Tishman Speyer (TS) announced that construction is set to begin on 55 Hudson Street, the first of a two-tower development that will bring new rental apartments, public open spaces and amenity retail to Jersey City’s waterfront.
TS, which secured approvals for the development from the Jersey City Planning Board in late 2022, closed this week on a $300 million construction loan from Otera Capital. With full financing now secured, TS expects to start construction on 55 Hudson early this month with completion anticipated in early 2027.
The 58-story tower will encompass 1,017 rental apartments including studio, one- and two-bedroom homes with sweeping views of New York Harbor, the historic Paulus Hook neighborhood and iconic Manhattan skyline. Residents will have access to indoor and outdoor amenities totaling approximately 75,000 square feet. There will also be an array of community-serving amenities at street level, including approximately 60,000 square feet of new retail space.
The development will be followed by 50 Hudson, a 48-story residential tower. When completed, the two-building development will boast nearly 2,000 new apartments, over 70,000 square feet of retail and an approximately 32,000-square-foot waterfront plaza. The public plaza, which will provide a direct connection to Jersey City’s esplanade, will be activated by community events.
“55 Hudson has been designed and programmed to offer the very best in urban living,” said TS Senior Managing Director and Head of U.S. Residential Development Erik Rose. “We are thrilled by this opportunity to work with Otera Capital, Mayor Fulop and the local community to further enhance this vibrant waterfront neighborhood to benefit all of its current and future residents.”
TS collaborated with a world-class architectural and design team including Handel Architects, Marchetto Higgins Stieve Architects, landscape architects Hollander Design and Melillo Bauer Carman and interior designer Michaelis Boyd. A Joint Venture between Noble Construction and Hunter Roberts will serve as the General Contractor for 55 Hudson. Each building will be outfitted with Energy Star-certified appliances and seek Fitwel Certifications.
The project sits adjacent to the NJ PATH, Light Rail and fast ferries to New York. A boat ride to Lower Manhattan is just seven minutes.
To access more business news, visit NJB News Now.Related Articles: