The Kushners are continuing their dominance of the Jersey City multifamily development market, albeit through different companies.
The KRE Group, helmed by Murray and Jonathan Kushner, are planning a big two-tower project at 808 Pavonia Avenue, NJ.com reported. KRE is teaming with Silverstein Properties on the development.
The skyscrapers would be situated behind Loew’s Jersey Theatre. The two towers would reach 55 and 49 stories, and be allowed to exceed the area’s 37-store height limit due to a donation to the Journal Square Cultural Arts Fund.
There would be a total of 1,189 units in the two buildings. The outlay would range from studio apartments to three-bedroom pads. None of the units would be designated as affordable housing.
While the skyscrapers would go up on the site of a parking lot, there will be plenty of parking for residents after the towers are built. The development includes 368 parking spaces and 606 bike spots. Residents will have access to an onsite pool and the developers will also create a green space that can be used for performances and a dog park.
The Jersey City Planning Board will review the plans on Sept. 6.
The KRE Kushners are no strangers to the Journal Square area of Jersey City, responsible for the Journal Squared development. That project has already brought two massive towers to the area and a third broke ground in October.
The Kushners who are not affiliated with KRE have also had a hand in Journal Square. Kushner Companies broke ground on One Journal Square in June after resolving a dispute with the city regarding a tax abatement. The $821 million project will include two 64-story towers, a rebuilt PATH Plaza and a location for Target.
Journal Square could be considered an up-and-coming neighborhood, featuring new rental options and the future redevelopment of the theater into a concert venue. But it could also be an unaffordable one for many, as the Journal Square 2060 Redevelopment Plan doesn’t require affordable housing, enabling developers to erase them in most plans.
— Holden Walter-Warner
Read More: Kushners, Silverstein Team on Jersey City Development