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.