Building will Â be New Jerseyâ€™s Tallest as Fulop Administration Continues to Develop a World Class Skyline
Â Most Significant Condo Project in Stateâ€™s History Speaks to Strength of Jersey City Housing Market and Fulop Administrationâ€™s Success at Creating Record Construction Boom
Â Â JERSEY CITY â€“ Already home to seven of the stateâ€™s ten tallest buildings, the City of Jersey City today announced an ambitious plan for a 95-story residential tower that at 950 feet would be â€œby far the tallest building in New Jersey, dramatically remaking the Jersey City skyline,â€ according to Mayor Steven M. Fulop.
With 760 condominium units, the development, by China Overseas America, Inc. at 99 Hudson Street, is also the most significant condo project ever in the State, illustrating the strength of the Jersey City housing market and demand for home ownership. The project will also include approximately 18,000 square feet of commercial and retail space, and provides for additional public spaces and plazas, including 7,365 square feet of passive park space.
Jersey City is currently experiencing the greatest construction boom in the Cityâ€™s history due to the Fulop administrationâ€™s success at improving public safety, lowering taxes and creating a thriving community where people want to live, work and invest.Â In 2014, Jersey City led New Jersey in residential construction starts with more than 6,000 units under construction and another 18,000 approved.Â Jersey City is projected to become New Jerseyâ€™s largest city by 2016.
â€œThis is another milestone moment for Jersey City,â€ said Mayor Fulop.Â â€œOur plan here is to continue building a world class skyline and to continue leading the region in job creation with projects like this, and we couldn’t be more excited to attract hundreds of millions of dollars of investment into the city.Â This project is going to further put Jersey City on the map.â€
Currently, the tallest building in New Jersey is in Jersey City â€“ the Goldman Sachs tower at 781 feet at 30 Hudson Street.Â Trump Plaza, at 532 feet, is the Stateâ€™s tallest residential building and is also in Jersey City.Â One of the three towers being developed as part of the Journal Squared Project by KRE is expected to be the second tallest residential building in the State behind 99 Hudson at 729 feet when completed.
Â â€œWe are committed to developing this iconic project on Jersey Cityâ€™s waterfront,â€ said Cindy Xiu, President of China Overseas America, Inc.Â â€œThis is indicative of the continuing growth of Jersey City and the administrationâ€™s vision to make this best mid-sized city in America.â€
The last large-scale condominium project in Jersey City was Crystal Point, which opened in 2009 with 269 units.Â While rental projects have continued to flourish in recent years, this is the first large-scale condo project in six years.
â€œThe real estate market in Jersey City continues to grow at an unprecedented rate,â€ said Linda Cantatore, President of the Liberty Board of Realtors.Â â€œJersey City is the place more and more people are choosing to live, and as this project demonstrates, there is a demand for both rental and condominium properties.Â This development will be a catalyst for even more condo projects as we see an increased demand for homeownership.â€
The Planning Board will vote on the redevelopment plan change Tuesday night before heading to the City Council for approval. The Planning Board would then vote on final site plan approval, with China Overseas America, Inc. anticipating construction to commence late spring.