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 for the initial 595 units, which will be part of a broader 1,189-unit development. The first phase, located at 808 Pavonia Avenue, will stand 49 stories tall and feature studios to three-bedroom apartments, along with amenities like a gym, coworking spaces, and a rooftop pool.

    Handel Architects is designing the luxury development, which is expected to be completed in 2027. The adjacent 55-story building is set to begin construction afterwards. KRE Group received approval for the project from the Jersey City Planning Board in October 2022. The two-acre site is situated across from the Journal Square PATH Station and behind the historic Loew's Jersey Theatre.

    As part of a proposed tax abatement, the development will feature a 100,000-square-foot art museum. This comes as Northern New Jersey, particularly Jersey City, experiences a surge in multifamily development. So far this year, developers have delivered 7,400 units to the region, with nearly half located in Jersey City. The projected pipeline includes 29,500 units, with 7,500 in Jersey City.

    Separately, a Lakewood-based developer has acquired a site on Culver Avenue for $12.5 million and plans a 365-unit project with retail space. Kushner's KRE Group also recently completed the Journal Squared development, a decade-long project featuring 1,800 units across three buildings.