By Joshua Ayers, Senior Editor
Jersey City, N.J.—Developers of Trump Plaza in Jersey City, N.J., are gearing up for the ground breaking on the second tower of Trump Plaza in Jersey City after the city council approved a five-year tax abatement on the property last week.
The mixed-use project, located at 65 Bay Street in Jersey City, is being developed by Kushner Companies and KABR and is expected to break ground in June. Once construction begins the project is anticipated to be complete within 30 months.
“With the site plan approvals and tax abatement in place, we’re excited to finally move forward with 65 Bay Street,” Eugene Paolino, partner at Genova Burns Giantomasi Webster, which is providing representation for the developers, tells MHN. “After what has been a challenging development and approvals process, 65 Bay is going to infuse the downtown with an array of new jobs and truly exciting housing options. It’s an all-around win for Jersey City.”
The East Tower building will feature 447 high-end luxury rental units and more than 10,000 square feet of retail space. The exterior of the building will be identical in façade and height to the existing 50-story West Tower, which was completed in 2008 by another developer. Retail tenants have not yet been announced and the buildings will be marketed separately.
Planned amenities at the building include a gym, and outdoor, seventh-floor courtyard with a 25-foot by 60-foot pool, Jacuzzi, barbecue stations and landscaped seating areas. The building will also include 148 storage spaces and 144 parking spaces to be used exclusively by East Tower residents. The plans also call for 228, on-street bicycle storage spaces.
The total cost for the development is $193.5 million, and it will create 400 to 500 construction jobs for local union and construction workers.
Development of the second building has stalled for nearly 13 years due to the unfavorable economic conditions during the recession. With representation from Genova Burns Giantomasi Webster law firm, developers were able to quickly move to secure approvals. The tax abatement was granted by the Jersey City City Council on April 9, according to a report by nj.com.