53-story residential tower on the rise in Jersey City

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Panepinto Properties’ latest effort in Jersey City is heading skyward following a groundbreaking celebration last week in Journal Square.

Along with principals of the locally based real estate development company, Jersey City Mayor Steven Fulop, local officials and other dignitaries gathered Sept. 14 to mark the beginning of work on the 53-story residential tower rising at 499 Summit Ave. The project will add 605 new residences to the neighborhood, just steps from the Journal Square PATH station.

Panepinto is collaborating with AJD Construction, which is handling construction of the tower, on the $338 million project. According to the partners, the work is expected to generate more than 2,300 development, construction and operations jobs.

HLW International serves as architect.

“Pathside” is slated to offer one-, two- and three-bedroom residences; 3,200 square feet of retail space; a new, landscaped public plaza; parking garage with vehicle lifts; and 304 bicycle parking spaces, along with amenities and services. Completion is expected in 2026.

Last month, JLL announced it provided construction financing for the project to the tune of $193 million.

Speaking at the ground breaking, Panepinto Properties President and CEO Joseph Panepinto Sr. expressed appreciation to Fulop, the Jersey City Council and other agencies and individuals that “share our vision.”

“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,” Panepinto Sr. said. “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.”

According to President of Panepinto Global Joe Panepinto Jr., along with Pathside, development around the Journal Square PATH Station, which is within an Opportunity Zone, 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,” he remarked.

For the First Quarter of 2023, Rent.com identified New Jersey as the most popular state for inbound migration, drawing renter interest from New York, as well as Pennsylvania, Florida and Georgia.

“Something I say often is Journal Square is one of the best renaissance stories in the entire country, because it’s true,” said Fulop. “Behind me is going to be the North American headquarters of Centre Pompidou, a major cultural institution and museum. You have the Loew’s Theatre, which is under renovation, a $100 million project. And this way you will have a three-acre park with the moneys already earmarked from the new courthouse being developed.

“So when you look forward three, four, or five years, this will be the heart of the city again from a culture standpoint, from a nightlife standpoint, from a livability standpoint, and it takes partners to make that a reality,” Fulop continued. “Joe Panepinto grew up in Jersey City. He knows Journal Square better than anybody, and he is a believer in Jersey City. So seeing him developing such a significant site in Journal Square is another favorable check on the Panepinto legacy. ”

The artistic component of the neighborhood, which arts and cultural center Mana Contemporary also calls home, aligns with Panepinto’s mission of creating properties that foster human connections and cultivate thriving communities within culturally significant neighborhoods. The company’s Panepinto Fine Art division serves as a vital bridge linking developers and artists, curating art collections that adorn residential, commercial, and hospitality properties.