Imperial Tower has secured construction financing that will help bring the 56-story mixed-use development to Journal Square in Jersey City.
Integritas Capital and Kriss Capital announced providing $220 million in funding for the transit-oriented project June 11. Situated adjacent to the Journal Square PATH station at 2966 John F. Kennedy Blvd., the 827,867-square-foot development is slated to feature 542 apartments, penthouse spaces, street-level retail and a 154-key Marriott-branded hotel. Fifty-seven of the residential units will be affordable.
The project is one of the largest ground-up efforts currently underway in the submarket, which continues to reach staggering heights. According to the backers, the funding highlights efforts to support independent sponsors developing institutional-quality projects in high-growth, TOD areas.
Kuldeep “Sunny” Kumar and Mohan Myneni are developing the project. Noble Construction serves as general contractor and MCMK Architecture as architect of record.
The Imperial Tower got underway in late 2023 and then stopped in 2024 to pursue an expansion, Jersey Digs reported. Rising from an initially planned 35 floors, the move also added affordable units to development. Plans for the project date to 2021.
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The Journal Square evolution
Integritas Capital Managing Principal Stephen Palmese said Imperial Towers addresses a growing demand for housing and hospitality in the neighborhood.
“Our background as developers, combined with the construction expertise embedded throughout our vertically integrated platform, enables us to assess complex projects through a lens that many traditional lenders cannot,” Palmese added.
Kriss Capital founder Jody Kriss noted Journal Square’s persistent growth — and consistent investment activity. “We are pleased to provide financing for a project that will … contribute to the neighborhood’s continued evolution,” he said.
Kumar said the goal from the start has been to create a landmark destination in — and for — Journal Square. He described the support from Integritas Capital as “invaluable.”
A glass facade will front the Imperial Tower. Along with Manhattan skyline views, the property will offer a comprehensive suite of lifestyle amenities. Select features include a rooftop infinity pool, coworking lounges, library, children’s playroom and dedicated pet facilities.
The project is expected to be completed in 2028. At that time, the team said it will stand among the tallest residential towers in Journal City. That’s saying a lot, as several residential projects already scrape the city’s sky.
In the pipeline, BLDG Management’s plans for 100 Bay St. would establish the fourth-highest residential column in the greater New York City metro – and U.S. – according to the developer. It would also take the top spot in Jersey City, replacing the 79-story 99 Hudson as the tallest in town.
According to Imperial Tower’s website, leasing is currently underway.
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