Jersey city: Modon Holding PSC has announced a new joint venture (JV) to deliver Harborside 4, a 54-story residential tower on one of the last prime waterfront sites in downtown Jersey City, New Jersey, USA. Construction is set to begin in the first quarter of 2026, with completion targeted for the first quarter of 2029.
According to Emirates News Agency, Modon will hold a majority equity stake in the venture alongside leading US developer Related Companies and long-standing Jersey City firm Panepinto Properties. This marks a significant milestone in Modon's strategy to expand its global portfolio. Harborside 4, designed by Handel Architects, will offer 800 luxury rental apartments and condominiums, providing unobstructed views of the Manhattan skyline and featuring premium lifestyle and hospitality amenities, including a marquee fitness club and concierge services.
The development's strategic location is minutes from Manhattan via PATH cross-Hudson rail services and ferry connections, with retail, dining, and community amenities nearby, including a Whole Foods market across the street. The scheme will allocate approximately 75 percent of the residential apartments for rentals to generate stable recurring income, while the remaining 25 percent will be marketed as condos for sale.
The joint venture will oversee the development, with Related Companies leading development and construction management, leasing, and operations. Related brings over 50 years of integrated development and management expertise, boasting $70 billion in assets under management and over $20 billion in construction delivered in the past decade.
Panepinto Properties adds its extensive local knowledge and commitment to the Jersey City community, having delivered more than 17 million square feet of development since 1977. A consortium of banks led by J.P. Morgan will provide construction financing for the project.
Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, expressed that Harborside 4 is a natural step in Modon's global expansion, highlighting its commitment to investing in high-potential assets that create long-term value. Bill O'Regan, Group CEO of Modon Holding, emphasized the collaborative efforts with Related and Panepinto to ensure Harborside 4 becomes a well-managed and high-performing community.
Bruce A. Beal, Jr., President of Related Companies, noted that Harborside 4 represents an exceptional opportunity to develop waterfront homes for discerning residents, while Joseph Panepinto, Sr., Founder and CEO of Panepinto Properties, remarked that the project strengthens their role in the redevelopment of Jersey City's waterfront, transitioning it from industrial uses to a contemporary residential and commercial destination.