Jonathan Kushner’s KRE Group has received a $40 million tax break for their planned 17-story, 397-unit mixed-use building planned at 515 Marin Boulevard, in Jersey City’s Hamilton Park neighborhood. Twenty percent of the tower’s units will be affordable, and commercial space will measure roughly 20,000 square feet on the ground floor. The site is currently a parking lot, and groundbreaking is expected next month for an August 2017 completion, according to The Jersey Journal.
The eight-story, 45,000 square-foot mixed-use office building at 880 Bergen Avenue, in Jersey City’s Journal Square, has been purchased for $5.6 million by Bergen Academy Associates. The art deco building is slated for a residential conversion by the new owners, although it’s not known if the ground-floor commercial-retail will remain. GRID Real Estate and CBRE marketed the property.
Strategic Capital, a branch of China State Construction Engineering Corp., has acquired the development sites at 75 Park Lane and 2 Shore Drive North, both in the Newport neighborhood of Jersey City. According to NJ Biz, the sites are approved for 37- and seven-story condominium buildings, respectively, totaling a combined 632,000 square feet of space, which includes 24,000 square feet of retail. The new owner plans to develop the condos, and Holliday Fenoglio Fowler marketed the sites.
Tomorrow, Argent Ventures will go before the Planning Board for approval of their planned 980-unit mixed-use development at 180 Baldwin Avenue, in Jersey City’s Journal Square. Two buildings will rise to seven stories on Baldwin Avenue, and two 25-story towers will stand behind those, according to The Jersey Journal. The project will feature ground-floor retail space, and public plazas are also planned. A four-story, 300,000 square-foot former factory must first be demolished, and Marchetto Higgins Stieve is designing.
Forest City Enterprises has received $40 million in state tax credits ahead of their planned 35-story, 421-unit mixed-use building at 430 Marin Boulevard, in downtown Jersey City. According to The Jersey Journal, 85 affordable units are being set aside, and the building will feature 10,126 square feet of retail. A second 35-story building is planned next door, and completion of the first is expected in late 2017. The greater development is dubbed Hudson Exchange West, and Perkins Eastman is designing.