The developer of State Square is a consortium whose principals include the Alpert Group, Applied Development Co., Panepinto Properties and former Congressman Frank Guarini. The project is also getting assistance from the New Jersey Housing Mortgage Finance Agency.
"We are extremely pleased to launch this project," according to principal Joseph Alpert, who notes that State Square marks the first new construction project in Journal Square in some 20 years.
"Journal Square has already received substantial capital improvements over the past three years," Alpert says. "We believe we have come up with an important missing piece in the overall effort to revive Journal Square--providing a place for people to live in the downtown area."
State Square will also be situated near one of the largest transportation hubs in the metro area, including the Port Authority of NY/NJ's Journal Square station for the PATH light rail system.
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