Strategic Capital announced Thursday it has broken ground on a new luxury condominium development, Park and Shore, in Jersey City.
Strategic Capital is the real estate investment arm of China Construction America, which is the U.S. subsidiary of China State Construction Engineering Corp.
The groundbreaking ceremony was attended by Jersey City Mayor Steven Fulop; Ning Yuan, China Construction America president and other local officials.
The two building property — 75 Park Lane and Shore House — will be located in the Newport neighborhood along the Hudson River waterfront.
“We couldn’t be more excited that Park and Shore’s groundbreaking milestone has arrived and to formally announce the project with Jersey City Mayor Steven Fulop,” Yuan said. “We know that Park and Shore will be a compelling opportunity for buyers currently in Jersey City, as well as in New York City and beyond, and look forward to seeing the project come to life.”
“This project speaks to the strength of the Jersey City real estate market, which continues to draw investment here on the waterfront and throughout the city,” Fulop said. “What’s even more exciting is that this is the second major condo project we’ve broken ground on within the last year, highlighting the continued interest for people looking to make Jersey City their permanent home.”
The 37 story 75 Park Lane will have 358 residences ranging from studios to three-bedrooms, as well as penthouses.
Shore House, which will be located adjacent to 75 Park Lane, will have 71 one- and two-bedroom residences.
Wood Bagot, an architecture and design firm, is responsible for the construction and interiors of the buildings.
“In recent years Jersey City has become one of the most sought-after areas for Manhattanites and Brooklynites because of its quality of life, culture and affordability,” said Phillip Gesue, the chief development officer of Strategic Capital. “Park and Shore will not only satisfy increasing demand from New York and Jersey City buyers, but also introduce a new level of quality and amenities that is on par with the finer homes in Manhattan.”
The Marketing Directors will handle marketing and sales for the Park and Shore.