Construction is nearing completion on a significant 54-story residential skyscraper at 505 Summit Avenue in Journal Square, Jersey City. This new development will introduce 605 rental units and ground-level retail space, marking a major addition to the area's growing skyline. The building stands at 577 feet tall.
The project, designed by HLW International and developed by Panepinto Properties, has seen rapid progress in its exterior work. Its strategic location near the Journal Square PATH station positions it as a key component of the ongoing urban transformation in the neighborhood.
Key Takeaways
- 505 Summit Avenue is a 54-story residential skyscraper in Journal Square.
- It will feature 605 rental units and 4,000 square feet of retail space.
- The building's height is 577 feet.
- Exterior work is nearly finished, with completion expected soon.
- Leasing for the new units is scheduled to begin in spring 2026.
Building Design and Exterior Features
The skyscraper's exterior design features a modern glazed aluminum curtain wall system. This system incorporates beige and black paneling, giving the building a distinct and contemporary appearance. The rapid progress on the façade followed the topping-out ceremony held at the end of May.
Currently, most of the exterior is complete. The remaining areas requiring finishing touches include the ground floor and a specific section on the eastern elevation. This section previously housed the hoist, which was dismantled last week. Observers note that interior work is also likely approaching its final stages.
Project Facts
- Height: 577 feet
- Stories: 54
- Residential Units: 605
- Retail Space: 4,000 square feet
- Developer: Panepinto Properties
- Architect: HLW International
Residential Offerings and Amenities
The 605 rental units within 505 Summit Avenue will offer a variety of layouts. These range from studio apartments to spacious three-bedroom residences, designed to cater to different living needs. Each unit aims to provide modern living spaces for future residents.
Residents of the new skyscraper will have access to an extensive list of amenities. These include an outdoor terrace, which will feature a swimming pool and dedicated barbecue grilling stations. This area is designed for relaxation and social gatherings, offering views of the surrounding urban landscape.
Inside, the building will offer a residential lounge, providing a comfortable space for residents to unwind. For those working remotely or needing dedicated workspaces, coworking facilities will be available. A state-of-the-art fitness center will cater to health and wellness needs, while a sports simulator will offer recreational activities.
"This development brings modern living options and a comprehensive amenity package to Journal Square, further enhancing its appeal as a residential hub," a project representative stated.
Strategic Location and Neighborhood Impact
The 505 Summit Avenue development is strategically positioned in Journal Square, a key transit-oriented neighborhood in Jersey City. It lies directly south of the Journal Square PATH station, providing residents with convenient access to Manhattan and other parts of New Jersey. This accessibility is a significant draw for potential renters.
The property is bordered by several important landmarks. To the north, it sits alongside the three-tower Journal Squared complex, another major residential development. The Journal Square PATH station and its associated rail tracks define its southern and western boundaries, while Summit Avenue runs along its eastern side. This central location integrates the building into the vibrant fabric of Journal Square.
Journal Square's Revitalization
Journal Square has undergone significant revitalization in recent years. Once a bustling commercial and transportation hub, it experienced a period of decline. However, new residential and mixed-use developments, combined with its excellent transit access, have spurred a resurgence. The area is now a focal point for urban growth and investment in Jersey City.
Economic Impact and Future Outlook
The 505 Summit Avenue project represented a substantial investment, with an anticipated cost of $388 million. This large-scale construction has already generated significant economic activity. It is estimated to have created more than 2,000 jobs, encompassing both construction roles and future operational positions within the building.
The completion of this skyscraper contributes to the ongoing economic development of Jersey City. New residential units and retail spaces attract more residents and businesses, further stimulating the local economy. The influx of new residents also supports existing local businesses and services.
Looking ahead, leasing for the rental units at 505 Summit Avenue is scheduled to commence in spring 2026. This timeline suggests that residents will begin moving into the new building shortly thereafter, adding to the dynamic population of Journal Square.
Sustainability and Transportation
- The development includes a multi-level parking garage.
- It also provides 304 bicycle parking spots, promoting sustainable transportation.
- Its proximity to the PATH station encourages public transit use.
The emphasis on bicycle parking and its direct connection to a major transit hub highlights a commitment to reducing reliance on personal vehicles. This aligns with modern urban planning principles focused on sustainability and accessible public transportation.
As Journal Square continues its transformation, projects like 505 Summit Avenue play a crucial role. They provide housing, amenities, and economic opportunities, reshaping the urban landscape and contributing to the city's future growth.