▁Jersey ▁City ▁Medical ▁Center , ▁a ▁massive ▁Art ▁Dec o ▁complex ▁three ▁blocks ▁to ▁the ▁east ▁of ▁the ▁square ▁is ▁being ▁restored ▁as ▁housing ▁as ▁The ▁Be acon . ▁ ▁The ▁area ▁around ▁the ▁square ▁is ▁planned ▁for ▁development . ▁Lar ge ▁blocks ▁of ▁the ▁neighborhood ▁belong ▁to ▁Saint ▁Peter ' s ▁University , ▁which ▁int ends ▁to ▁sign ▁a ▁long - term ▁le ase ▁with ▁a ▁developer ▁to ▁create ▁entertain ment ▁center ▁on ▁lots ▁now ▁used ▁as ▁par king . ▁The ▁current ▁plan ▁calls ▁for ▁three ▁levels ▁of ▁ret ail ▁and ▁entertain ment ▁space , ▁including ▁a ▁movie ▁the ater ▁and ▁ 3 0 0 - car ▁par king ▁gar age . ▁Another ▁proposal ▁includes ▁a ▁building ▁ ▁t aller ▁and ▁larger ▁in ▁scope , ▁with ▁three ▁levels ▁of ▁ret ail ▁and ▁par king ▁for ▁ 6 0 0 ▁cars , ▁half ▁for ▁the ▁college , ▁at ▁its ▁base . ▁Three ▁ 1 1 - story ▁to wers ▁for ▁housing ▁- ▁one ▁for ▁student ▁d orm itories , ▁one ▁for ▁moder ately ▁pr iced ▁housing , ▁and ▁one ▁for ▁market - rate ▁rent als ▁or ▁cond os ▁- ▁would ▁rise ▁above ▁it . ▁Pl ans ▁were ▁m ired ▁in ▁a ▁controvers y ▁regarding ▁the ▁use ▁of ▁em inent ▁domain , ▁but ▁have ▁been ▁approved . ▁Const ruction ▁had ▁been ▁set ▁to ▁begin ▁in ▁August ▁ 2 0 1 2 , ▁with ▁completion ▁set ▁for ▁ 2 0 1 6 ; ▁as ▁of ▁ 2 0 1 8 ▁it ▁had ▁not ▁yet ▁begun