PHM II Associates, LLC a partnership of Hartz Mountain Industries, Panepinto Properties, Inc. and Garden State Development, Inc. today announced that it received a $19.2 million tax credit from the EDA’s Transit Hub Tax Credit Program, enabling it to construct a 13-story, 240-unit residential rental community at 3 Journal Square here.
The luxury rental will be built above an already existing foundation and parking deck that was developed in 1984 by the partners and has been operated by Hartz Mountain.
“We are very honored to receive the EDA’s Transit Hub Tax Credit, and thrilled that we can use it to continue our development work in Jersey City,” said Emanuel Stern, COO and President for Hartz Mountain Industries. “This building is a phenomenal location at the nexus of the state’s transportation infrastructure—it will certainly stimulate the economic activity that the program was meant to create.”
Hartz has a long history in Jersey City rich with improvement projects, and is widely attributed with triggering the commercial redevelopment there starting in 1998 with its development of the Colgate Center, as well as initiating the upscale residential development on Jersey City’s waterfront when it built the Monaco in 2008.
The project at 3 Journal Square is expected to create 400 jobs and contribute $100 million in construction work to the local economy. Hartz expects to break ground in spring of 2014 and welcome its first residents in winter 2015.
3 Journal Square is part of Hartz’s luxury residential portfolio which has grown to more than 3,000 units in New Jersey, New York, Chicago and Seattle since its first residential acquisition in 2010.