From the Jersey Journal:
Harwood brings in a partner for 2-tower project at Square
The two-tower development planned for Jersey City’s Journal Square now has two partners sharing the risk, burden – and potential rewards – of building the $400 million project.
The board of the Jersey City Redevelopment Agency voted yesterday to amend the redeveloper’s agreement with Jersey City-based Harwood Properties to include Washington-based Multi-Employer Property Trust, a national real estate equity fund that invests union pension funds.
“I am confident that with MEPT’s support, Journal Square will soon become a thriving neighborhood and a destination,” said Lowell Harwood, managing partner of Harwood Properties.
“Redevelopment of Journal Square has been talked about for 30 or 40 years. Now it’s finally going to happen.”
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The project is slated to be built on the site of the old Hotel on the Square and several stores, next to the PATH Transportation Center, and is to consist of two towers, 52 and 46 stories, containing 1,034 apartments, 150,000 square feet of retail space and three levels of parking.