JERSEY CITY, NJ — Panepinto Properties, a central player in shaping Jersey City’s real estate landscape for nearly five decades, reaffirmed its pivotal role in the city’s ongoing growth and vitality by breaking ground on a soaring 53-story residential tower in the historic and revitalized Journal Square neighborhood.
The transformative development, rising just steps from the Journal Square PATH station at 499 Summit Ave., is poised to introduce 605 new rental residences to an area brimming with renewed vibrancy. In addition to well-appointed one-, two- and three-bedroom residences, the mixed-use project will include 3,200 s/f of retail space, a new landscaped public plaza, a parking garage with vehicle lifts, 304 bicycle parking spaces, and a wide range of lifestyle amenities and services. New York-based HLW International is the architect.
Panepinto is spearheading the $338 million endeavor in collaboration with AJD Construction, which is also responsible for the tower's construction. The development team expects the project to generate more than 2,300 development, construction, and operations jobs, with an anticipated completion date in the second quarter of 2026. Construction financing was arranged by JLL Capital Markets.
Principals of Panepinto Properties hosted Jersey City Mayor Steven Fulop, fellow municipal officials, and other dignitaries to mark the start of construction on the development and emphasize its role in further reinvigorating the Journal Square neighborhood, which is reclaiming its status as the heartbeat of the city.
Joe Panepinto Jr., president of Panepinto Global, remarked, “This project, along with the significant developments underway around the PATH Station, represents $2 billion in current real estate development. With 8,000 units already completed or slated for the next few years and another 14,000 units planned, this submarket of Jersey City is competitive with any neighborhood in Manhattan.”
499 Summit Ave. builds on the substantial investment pouring into Journal Square which is driving its remarkable revival as a business, arts, and shopping hub reminiscent of its former glory days.