. 42 stories still going to result in a 470 ft height? I just hope that HAP will get it going in the near future but with the park and significant retail will be an outstanding addition to the community. Just wish that affordable components were required... 25-30% affordable would still result in over 500 market rate apartments. Mixed income developments are the way to go... so many mid and larger projects likely that the whole community should benefit, certainly with future larger scale projects 15 stories and up.

Nice. So I think the settlement capped the stories, but not the height. I would not be surprised to see this one be on the taller side.

I'm digging this new design. I use to live a stone throw away from this site. The empty lot was really a dead zone. This will hopefully attract some more interesting retail to the area.

[chris08876]

Updated Plans Revealed For 42-Story Tower At 500 Summit Avenue In Jersey City

HAP Investments has unveiled updates for a new high-rise residential building in Jersey City. Located at 500 Summit Avenue, the building will eventually tower 42 stories above the Journal Square section of the city and comprise 902 rental apartments.

In 2016, HAP Investments purchased the 80,000-square-foot development site, a former parking lot, for around $26.5 million. Initial renderings of the new building illustrated a stepped glass volume that more closely resembled a Midtown office tower. Since that time, CetraRuddy, the project’s architect of record, has updated the building’s enclosure to include beige-hued cladding and a more delineated window system compared to the former prismatic finish.

The updated plans also include the construction of a new public park, retail stores, a 200-vehicle parking garage, and an 8,500-square-foot community center. Designs for the park include an open-air terrace with seating, a playground, pedestrian footpaths, and a dog run. The community center will contain a mix of flexible meeting rooms for art and culture classes, all enclosed in a sloped glass façade. The roof of the center will support outdoor seating and modest greenery.

We look forward to continue working with the City of Jersey City and local community board to finalize our plans for 500 Summit Avenue,” said Eran Polack, CEO and co-founder of HAP Investments. “Our goal is to create a destination that serves not only the residents of 500 Summit Avenue, but the entire neighborhood as well.”

500 Summit Avenue is currently in pre-development phases and the project team has not released an anticipated date of completion.

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NYY

[chris08876]

Rare Chance to Acquire a Fully Approved High Rise Development Project in Jersey City

In what is arguably Jersey City’s most visible area of rapid growth, Journal Square is a neighborhood literally on the rise. Now, a fully approved high-rise development site is for sale and accepting bids.

Surrounded by soaring high-rises, some completed, others currently rising, 500 Summit offers developers a shovel-ready development project in a highly desirable, rapidly growing area. Approvals are in place for a 42-story high-rise tower spanning over 916,000 square feet on a 0.8-acre site. Flexible zoning allows for residential, retail, office or hotel and includes parking. The project can be built as 100% free market units, further adding to the upside of the site.

500 Summit is marketed by Hilco Real Estate Sales and bids are due by April 8th.

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JC_Digs