City Center - Journal Square

[real estate wrangler]

I gotta say this is quite an ambitious project....






"Construction on the $500 million Journal Square twin towers project will begin before the end of the year, Jersey City Mayor Jerramiah Healy and other officials said at a news conference this morning." (4/7/2009)

"Liz Opacity, a spokeswoman for the project, said the mixed-use development, which will include 1,615 rental units, 70,000 square feet of retail space and a rooftop terrace on top of a parking garage, would take three years to complete once construction started. " (4/7/2009"

This is the link to the original story....
http://www.nj.com/hudson/index.ssf/2...al_square.html

This specific community has gone through revision after revision. These buildings at one point were going to be condos, condos and rentals, and now both towers appear to be rentals. I am assuming they had challenges with construction financing if the two towers were going to condos, but that all seems to be in the past now and they are moving forward. I believe they just finished the majority of demolition a few days ago.

Given the construction start date, by the time these towers are done we will likely be in a dramatically different economic cycle so stay tuned for the latest.

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