X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.