Developers Secure $220M for Next Jersey City Tower

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Another massive project is in the works in Jersey City, prodded along by $220 million in construction financing.

Stephen Palmese’s Integritas Capital and Jody Kriss’ Kriss Capital provided the debt to developers Kuldeep Kumar and Mohan Myneni for their project at 2966 John F. Kennedy Boulevard, the Commercial Observer reported. Construction is already underway at the development in the Journal Square neighborhood.

The project, which is located adjacent to the local PATH station, is planned to include 485 market-rate apartments, 57 affordable housing units, a 154-key Marriott hotel and 34,000 square feet of retail space.

Amenities will include a rooftop infinity pool, a fitness center, coworking lounges, a theater room, a library, a children’s playroom and pet facilities. It’s one of the largest ground-up developments in the works in Jersey City, coming in at 828,000 square feet overall.

So far, eight of the planned 56 stories have been constructed. But the developers halted the project so they could upzone the development, for which they received approval. They also needed structural reinforcements for the growing tower.

Noble Construction and MVMK Architecture are building the development. Completion is expected in 2028.

“Journal 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’s continued evolution,” Kriss said in a statement.

Elsewhere in Journal Square, Kushner Real Estate Group recently abandoned the plan for a Centre Pompidou outpost at its Artwalk Towers project.

KRE received approval for the project from the Jersey City Planning Board in October 2022. The two-acre site is across from the Journal Square PATH Station and behind the historic Loew’s Jersey Theatre.

In November 2024, Kennedy Wilson provided $175 million in construction financing for the beginning of Artwalk Towers, financing that only applied to the first of two buildings going up in the development, or 595 units of the broader 1,189-unit project.

— Holden Walter-Warner