The start of something big – very big

Ground broken on $500 million condo project with no tax abatement

The address is 99 Hudson St., Jersey City, and when completed it’s expected to be the tallest building in New Jersey and the sixth largest residential building in the United States.
On Jan. 28, members of the City Council, Mayor Steven Fulop, representatives of China Overseas America, and officials from the Chinese Consulate joined with the developers to break ground for the launch of a rare development in the city: a $500 million project with no tax abatement or subsidy.
“This is the first condo project in eight years in Jersey City,” the mayor said. “I am excited that this project is entirely international dollars as we become more of a global city, attractive for investment based solely on our neighborhoods.”
Fulop said at 900 feet tall, the 79-story building will dramatically reshape the New Jersey skyline, rivaling cities nationwide.
The former parking lot on Hudson Street has been roped off for months as an army of surveyors and others scrambled around it, measuring the footprint. Workers from the nearby business district walked by, many pausing to watch the random activity, although the only signs on the property simply warned people to stay off.
Located one block from the waterfront, 99 Hudson is expected to fill up a vacant space in the Jersey City skyline. The project has been in the works for several years, and was originally proposed by Hartz Mountain in 2012.

“This is a transformative project. It will dramatically reshape New Jersey’s skyline, but more than that, it is symbolic of our continued growth as a world-class metropolis.” – Mayor Steve Fulop.
This project will also transform a section of the city that has until now lacked significant foot traffic. Local officials anticipate that this development with its first floor retail will recreate the neighborhood the way projects in the Newport area have.
Many people pass through this part of the city on their way to the PATH train and the Hudson ferries, but city officials believe this will change once the building makes the area feel more residential.

A significant project

Jersey City is already home to seven of the state’s 10 tallest buildings. With 781 condominium units, 99 Hudson, by China Overseas America, Inc. is the most significant condo project ever in the state, illustrating the strength of the Jersey City housing market, Fulop said, and attests to the his administration’s success at creating a record construction boom.
The project will also include approximately 18,000 square feet of commercial and retail space, and provide for additional public spaces and plazas, including a 7,365 square foot public plaza.
“This is a transformative project. It will dramatically reshape New Jersey’s skyline, but more than that, it is symbolic of our continued growth as a world-class metropolis,” said Fulop. “The fact is, more people than ever want to call Jersey City home, and more businesses than ever want to invest here.”
Currently, the tallest building in New Jersey is in Jersey City – the Goldman Sachs tower at 781 feet at 30 Hudson Street. Trump Plaza, at 532 feet, is the state’s tallest residential building and is also in Jersey City.
One of the three towers being developed as part of the Journal Squared Project by KRE is expected to be the second tallest residential building in the state at 729 feet when completed.
“We are proud to bring 99 Hudson to life and represent the high standard of excellence of China and the China Overseas Holdings organization, a subsidiary of China State Construction Engineering Corporation, and develop a marriage with the Jersey City community to create 2,000 construction jobs and business opportunities for the local establishments,” said Cindy Xiu, president of China Overseas America, Inc.
“We are committed and proud to have our project advance the great growth of Jersey City. This building will literally have the best view in the world as it’s going to have panoramic views of the Statue of Liberty, Ellis Island and the New York City skyline.”
Jersey City, which is projected to soon become New Jersey’s largest city, is currently experiencing the greatest construction boom in the city’s history.
Since 2013, the year Fulop took office, nearly 8,000 residential units have been constructed. Jersey City continues to lead the state in residential construction starts with nearly 7,000 units under construction and another 19,000 approved.
The last large-scale condominium project in Jersey City was Crystal Point, which opened in 2009 with 269 units. While rental projects have continued to flourish in recent years, this is the first large-scale condo project approved in seven years.
Construction of 99 Hudson Street is expected to be completed by 2018.

Al Sullivan may be reached at

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