JERSEY CITY | 75 Park Lane & 2 Shore Drive North | 414 FT | 37 FLOORS

[chris08876]

Jersey City development sites sold; condo buildings planned

The investment arm of a Chinese construction conglomerate has purchased two residential development sites in Jersey City, planning to build condominiums on them, according to real estate services firm Holliday Fenoglio Fowler L.P.

HFF said Tuesday that Strategic Capital, a unit of CSCEC, has acquired the combined 1.85 acres in the Newport section of the city along the Hudson River waterfront from an undisclosed seller.

One site, 75 Park Lane, is approved for a 37-story condominium building, while the other, 2 Shore Drive N., is approved for a seven-story condo building to be called Shore Lofts. The two buildings will comprise a total of 608,000 square feet of residential space and 24,000 square feet of retail space, HFF said.

“Jersey City has become known as the ‘Sixth Borough’ or ‘Wall Street West’ and is widely regarded as one of the best condominium development sites in the region,” Jose Cruz, HFF senior managing director, said in a prepared statement. “Continued low interest rates, scarcity of for-sale product and attractive condominium prices compared to Manhattan will ensure that 75 Park Lane and Shore Lofts are well-received in the market.”

HFF marketed the sites on behalf of the seller, it added. The investment sales team was led by Cruz, Kevin O’Hearn, managing director, and Marc Duval, senior real estate analyst. They were supported by Andrew Scandalios, senior managing director, and Stephen Simonelli, associate director.

Shearman & Sterling LLP served as legal counsel to Strategic Capital, which is also affiliated with Jersey City-based China Construction America.

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http://www.njbiz.com/apps/pbcs.dll/a...ldings-planned

[TechTalkGuy]

I always thought that Jersey City commanded "Sky-High" real estate rates.

[chris08876]

Usually near the waterfront, but its no where near Manhattan if we are to compare rates and even when it comes to property parcels. Although its approaching it as time goes by.

Journal Square is ripe for development. The sooner those crappy lowrises go in that area, the better. Then hopefully the gentrification train can ride over the Passaic and into Newark. A city that needs to have a JC style boom pronto! Untapped potential.

[chris08876]

Revealed: 75 Park Lane South, Jersey City

Jersey City’s planning board approved plans last month to build a 37-story condo tower at 75 Park Lane South, near the Hudson River waterfront. YIMBY has the first look at the project, which will join 10 other residential high-rises in the Newport section of the city.

The building will bring 359 condos and 7,250 square feet of retail to a vacant lot between Washington Street, 14th Street, and North Boulevard. Marchetto Higgins Stieve and Woods Bagot Architects are designing the complex, which will rise above its neighbors, a pair of brick-clad rental buildings at 30 and 40 Newport Parkway. Marchetto Higgins Stieve created these renderings, and they appear to have designed two versions of the complex – one dominated by dark red brick, the other with monochromatic facade panels and glass.

75 Park Lane South will also be joined by a much smaller building at 2 Shore Drive North. It’ll be seven stories and 48 condos plus 16,646 square feet of commercial space. The Shore Drive development will include 65 parking spots. If the latest version of Jersey City’s development map is accurate, 75 Park Lane South won’t have any parking.

Like many towers on both sides of the Hudson, this project is being partially funded by EB-5 money. The developer is Strategic Capital, the U.S. arm of real estate giant China State Construction Engineering Corporation. The firm has invested $342 million in the development, and an EB-5 loan will kick in another $110 million, according to the project’s EB-5 investor page.

The EB-5 program offers green cards to investors who give $500,000 or more to a project, and that development must generate at least 10 jobs per investor. Chinese funders get 80 percent of the EB-5 visas issued by the federal government, according to WSJ, and the U.S. Citizenship and Immigration Services only awards 10,000 of these visas annually.

Now that the planning board has greenlighted the building plans, construction can begin. Work is tentatively scheduled to finish in 2018.

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NYY

[urbanlife]

I assume they are gonna build the red brick design rather than the top design? If that is the case, that is a shame, I like the top one more, but the red brick one will definitely blend into that area better.

[C.]

The red brick renderings have been around for over a year, so I'm guessing what will be built is the other modern rendering.

