The third phase of Journal Squared currently under construction appears to have a new high up neighbor as the green light has been given for another massive project along a rapidly changing corridor.
Jersey Digs first broke the news late last year about a proposed project at Panepinto Properties’ 499-501 Summit Avenue. The first renderings emerged last month and the planning board voted 5-0 to approve the development at its February 1 meeting.
The land encompassing the project is approximately one acre and currently houses surface parking. Panepinto Properties has enlisted New York-based HLW International to design its latest 53-story project, which will feature a smaller five-story base, rise to just over 556 feet at the tallest point and use a mix of gray and black metal panels on its exterior.
The ground floor of the project is expected to feature 3,183 square feet of retail space facing Summit Avenue, which will be beautified as part of the plan. A 3,200 square foot plaza will be adjacent to the roadway and will feature new landscaping and other streetscape improvements.
The project will also include 304 bicycle parking spaces in the basement of the building and valet parking at the rear of the building accessible via Summit Avenue. The garage part will include vehicle lifts and will be able to store up to 140 cars.
The residential component of 499 Summit Avenue has 607 units which are smaller, divided into 107 studios, 388 one-bedroom, 100 two-bedroom and 12 three-bedroom. Approval of the development required the city’s planning board to grant several “c” waivers, but did not trigger the recently enacted Affordable Housing Ordinance.
The development’s facilities include an outdoor recreation area on the sixth floor with separate indoor spa and lounge sections. A wraparound terrace on the 53rd floor spanning over 4,000 square feet will be equipped with windshields in addition to a 1,361 square foot indoor communal kitchen and a 1,337 square foot coworking lounge.
The neighborhood surrounding the Approved Tower has plenty to do. Next to Journal Squared, HAP Tower is proposed for property across the street, and a 26-story Spitzer Enterprises skyscraper is under construction a few blocks away.
Panepinto Properties previously obtained now-expired approvals to develop their 499 Summit Avenue property in 2016, but that project obviously never saw the light of day. The company has not announced when construction on the new development may begin and has not returned a request we have placed on the future of the property.