HAP Investments has unveiled updates for a new high-rise residential building in Jersey City. Located at 500 Summit Avenue, the building will eventually tower 42 stories above the Journal Square section of the city and comprise 902 rental apartments.
In 2016, HAP Investments purchased the 80,000-square-foot development site, a former parking lot, for around $26.5 million. Initial renderings of the new building illustrated a stepped glass volume that more closely resembled a Midtown office tower. Since that time, CetraRuddy, the project’s architect of record, has updated the building’s enclosure to include beige-hued cladding and a more delineated window system compared to the former prismatic finish.
The updated plans also include the construction of a new public park, retail stores, a 200-vehicle parking garage, and an 8,500-square-foot community center. Designs for the park include an open-air terrace with seating, a playground, pedestrian footpaths, and a dog run. The community center will contain a mix of flexible meeting rooms for art and culture classes, all enclosed in a sloped glass façade. The roof of the center will support outdoor seating and modest greenery.
“We look forward to continue working with the City of Jersey City and local community board to finalize our plans for 500 Summit Avenue,” said Eran Polack, CEO and co-founder of HAP Investments. “Our goal is to create a destination that serves not only the residents of 500 Summit Avenue, but the entire neighborhood as well.”
500 Summit Avenue is currently in pre-development phases and the project team has not released an anticipated date of completion.