JERSEY CITY, NJ—In a significant move for development projects in the western part of Jersey City, the city’s Planning Board has approved the 21-story McGinley Square project on Bergen Avenue in the Journal Square submarket. The project is being jointly developed by St. Peter’s University and a private developer.
“The project is a mixed use project that includes 595 residential units, of which there will be student housing, luxury rental, and affordable housing, Eugene T. Paolino of Genova Burns Giantomasi Webster, the project’s law firm, tells GlobeSt.com exclusively. “We believe the project will be transformative of the area.”
The project also includes a movie theater, swimming pool, and upscale restaurants.
The site is currently being used as surface parking for St. Peter’s University. “It moves the development clearly off the Gold Coast and further inland,” says Paolino. “It is a significant and important area, not the least of which is because it is adjacent to the university.”
While the waterfront has proximity to “spectacular” New York views and “has been the sexy area of Jersey City for several decades,” says Paolino, for development to move further inland to Journal Square and The Beacon, which are within walking distance of McGinley Square, the enthusiastic support of the planning board was critical, Paolino says.
“That’s really a vote of confidence in the developer and the university, and the opportunities that this project represents,” he says.
The project will act as an anchor for additional development with Journal Square. “It’s like a barbell, you have McGinley Square at one end of Bergen Avenue and Journal Square at the other end. I think they are going to complement each other and encourage each other’s growth,” says Paolino.
The only other significant project in New Jersey where a private developer and a university worked together is Rowan Boulevard in Glassboro, jointly developed by a private developer and Rowan University, says Paolino.