JERSEY CITY, N.J. — HAP Investments LLC has agreed to purchase 500 Summit Avenue, a development site at Journal Square in Jersey City’s central business district. The New York-based real estate investment and development company is planning to build a $400 million mixed-use building, to be known as HAP Tower, on the land.
The project will include office, retail and multifamily space totaling approximately 1 million square feet. The land, nearly one acre, can accommodate a structure of up to 42 stories.
The surrounding area, known as Journal Square as the home of the former Jersey Journal headquarters, is undergoing a city-sponsored redevelopment. HAP Investments paid $28 million for its site, according to The Wall Street Journal.
“We are excited to have purchased this strategic site in Jersey City,” says Eran Polack, CEO of HAP Investments. “We look forward 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,” Polack adds that the firm
The site is in proximity to major transportation hubs including a Port Authority Trans-Hudson (PATH) station, an Amtrak station and city bus stops. As proposed, the building will feature views of Manhattan from most floors.
“Our administration has made the redevelopment of Journal Square a priority, and we are pleased to welcome this tower [among] the substantial projects just underway on the Square,” says Jersey City Mayor Steven Fulop. “HAP Investments’ announcement is further affirmation that our policies are working to attract such significant development.”
HAP Investments specializes in the development of mid-sized residential and commercial properties funded by private investors. The company has been active in Upper Manhattan and East Harlem recently, with developments at 419 E. 117th St., 247-249 E. 117th St., 2338 2nd Ave., 329 Pleasant Ave. and 1655 Madison Ave.
HAP Tower will be the company’s first venture in New Jersey.
— John McCurdy