With litigation recently settled, developer HAP Investments has been granted automatic site approval for the $400 million HAP 11 Tower Park and Community Center in Jersey City. The Summit Ave project, which has been in the works for years, can now move forward as part of the development of the Hilltop neighborhood near Journal Square.
The two existing empty two-story residential structures will be demolished, clearing the way for a 42-story, one million square foot mixed use tower. There are 800 residential units planned along with 35,000 square feet of retail.
Under the terms of the agreement, HAP will construct a 0.8-acre park at the location, as well as a $2.5 million community center, both of which will then be transferred to city ownership. The tower will be built first and the community center and park must be completed within a year of the residential units Certificate of Occupancy. In addition, 40 of the 100 spaces in the garage will be reserved for the community center and park.
While the pandemic has hit the arts and entertainment business and venues hard, last week there was a little hope for the future—and movement in the redevelopment of Journal Square in Jersey City―as the bidding process opened for the redevelopment of the historic Loew’s Jersey Theatre.
The building, which dates back to the 1920s, will require extensive renovations, restoration and possible expansion while also restoring the historic character and aesthetic appeal, while creating all of the modern needs such as added restroom capacity, as well as up-to-date concession and ticketing areas.
Construction of the $40 million project will need to create a facility that allows for maximum operating capacity and maximum safety of patrons. Upgrades are needed for the plumbing, production equipment, and electrical systems, as well as install new air conditioning, fire and security systems. Roof and exterior façade work will also be needed.
An effort will be made to clean and restore historic fixtures and add architectural lighting that complements the original. Historic production and mechanical equipment will be preserved in place or relocated within the building.
Proposals are are due in early August, and the city hopes to re-open the theater in 2022.
N.J. Tax Incentives Give Company a Reason to Stay, Create Construction Jobs
By Chris Colabella
The original Goya Foods sign – circa 1937.
Thanks to the fact that almost two dozen of the largest pharmaceutical companies call it home, New Jersey is actively working to retain and attract many other international companies. That’s great news for the local economy as well as the construction industry, since major N.J. tax initiatives are incentivizing companies to stay put and expand here – adding up to great construction jobs.