These are the same guys, a state-owned affiliated company, building 99 Hudson so they have street cred. Can't wait to see this one rise. Another EB-5 play, maybe?

Duh. Should have read the article. EB-5 is in play.

[citybooster]

I like the modern rendering more. We have enough buildings downtown that have that brick/glass combo but the modern one is different...has a more contemporary, outside the box feel. I wouldn't find the brick/glass version objectionable, but would like some more different styles to make it more individually stand out. 99 Hudson certainly does and though this would be far smaller and not nearly the tour de force on the skyline as that other tower by the same developer Jersey City developers need to stand out more, build towers that in the coming years will be style icons for Jersey City. We have a good number already of functional, perfectly nice but architecturally unambitious or mediocre in terms of aesthetics. Let's get some recognition for great architecture in our city...if we want to be the premiere mid size city in the country..be adventurous and daring regarding the skyline!

[chris08876]

The rendering at the top is what will be built.

[urbanlife]

Originally Posted by chris08876

The rendering at the top is what will be built.

Oh that is good, I like that one much more.

[chris08876]

Originally Posted by urbanlife

Oh that is good, I like that one much more.

I agree. It kinda looks like something out of Riverside Center. It looks like it could support many more units though. But, 400+ I guess is generous. More will come down the line for this area. I believe JC is already past Newark in population. It will be interesting to see the next census for the area.

JC's skyline and mass has gotten really big in the last couple of years. To the unsuspecting person, you'd almost think it's part of NYC.

[C.]

I was on the George Washington looking south yesterday. F*cking incredible! Best shot of 432 Park in my opinion.

This is an older pic thanks to Lydia2222@Flickr on a smoggy day. Anyone have something more recent? Can't wait to see 99 Hudson rise in this photo. Wish it was a supertall with a similar height to 432 Park.

[chris08876]

2561x3577 Rendering: http://mhsarchitects.com/wp-content/...k-Lane_new.jpg

[C.]

Height on this one is 414ft and is ready to breakground within 60 days.

Another one.

[C.]

My sources were right. Heavy equipment and excavator now on site. Official groundbreaking will be any day now.

[chris08876]

Great news CIA. Hopefully this will rise quickly like Ellipse. I remember in May it was like 2 floors, now its 25+ floors. A lot of good progress on that one in 4 months or so, and it's of a similar height range.

[chris08876]

Credit: JC_Heights

[C.]

http://ny.curbed.com/2016/10/27/1343...park-and-shore

Jersey City will get two ‘ultra-luxury’ condo towers
Park and Shore recently broke ground and will bring a total of 429 residences to the Hudson River waterfront

As rent-burdened New Yorkers continue to flee across the Hudson to Jersey City, a new residential project that will further alter the already-changing Hudson River waterfront is now underway. An "ultra-luxury" condo helmed by Strategic Capital, the real estate investment arm of China Construction America, is now in the works.

The development, named Park and Shore, will consist of two distinct buildings offering units of various sizes and (pretty high) prices. The first, 75 Park Lane, will rise 37 stories and contain 358 apartments ranging from studios through three-bedrooms, along with some penthouses. The second building, Shore House, will be adjacent to 75 Park Lane and will feature "the industrial style found in Tribeca and Brooklyn," whatever that means (presumably, Edison bulbs and exposed beams and, well, you get the drill). There will be significantly fewer units, with just 71 one- and two-bedroom apartments. Both buildings will offer amenities that include swimming pools, fitness centers, children’s play area, spas, game rooms, golf simulators, co-working areas, and more.

Good to see this one moving along and interesting to hear confirmation that this is indeed a China Construction America, which is a sister company of China Overseas America. I hope the Chinese $$$s continues to roll in. They're the only ones building luxury condos, and will add significantly to the tax base since they are not asking for an abatement.

[chris08876]

New Rendering:


Credit: http://www.njbiz.com/article/2016102...in-jersey-city

[citybooster]

The rendering is somewhat outdated with its placement of the Ellipse in an earlier stage of development than present day but I like the style they chose, definitely different than most towers built these days in Jersey City. The other finalist looked too much like the brick/glass towers you find with the Morgan at Provost Square, the One and Marbella II. This one has some style and at over 400 feet nice height for the area.

[chris08876]

Credit: JC_Heights