JERSEY CITY -- There are $93 million in state tax breaks on tap Friday morning for a residential high-rise planned for a long-vacant lot that once symbolized the stalled revitalization Journal Square.

One Journal Square, the 666-foot, 56-story tower proposed by Kushner Companies and KABR Group, could receive $34 million in tax credit from the state Economic Development Authority at the agency's Nov. 13 meeting.

The EDA is also considering a separate round of tax credits totaling $5.9 million annually over 10 years for an entity connected to trendy office space provider WeWork that may be housed in the new tower.

The high-rise is one of two the developers are planning for the 1.5-acre site adjacent to the Journal Square PATH Transportation Hub, and across the street from the old headquarters of The Jersey Journal. The city Planning Board gave initial plans unanimous approval last night.

One Journal Square is set to include a nine-story base that would house 240,000 square feet total of retail and office space.

Kushner Companies, headed by Jared Kushner, and KABR announced in January that they purchased the lot for $27 million. It was formerly home to the Hotel on the Square and retail locations that were demolished in 2009 to make way for a separate two-tower project that was never built. The property has been vacant since.

No city tax breaks have been granted to One Journal Square yet -- generally developers seek state tax credits first. The tower is planned for an area that would make it eligible for a 30-year city tax break.

Terrence T. McDonald may be reached at tmcdonald@jjournal.com. Follow him on Twitter @terrencemcd. Find The Jersey Journal on Facebook.