JERSEY CITY ? Mayor Jerramiah T. Healy, members of the Municipal Council and other city officials will join with representatives of Roseland Properties and Garden State Developers to break ground on Monaco Towers at 2 p.m. on Tuesday, Dec. 16, 2008, at Washington Boulevard and Thomas Gangemi Drive.

The $210 million construction project will consist of two towers and 524 residential rental units, 11,000 square feet of ground floor retail and will create more than 400 construction jobs. The project will also conform to the city?s Project Labor Agreement, which means that a percentage of the jobs will be dedicated to city residents in apprenticeships with the building trades unions.

?This project is a prime example of the resiliency of the Jersey City housing market,? said Mayor Healy. ?We are excited to break ground on such a large scale project that will infuse jobs and new housing into our city.?

Additionally, the project will provide $700,000 to the city?s Affordable Housing Trust Fund.

"We're thrilled to be embarking on this new project in Jersey City,? said Carl Goldberg, one of the principals at Roseland Property Company. "The Monaco will provide a mix of residential and retail spaces and contribute to Jersey City's status not just as a gateway to Manhattan but as a premier destination in its own right.

Does anyone know what is being built in between the Double Tree Hotel and the Westin, just behind Pep Boys?

Well this should make for an interesting project, considering they couldn't sell all the units in the Trump tower and put plans for another tower on hold.

Jersey City to Break Ground on $210M Residential Project

njbiz.com
By Evelyn Lee
12/16/2008

JERSEY CITY ? The city announced today that it will break ground this afternoon on Monaco Towers, a $210 million residential and retail development at Washington Boulevard and Thomas Gangemi Drive, next to the Doubletree Hotel in the Hudson County city?s financial district.

A joint venture between Roseland Property Co., based in Millburn?s Short Hills section, and Jersey City-based Garden State Developers, Monaco Towers will comprise 524 apartment rental units and 11,000 square feet of retail space in two 50-story high-rise buildings. The project will create more than 400 construction jobs and adhere to the city?s Project Labor Agreement, which requires a percentage of construction jobs will be allocated to city residents in apprenticeships with building trades unions, according to the city.

Monaco Towers, which is scheduled for completion by 2011, also will provide $700,000 to the municipal Affordable Housing Trust Fund, the city said.

http://www.njbiz.com/article.asp?aID=76861

This is great information...Good to see JC starting up construction. With these two towers, journal square, and the development on the westside of JC ( see bayfrontjerseycity.com ) Im even more excited to live and invest in JC's future.

***Anyone know the web address for this development or the developer???? Any info would be appreciated!

The Monaco Towers, a pair of two residential high rises long since delayed have broken ground on a Washington Blvd site. The project's location is in the former parking lot of the Doubletree Hotel.

The Monaco Towers was first approved as a condominium tower, but later switched to a rental building. Earlier this year the developer went before the city requesting a more lucrative tax abatement program claiming that the credit crisis would hurt the project's bottom line. The city reluctantly agreed but mandated the project start this year to keep the special abatement.

A third tower, the San Remo, was originally proposed for the south side of the Doubletree Hotel. Currently this third tower is likely on hold and not included in the more lucrative abatement program.