Game changer. Transformative. Incredible.

These were just some of the words used by Jersey City officials and developer KRE Group at the groundbreaking ceremony this morning for "Journal Squared," a massive, three-tower project at the heart of the city which, upon completion, will boast the tallest residential building in New Jersey.

"This project which we're undertaking today is truly a transformative project -- transformative for this wonderful city of Jersey City, and for the state of New Jersey," said Murray Kushner, KRE Group chairman, before a gathering of about 100 people. "The design, the scale, the scope of this project, and the importance of this project to restoring the historical significance of Journal Square are self-evident."

The project, which is located between Magnolia, Pavonia, and Summit Avenues, just east of the Port Authority transportation hub, will include a 54-story tower with 538 units; a 70-story tower with 700 units; and a 60-story tower with 600 units. The project received a 30-year tax abatement from the city last November.

Once completed, the 70-story tower is expected to be the tallest residential building in New Jersey, according to Hollwich Kushner's website, surpassing the 55-story Trump Tower Residences in Downtown Jersey City, which opened in 2008.

This morning, in a large tent just a few feet away from a crater in the ground where construction workers audibly went about their work, Murray Kushner; his son and KRE President Jonathan Kushner; Jeff Kanne, president and CEO of the National Real Estate Advisors; Dan Gumble, business manager of IBEW Local Union 164; Pat Kelleher, president of Hudson County Building Trades; Jeff Persky, executive vice president of the KRE Group; and Jersey City Mayor Steve Fulop spoke about the project, thanking each other and all the parties involved in making Journal Squared possible.

In his speech, Fulop said KRE was the first developer who decided decades ago to venture away from the waterfront and begin developing other parts of Jersey City, citing luxury residential complex Grove Pointe as an example.

"You can see today that has blazed a trail for development far beyond there," he said. "This project, behind us, is really going to change Jersey City and change Journal Square."

"We have made it a priority to get actual buildings going up in Journal Square," Fulop told The Jersey Journal shortly afterward. "This is the first one coming out in decades. It's a big day for Journal Square. It's a game changer, and I couldn't be more excited about it."

When he spoke, Kanne talked about the jobs that the massive project will generate.

"We're also proud that this new development will generate much-needed jobs for the people of New Jersey," he said. "We believe this project will spark a renaissance in the Journal Square neighborhood similar to what downtown Jersey City has already experienced, with increased economic activity and numerous new employment opportunities benefiting not only new residents, but the community as a whole."

The overall development of Journal Squared is expected to create more than 700 construction and about 20 permanent jobs, according to a press release.

The development's phase I tower, the 53-story tower, is expected to be complete by 2016, while the second phase, the 70-story tower, will be finished five years after the first tower is built, Jonathan Kushner previously told The Jersey Journal.

Journal Squared will comprise a total of 1,838 rental residences and 36,000 square feet of retail and restaurant space, according to a press release.

The project will also bring in a new pedestrian-friendly public plaza, at the heart of which will be an open space courtyard lined with trees, greenery and seating to encourage social interaction, the release stated.

The 53-story tower currently under construction will offer 538 studios as well as one-, two-, and three-bedroom rentals with upscale finishes and appointments, plus "stunning views" of the Hudson River, Statue of Liberty, Ellis Island and downtown Manhattan, according to the release.

Residents of the tower will have access to over 10,000 square feet of amenities in the building, including the entire eighth floor, the release stated. Those amenities will include an outdoor swimming pool, full-service fitness center, golf simulator and a children's playroom. A 2,000 square-foot space on the 53rd floor will also serve as an entertainment space.

Jonathan Lin may be reached at jlin@jjournal.com. Follow him on Twitter @jlin_jj. Find The Jersey Journal on Facebook.