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JERSEY CITY-Trump Organization CEO Donald J. Trump and Metro Homes founder Dean Geibel and partner Paul Fried plan to start construction on Trump Plaza: Jersey City, a $415-million, two-tower condo project in this city’s Downtown area. Occupancy is slated for late 2007.

The project’s two-acre parcel at Washington and Bay streets here was originally acquired by locally based Panepinto Properties, which teamed with the Hoboken-based Applied Cos. to initial the two-tower concept. The two companies remain partners in the project, but yesterday’s official announcement of the start of construction made it clear that Trump and the Hoboken-based Metro Homes are driving the project.

“Our organization participated in the design and invested in the project, and we will manage Trump Plaza,” Trump said at yesterday’s announcement. When finished the towers will be the two tallest residential buildings in New Jersey. According to plans rolled out by Trump and Geibel, the project will include a 531,500-sf tower topping out at 55 stories, containing 445 condo homes. The second tower, reaching 50 stories, will have 417 homes within its 481,283 sf.

The towers will rise from a 328,658-sf, seven-story base that will include a 696-car parking garage and 23,000 sf of retail space. The base building will also house a business center, a home theater screening room, a private 8,000-sf fitness center, a rooftop plaza with an outdoor heated pool, among other things. The project has been designed by the Manhattan-based DeWitt Tishman Architects, and will be constructed by Bovis Lend Lease.

“The addition of this structure to our skyline is a testament to the attraction of our city as a destination,” Mayor Jerramiah T. Healy said at yesterday’s announcement, noting also that each unit in the complex has a 20-year property tax abatement. “It is a continuation of the growth and success of our Downtown revitalization.”

Trump Plaza: Jersey City is actually the second major project Geibel’s Metro Homes has in Jersey City at the moment. The company is currently developing Gull’s Cove, a 431-condo project that’s rising in this city’s Liberty Harbor North redevelopment area.

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