JERSEY CITY, NJ-A subsidiary of China State Construction Engineering Corp. is in negotiations to acquire a major residential development site here.
China Construction America Inc. reportedly has a tentative agreement to acquire the 99 Hudson St. site from Hartz Mountain Industries Inc. for $68 million. Hartz purchased the property in 2011 for $35 million and had been planning to build apartments at the property that could support as many as 1,000 apartment units, according to the Wall Street Journal.
Hartz said last year that the project would have to wait for reinstitution of tax incentives for residential projects, which has recently occurred under the state's Economic Opportunity Act of 2013.
Roseland was originally to partner with Hartz on the development, but after those plans were announced, Roseland was acquired by Mack-Cali Realty Corp. and now serves as its residential division.
Merrill Lynch originally owned the land at 99 Hudson St. and expected to build an office tower there. The Jersey City site fell into Bank of America's hands after the Wall Street crisis crushed Merrill Lynch.
China State Construction Engineering, China's largest construction company by revenue, has been in the US since the 1980s. The firm recently paid $71 million for a 320,000-square-foot office building in Morris Township. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
