JERSEY CITY, N.J. — Hoboken, N.J.-based Applied Development Co. and Panepinto Properties will team up to construct two apartment towers along the Hudson River: one 55-story tower with 445 units and a 50-story tower with 417 units. The buildings, which will be built in an art-deco architectural style, will be the tallest residential buildings in New Jersey.
The apartment buildings are part of a $140 million mixed-use complex called HarborSpire. The towers will be built atop a six-story base featuring 20,000 sq. ft. of retail space and a 786-vehicle parking deck. Construction of the 55-story tower is expected to begin in November and be completed about 18 months later. Construction of the second tower is expected to begin when the first tower is substantially completed.
A 15-year tax abatement plan granted by Jersey City fueled the development plans. The towers, which will feature units ranging from 600 sq. ft. to 1,650 sq. ft., will be designed by Peter Dewitt, a New York architect. Monthly rents will range from about $1,600 for a studio unit to $4,000 for a three-bedroom unit.