One of the most ambitious development efforts along the Hudson River has officially secured a massive loan for its first 58-story phase that will start to rise along Jersey City’s waterfront over the coming year.
55 Hudson Street, the initial portion of a two-tower development that will bring new rental apartments, public open spaces, and retail to Jersey City’s Downtown, comes courtesy of Tishman Speyer. The real estate giant is partnering with landowner Goldman Sachs on the endeavor, which will rise along two parking facilities in Exchange Place.
Jersey Digs was the first news outlet to reveal renderings of the towers when they were approved by the planning board last September. The high-rises will add almost 2,000 units and significant retail space along two of the last undeveloped blocks of Jersey City’s waterfront.
Tishman Speyer collaborated with a design team that included Handel Architects, MHS Architecture, landscape architects Hollander Design and Melillo Bauer Carman, and interior designer Michaelis Boyd on the project.
The first phase closed this week on a $300 million construction loan from Otera Capital, representing the full financing for 55 Hudson Street. Tishman Speyer already started excavation work in October and a joint venture between Noble Construction and Hunter Roberts will serve as the General Contractor.
The 58-story tower first phase 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 Manhattan skyline. Residences at the property will break down as 298 studios, 514 one-bedrooms, 203 two-bedrooms, and two three-bedroom spaces.
A new parking garage with 378 parking spaces that includes 539 bicycle spots will be built under the plan, which includes a seventh-floor amenity deck with an outdoor pool, tennis courts, a dog run, garden area, and grilling sections.
The construction of 55 Hudson Street will additionally create a new plaza along Hudson Street across from the Hudson Bergen Light Rail trackage and deliver approximately 60,000 square feet of new retail space.
The development of 55 Hudson will be followed by 50 Hudson, a 48-story residential tower across the street that will include comparable indoor and outdoor amenities. That 924-unit portion will reuse an existing 467-space garage while adding a 42-story tower with a two-story podium that tops out at 476 feet.
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 Tishman Speyer 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.”
Each building will be outfitted with Energy Star-certified appliances and seek Fitwel certifications. 55 Hudson expects to start proper construction this month, with completion of the first tower anticipated in early 2027.