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.
Strategic Capital picked up the 1.85-acre site for an undisclosed amount in July of last year.