K
ushner Real Estate Group has secured financing for the first phase of its Artwalk Towers megaproject in Jersey City's Journal Square neighborhood. Kennedy Wilson provided $175 million in construction financing, allowing work to begin on the 49-story building at 808 Pavonia Avenue. The development will feature 595 units, ranging from studios to three-bedroom apartments, along with amenities like a gym, coworking spaces, and a rooftop pool. Handel Architects is designing the luxury project, which is expected to be completed in 2027.

    The adjacent 55-story building is set to break ground after the first phase's completion. KRE Group received approval for the project from the Jersey City Planning Board in October 2022. The site spans two acres and offers stunning views of the city due to its proximity to the Journal Square PATH Station and historic Loew’s Jersey Theatre.

    In exchange for a proposed 30-year tax abatement, the development will feature a 100,000-square-foot art museum. This project is part of a larger trend in multifamily development in northern New Jersey, with over 7,400 units delivered to the region so far this year, nearly half of which are in Jersey City. The projected pipeline for the area includes 29,500 units, with 7,500 in Jersey City alone.

    Separately, a Lakewood-based developer has acquired a site on Culver Avenue in the West Side neighborhood for $12.5 million and plans to build a 365-unit project with retail space. Kushner Real Estate Group recently completed work on Journal Squared, a decade-long development that added 1,800 units across its three buildings.