Developer Lands $134M to Build Fourth Apartment Tower Near Miami Metrorail<\/a><\/p>\nThe two firms provided the financing to developers Kuldeep Kumar and Mohan Myneni who will work with Noble Construction and MVMK Architecture to build the planned 827,867-square-foot mixed-use development that will include both market-rate and affordable residences, as well as a Marriott-branded hotel.\u00a0<\/p>\n
\u201cWe look forward to advancing a project that expands housing opportunities and contributes to the neighborhood\u2019s long-term growth,\u201d said Kumar in a statement.\u00a0<\/p>\n
Palmese told Commercial Observer that the construction is currently paused at eight stories by design, as Kumar and Myneni had pursued a significant upzoning during construction, turning what was supposed to be a midsize project into what will end up being one of the tallest and largest buildings in Jersey City.\u00a0<\/p>\n
He noted that after the zoning was approved, the developers needed to secure structural reinforcements of the property to support the new height, doubling the size of the building columns from 18 inches to 36 inches.<\/p>\n
Palmese also noted that Imperial Tower is uniquely suited to address the Jersey City submarket\u2019s need for both housing and hospitality assets, while also being \u201ca premier transit-oriented location.\u201d The building sits next to the Journal Square PATH station, providing direct access into Lower Manhattan and Midtown Manhattan.<\/p>\n
\u201cWe\u2019re trying to provide financing to independent sponsors with institutional-quality assets,\u201d said Palmese. \u201cClosing it says a lot about that submarket because it\u2019s continuing to grow, and hopefully it says a fair amount about our capabilities and expertise in construction.\u201d\u00a0<\/p>\n
Located at 2966 John F. Kennedy Boulevard in Jersey City\u2019s Journal Square neighborhood, Imperial Tower will deliver 485 market-rate residential units, 57 residential units designated as affordable, roughly 34,000 square feet of ground-floor retail, and a 154-key on-site hotel.\u00a0<\/p>\n
By both physical size and investment cost, Imperial Tower is one of the largest ground-up developments now underway in the Jersey City submarket.\u00a0<\/p>\n
\u201cJournal Square continues to experience strong population growth and investment activity, and we are pleased to provide financing for a project that will expand housing supply, introduce new hospitality accommodations and contribute to the neighborhood\u2019s continued evolution,\u201d said Kriss, founder of Kriss Capital, in a statement.\u00a0<\/p>\n
On-site amenities will include a rooftop infinity pool, a fitness center, several coworking lounges, a theater room, a library, a children\u2019s playroom and different facilities dedicated to residents\u2019 pets.\u00a0<\/p>\n
The project is expected to be complete in 2028.\u00a0<\/p>\n
Brian Pascus can be reached at bpascus@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Stephen Palmese and Jody Kriss are partnering in Jersey City.\u00a0\u00a0 Palmese\u2019s Integritas Capital and Kriss\u2019 Kriss Capital are…\n","protected":false},"author":2,"featured_media":263998,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[102340,98,100,99,102341,102342,102343,9,24,63,43283],"class_list":["post-263997","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brooklyn","tag-2966-john-f-kennedy-boulevard","tag-brooklyn","tag-brooklyn-headlines","tag-brooklyn-news","tag-imperial-tower","tag-kuldeep-kumar","tag-mohan-myneni","tag-new-york","tag-new-york-city","tag-nyc","tag-stephen-palmese"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/263997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=263997"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/263997\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/263998"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=263997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=263997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=263997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}