The Jersey City Planning Board unanimously approved a 21-story tower planned for McGinley Square, directly south of the busy Journal Square neighborhood. The product of a joint venture between St. Peter’s University and Sora Development, the building will not only provide new housing options for the university, but is also expected to contribute greatly to the revitalization of the McGinley Square and Journal Square neighborhoods as the city’s redevelopment moves westward from the resurgent waterfront.
“We’re very pleased to have received unanimous approval on this project from the Jersey City planning board,” said Eugene Paolino, Partner at the firm Genova Burns Giantomasi Webster, who represents St. Peter’s University and Sora Development. “This will a substantial economic boon not only for the immediate community, but also for Jersey City development as a whole, as the city’s resurgence extends inland.”
In addition to student, affordable and luxury housing, the mixed-use development aims to anchor the broader surrounding community. The tower will feature a 717 car public garage, an upscale restaurant, and ground floor retail stores, and – pending approvals – a multiplex movie cinema. Not yet under construction, the development team is currently marketing to potential residential and restaurant tenants. Construction is expected to begin in early 2015.