NEW YORK CITY-The purchase of a critical two-acre parcel by JDS Development Group at the former Con Edison site on the East River in Kips Bay could pave the pay for construction to begin on its residential high-rise project this summer.

JDS recently paid Solow Building Company $172 million for the two-acre parcel, according to Crain’s New York Business.

The company, which is developing the site on First Avenue between East 35th and 36th streets with minority partner Largo Investments, plans to build two towers of 37 and 47 stories with approximately 800 apartments The project will be mostly rental units, but could include some condominiums. The project is expected to be completed by 2016. See story in Crain’s New York Business.