Building News - November 2005

Two-Tower Condo Complex Planned for Jersey City

 

A $415 million mixed-use complex will have 862 condominiums. Also, work starts on an upgrade of Yonkers Raceway.

The planned 55-story Trump Plaza in Jersey City promises to be the tallest residential structure in New Jersey.

Plans for Tallest Residences in N.J.

Construction will start at the end of the year on a two-tower, $415 million mixed-use project in Jersey City on a two-acre parcel at Washington and Bay streets.

The Trump Organization, based in New York, participated in project design and financing. Metro Homes of Hoboken, N.J. - which is developing other condominiums in Jersey City and in Asbury Park - is Trump's partner, and will manage the new complex, which will be called Trump Plaza. New York-based DeWitt Tishman Architects designed the building and New York-based Bovis Lend Lease is the construction manager.

One tower will have 55 stories and 531,500 sq. ft., while the other 481,282-sq.-ft. structure will reach 50 floors. Both rise from a seven-story base housing a two-story lobby, 696-space parking garage, 23,000 sq. ft. of retail, fitness center, rooftop pool, and basketball court.

Buyers of the 862 condominiums, ranging from 750 to 2,224 sq. ft., will get a 20-year property tax break from Jersey City. The tower would open in November 2007.

Racetrack Renovation Advances

A major renovation began in late summer on the Yonkers Raceway, including construction of a new 120,000-sq.-ft. addition.

The project entails upgrades to the harness track, mechanical systems, and infrastructure. It also involves restoration of the existing clubhouse and adding space for 5,500 video lottery terminals - making the 97-acre track next to the New York State Thruway one of the state's largest video gaming venues.

The project follows a July agreement under which the privately owned racetrack will pay $40 million over five years to Yonkers in exchange for the city's withdrawal of a lawsuit that had claimed there was insufficient environmental review of the project. The $185 million renovation, managed by New York-based Tishman Construction, is proceeding in multiple phases. The first phase, slated to finish by year's end, will allow the track to resume racing, which has been suspended since June. The second phase would complete the new clubhouse by next fall.

A final phase, already approved by the New York State Racing Association, would add 2,000 more VLTs and a new parking garage. Pittsburgh's Rooney family, which owns the track, as well as the Pittsburgh Steelers of the National Football League, has not decided if it will pursue the phase.

Bidding for Hotel-Condo in N.J.

Foundation work is under way in Rahway, N.J., once known as the nation's "carriage capital," on the $80 million Carriage City Hotel and Tower. The Rahway Redevelopment Agency has pinned hopes on the 15-story mixed-use building to revitalize the city's downtown.

The project's developer, the Silcon Group of Elizabeth, N.J., is acting as construction manager on initial excavation and soil removal. It is putting out bids for contractors this month in order to start work on the superstructure in January. Construction is slated for completion in spring 2007.

Construction will proceed despite problems in acquiring a nearby parcel from the Trinity United Methodist Church, according to Richard Bello, Silcon's CFO. The footprint of the building is independent from the church parcel, which the developer wants to use for vehicular access, Bello said.

Designed by Nadaskay Kopelson and Arturo Palombo, both of Morristown, N.J., the 380,000-sq.-ft. building will have 20,000 sq. ft. of retail and restaurant space as well as a 102-room hotel, downtown Rahway's first. It will also have 209 one- and two-bedroom condominium units ranging from 850 to 1,600 sq. ft., with prices starting at $200,000.

The building amenities include a rooftop deck and garden, fitness center, concierge service, valet parking, and views of Manhattan, which is 40 minutes away by train.