The KABR Group broke ground Thursday on a new apartment building in Jersey City’s McGinley Square neighborhood, it announced.
The planned five-floor, 56,000-square-foot building at 720-726 Bergen Ave. will feature retail space on the ground floor and rental units above, as well as a rooftop terrace, lounge area and parking deck.
“KABR Group firmly believes and is dedicated to helping revitalize the ‘Heart of Jersey City,’” KABR Chairman Kenneth Pasternak said in a prepared statement. “Through this new investment and the support of Jersey City officials, we look forward to helping re-energize McGinley Square, helping the neighborhood and its economy.”
The building is scheduled to open in the first half of 2018, KABR said.
“This groundbreaking is another example of how investment and development is moving off of the waterfront and into the heart of our city,” Mayor Steven Fulop said in a statement. “We are excited to see this project move forward, which will bring a new mixed-use development to Ward F and spur additional residential and commercial development in the area.”
The KABR Group is based in Ridgefield Park.
“We are proud of this project and what it will mean to the neighborhood,” Adam Altman, managing partner, said in a statement. “Thanks to the support of Mayor Steven Fulop and the commitment of the Jersey City Council to enacting the McGinley Square East Redevelopment Plan, we are ready to begin the revitalization of the ‘Heart of Jersey City.’”