A joint venture is celebrating a milestone for its transit-oriented residential development in Jersey City, with the topping out of the 26-story tower in Journal Square.
Philadelphia-based Arden Group and Spitzer Enterprises announced the achievement at 425 Summit Ave. June 14, following a recent ceremony hosted by the companies and construction manager ZDG to celebrate the pouring of the last concrete slab.
Funded by affiliates of the partnership, the $150 million project is the JV’s first in Jersey City. Situated on more than half an acre, the Marchetto Higgins Stieve Architects-designed building will include 390 rental units, ground-floor retail space and parking, according to the partners.
Construction began in 2021; the project is expected to be completed in 2024.
In addition to its transit adjacent location near the Journal Square PATH station, offering service to New York City in as little as 15 minutes, the luxury building is set to incorporate amenities such as a golf simulator, fitness center and resident lounge with views of both sides of the Hudson River.
“Arden is thrilled to celebrate this critical development milestone at 425 Summit Ave. with our partner Spitzer, as well as our numerous collaborators on the project,” said Craig Spencer, chairman and CEO of Arden Group, in a statement. “We look forward to sharing this beautiful new development with the Jersey City community, which will offer a new residential option for tenants seeking competitively priced luxury living with easy access to Manhattan.”
Added Eliot Spitzer of Spitzer Enterprises, “We are proud to participate in the continued growth of Jersey City as it emerges as a cultural and residential destination in its own right.”