The latest high-rise in Jersey City’s rapidly growing Journal Square neighborhood has officially reached its apex, been given an official name, and a timeline as to when construction is slated to wrap up.
Panepinto Properties officially announced that its latest development has officially peaked at 577 feet and 54 stories. The project will be called 505 Summit, and it was approved in early 2022 before breaking ground in September 2023.
The topping-out marks the completion of the tower’s vertical construction and signals the $388 million development’s transition into its final phase. The milestone was recognized on site by Panepinto principals, executives from AJD Construction, and others who worked on the project, which was backed by contributions from the New York Immigration Fund EB-5 financing.
Designed by New York-based HLW International, 505 Summit will bring 605 residential units and about 4,000 square feet of retail space on what was formerly a surface parking lot just steps from the Journal Square PATH station.
“505 Summit is a continuation of our longstanding commitment to Jersey City’s growth and the ongoing revitalization of Journal Square,” said Joseph A. Panepinto Sr., President & CEO of Panepinto Properties.
“In addition to delivering a signature building with sought-after amenities and services, the project has played a vital role in supporting the neighborhood’s economic momentum, creating more than 2,000 construction and operations jobs,” he added.
Rising with a cast-in-place concrete structure wrapped in a sleek glazed aluminum curtain wall façade, 505 Summit was designed to maximize both form and function. The property will feature an expansive suite of indoor and outdoor amenities, including a sprawling outdoor terrace with a pool, BBQs, resident lounge, co-working spaces, sports simulator, state-of-the-art fitness center, and more.
A 3,200-square-foot public plaza will be located adjacent to the roadway as part of the development, which will also feature a parking garage within its five-story base.
To prepare for its debut, Panepinto has appointed The Marketing Directors as the exclusive marketing and leasing agent for the property. Greystar has additionally been selected to manage the 505 Summit, where leasing is expected to launch next spring.
