CITY GETTING TRUMPED
Construction on towers may begin in weeks
Wednesday, September 21, 2005
By JARRETT RENSHAW
JOURNAL STAFF WRITER
Jersey City has a new Don.

The world's most recognizable estate mogul, Donald Trump, is to unveil plans tomorrow for a $415 million project that will feature the Garden State's two largest residential towers.

The triangular shaped towers - one 55 stories, the other 50 - will sit on a waterside plot at Washington Boulevard and Bay Street, across from the Powerhouse Arts District. They will be built on a seven-story base that will contain 696 parking spaces and 23,000 square feet of retail space.

"This is a high-quality luxury project, worthy of the Trump name, rising in one of the most exciting places in the country today - Jersey City," Trump said in a prepared statement.

"The Trump Organization participated in the design and invested in the project, and we will manage Trump Plaza to ensure that the people who live here will fully enjoy this great urban lifestyle," the statement read.

Hoboken-based Metro Homes and the Trump Organization are teaming on the project, which will include shops, parking, a rooftop pool, gym, business center, an enclosed basketball court and a private film theater.

Each unit also will have a 20-year tax abatement, according to city officials.

Currently, the tallest residential building in New Jersey stands just two blocks from the Trump Plaza site: the 40-story Marbella apartment building. The state's tallest commercial building also stands in Jersey City: the 781-foot Goldman Sachs tower.

Construction on the Trump Plaza is expected to start as soon as November, with expected completion in fall 2007.

The condos will range in size from studios to three-bedroom units. The starting prices for the units have yet to be released.

The project's 2-acre parcel was originally acquired by Panepinto Properties and Applied Companies. It was approved by the city's Planning Board in 1999 and originally named HarborSpire, according to city officials.

The Trump Plaza proposal and the 1999 plan are substantially the same, save for a few changes required by Trump, according to Dean Geibel, managing partner of Metro Homes.

"Everything's pretty much the same, except we have a much more 'Trump-like' lobby," Geibel said.

Jersey City Mayor Jerramiah Healy released a statement yesterday in support of the project.

"The addition of this luxury structure to Jersey City's Gold Coast is a testament to the attraction of our city as a destination for people to live, work and raise families. We are pleased to welcome Mr. Trump and Mr. Geibel as developers of this project whose shared vision contributes to the continued growth and success of our Downtown revitalization," the statement read.