A new rendering has been revealed for a proposed 47-story residential high-rise slated for 629 Newark Avenue in the bustling Journal Square area of Jersey City, New Jersey. The project is designed by C3D Architecture and developed by the Namdar Group. The development plan includes the construction of 1,151 rental units, alongside 5,000 square feet of retail space and 26,000 square feet of office space, all of which can be developed as of right.
In early February Namdar Group secured a $32 million loan from Post Road Group, facilitating both refinancing and the necessary pre-development work for 629 Newark Avenue as well as additional nearby projects. This financial backing was brokered by Ayush Kapahi of HKS Real Estate Advisors.
No time frame for demolition of the current structures on site or estimated completion have been announced yet.