A major residential project in Jersey City’s Journal Square neighborhood has taken another step toward construction after Namdar Group secured $310 million in construction financing for the first phase of its Homestead Market development at 555 Summit Avenue.
The financing, arranged by Newmark and provided by TYKO, will support the first phase of the two-tower project. The development is ultimately planned to deliver 1,542 residential units across 555 and 547 Summit Avenue, making it one of the larger housing projects moving forward in Journal Square.
First Phase to Bring 863 Apartments
The first phase will feature a 47-story tower with 863 apartments, including 87 affordable housing units. The residences will include studios, junior one-bedroom, one-bedroom and two-bedroom layouts, along with approximately 2,300 square feet of ground-floor retail space.
Residents are expected to have access to a range of amenities, including a fitness center, rooftop lounge and terrace, club room, and coworking space. The development is designed to combine residential living with retail and shared spaces in a highly transit-oriented location.
The second phase will add another 679 units, including 66 affordable residences, along with additional retail and hotel space. Earlier planning documents approved by Jersey City show the project being developed as two 47-story towers under the city's Journal Square 2060 Redevelopment Plan.
Transit Access Drives Development
The Homestead Market site sits just steps from the Journal Square PATH station, giving future residents direct access to Lower Manhattan and the wider New York metropolitan area. That transit connection has been one of the major factors driving continued investment and high-density residential construction in the neighborhood.
The project is also expected to contribute to the area's evolving pedestrian environment. The approved development includes retail and pedestrian space between the two towers, connecting with the broader Homestead Place corridor as nearby projects are completed.
Another Major Investment in Journal Square
The $310 million loan adds to a growing pipeline of major residential projects in Journal Square, where developers are increasingly replacing older properties with high-density housing near public transportation.
For Jersey City, Homestead Market represents a substantial addition to the city's housing supply. The inclusion of 153 affordable units across both phases, combined with retail and community amenities, also makes the project part of the city's broader effort to accommodate new housing while encouraging mixed-use, transit-oriented development.
With construction financing now secured, Homestead Market has moved significantly closer to becoming a reality. The first phase's 863 apartments will be followed by a second tower, ultimately bringing more than 1,500 homes to one of Jersey City's most active development districts.
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