Linda O’Flanagan | Real Estate Weekly

The transformation of Jersey City’s Journal Square took another step forward today (Wednesday) when HAP Investments LLC announced it is in contract to buy a nearly one-acre site at 500 Summit Avenue where it will build a high rise apartment building, offices and retail.

“We are excited to have purchased this strategic site in Jersey City and look foKushner Real Estate has plans for a three-tower development in Journal Square.rward to building a future development that will provide new rental housing for local residents as well as others in the Metropolitan area, in addition to adding needed office and community facilities to this thriving urban location. HAP Investments is also committed to sound environmental development, and to creating an open urban green space environment for this project,” said Eran Polack, CEO, HAP Investments.

According to the Wall Street Journal, the New York based investment and development company paid $28 million for the site, currently occupied by a parking lot.

The proposed tower, to be known as HAP Tower, will have views of Manhattan from a majority of the floors. The site can accommodate a 42-story rental building with commercial office and community facility space. The anticipated cost of the one million square foot development is estimated to be $400 million, according to HAP.. {….} Learn more about TOD at TRAdvisors.com