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HAP Investments to Build Jersey City Tower

JERSEY CITY, NJ-HAP Investments LLC is about to enter the New Jersey real estate market in a big way. The New York City-based global firm announced today it will buy a parcel at Journal Square and build a high-rise residential tower.

By John Jordan | Updated on March 26, 2014

JERSEY CITY, NJ—HAP Investments LLC is about to enter the New Jersey real estate market in a big way. The New York City-based international real estate investment and development company announced today it is in contract to purchase 500 Summit Ave. here and plans to build a high-rise residential tower at the site.

The company will acquire the 80,000-square-foot parcel in Journal Square for $28 million, according to the Wall Street Journal. Concrete development plans were not announced, nor were possible incentives to be offered by Jersey City in connection with the “HAP Tower” mixed-use development. The city provides tax abatements for developers lasting between five and 30 years, offering the longest terms to those developing new projects in targeted areas, such as Journal Square.

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