Pathside
Update
08/22/23
Developer Secures $193M Loan for 600+ Unit Tower Project in Jersey City
Developer, , has just obtained a $193 million loan for a 53-story, residential tower, set to rise at 499-507 Summit Avenue in Jersey City's Journal Square neighborhood. Issued by Pacific Life, this influx of capital will be used to fund all construction costs from the ground up.
Known as "Pathside", the building will contain luxury residential units, offered in studio, and one to three-bedroom layouts.
Tenant amenities are to include a fitness center, a spa, a community room, a 4,000-square-foot, outdoor terrace, a 1,337-square-foot coworking lounge, and a storage area capable of fitting up to 304 bicycles. Many units will also provide residents with fantastic views of both the Jersey City and New York City skylines.
In addition to residential units, plans call for square feet of ground-floor retail space and an enclosed parking garage, with enough room for vehicles.
Designed by , the structure will stand feet tall and total square feet. is serving as the general contractor for the project and construction is anticipated to finish sometime in 2026.
The project site spans square feet and was previously used as a parking lot. This has now been ripped up and work on the new development is already proceeding.
