News
Strategic Capital Acquired Two Prime Development Sites
June 30, 2015
On June 30, 2015, Strategic Capital announced the successful acquisition of two residential development sites in Jersey City, New Jersey. Totaling 1.85 acres along the Hudson River, the two sites—75 Park Lane and 2 Shore Drive North—will be developed into high-end residential buildings to feed the soaring market demand in the area.
Jersey City, located directly across the Hudson River facing Lower Manhattan, is known as the “Sixth Borough” of New York City or “Wall Street West.” Situated at the commercial and residential center of the city and adjacent to a variety of transportation options, the development sites represent a rare opportunity to add upscale residential complexes to this undersupplied condominium market. While 75 Park Lane is approved for a 37-story condominium building consisting of 405 condo units, 2 Shore Drive North is approved for a seven-story loft/duplex condominium building consisting of 48 condo units. Upon completion, both properties will provide the increasingly affluent community with not only luxury condo inventories and state-of-the-art amenities, but also retail and entertainment facilities that enliven the waterfront community. The breathtaking views of the Hudson River and Lower Manhattan skyline offer unrivaled investment value.
The acquisition is yet another testament to Strategic Capital’s acute business acumen and successful operations in the US real estate market. The investment also brings about construction opportunities for Plaza Construction and underscores the synergy created by the acquisition of Plaza in 2014.
Renderings of 75 Park Lane and 2 Shore Drive North
