Panepinto Properties Breaks Ground on 605-unit Mixed-use Development in Jersey City

Construction has begun on a 53-story residential skyscraper at 499 Summit Avenue in the Journal Square section of Jersey City. 

The team: The project is being led by Panepinto Properties and AJD Construction, with design by HLW International.

The new building: The tower will contain 605 rental apartments, 3,200 square feet of retail space on the lower floors, and a parking garage. The full amenity package has not yet been announced, but renderings of the building show a roof deck above the podium level with a large communal terrace, outdoor lounge space, and planters. The development will also create a new public plaza.

The vision: Joseph A. Panepinto Sr., president and CEO of Panepinto Properties, shared his point of view: “We are genuinely excited about the large-scale revitalization unfolding in Journal Square and are thrilled that we have this opportunity to further contribute to the neighborhood’s historic resurgence”.

Extra details: Total construction costs are estimated at $338 million, and the building is expected to open by June 2026. Earlier this year, JLL Capital Markets arranged a $193 million construction loan for the project, which was provided by Pacific Life.