Trump Plaza (Jersey City)

88 Morgan Street
(2011)
Map
General information
StatusCompleted
Typeresidential
Coordinates40°43′10″N 74°02′11″W / 40.7195°N 74.0365°W / 40.7195; -74.0365
Construction started2006
Completed2008
Height
Roof532 ft (162 m)
Technical details
Floor count55
Floor area1,743,760 sq ft (162,001 m2)
Design and construction
Architect(s)DeWitt Tishman Architects LLP
Main contractorBovis Lend Lease

88 Morgan Street, formerly known as "Trump Plaza", is the first of two apartment complex buildings to be built in Jersey City, New Jersey. Trump Plaza Residences is 532 ft tall (162 m) and has 55 floors,[1][2] and is the 7th tallest residential building in New Jersey. In 2020, the Trump name was removed from the properties and has been renamed the 88 Morgan Street Condominiums.[3]

The property was initially approved in 1999 for a twin-tower project to be known as HarborSpire, which never materialized. In 2005, Donald Trump and Dean Geibel partnered to develop Trump Plaza on the property. The project was to consist of two towers, the first of which opened in 2008. The second tower, known as Trump Bay Street, was opened in 2016.

History

Initial plans

Since the mid-1980s, the property – located at the intersection of Washington Street and Bay Street, near the Hudson River – had been intended for office development.[4] In 1999, plans were approved for HarborSpire,[5] a twin-tower apartment and retail project to be built on the property, which was being used as a parking lot.[4] The project was to be developed by Vector Urban Renewal, a partnership of David B. Barry's The Applied Development Company (based in Hoboken, New Jersey) and Liberty Center Associates, a group of investors from New Jersey and Florida who owned the land.[4][6]

The project was designed by Peter DeWitt of Manhattan, and would consist of a 55-story tower with 445 apartment units and a 50-story tower with 417 units. The towers would be made of brick, and would feature an Art Deco theme.[4] The project would be the tallest residential building in New Jersey.[6] In February 2001, the project received a 20-year tax abatement.[6][7]

The project was to be managed by Applied. Construction of the taller tower, expected to cost $80 million, was to begin in November 2001. The complex was to cost a total of $140 million, and would be built over the following four years, with construction on the second tower beginning once the first one was mostly complete.[4]

HarborSpire did not materialize, although plans for the project were revived in 2004,[8][9] as a joint development between Applied and New Jersey developer Joseph Panepinto, who shortly thereafter sold their rights to the project to Metro Homes, co-founded by Dean Geibel.[10]

Trump Plaza

Geibel met Donald Trump while golfing at Trump's golf course in Bedminster, New Jersey. In spring 2005, Geibel began discussions with Trump about him joining the twin-tower project.[5][10] Trump became involved with the project in July 2005, a month after the two towers were approved for 20-year tax abatements. Because construction permits were still pending, Trump's involvement was not announced until September 29, 2005, when he traveled to Jersey City to make the announcement.[5] Trump stated that he had a substantial investment in the new project, but did not specify how much.[5]

The two towers would include the same number of floors and units as the previously planned HarborSpire towers, and were expected to cost a total of $415 million.[5][10] The towers were expected to become the tallest buildings in New Jersey, surpassing the tallest office building, the 42-story Goldman Sachs Tower; and the tallest residential building, the 40-story Marbella Apartments. Construction, to be handled by Bovis Lend Lease, was expected to begin in November 2005, with occupancy expected to begin in November 2007.[5]

Condominium units went on sale in September 2006. By February 2007, 215 units had been sold, while construction had progressed to the 25th floor and occupancy was expected for March 2008.[10] At the time, Geibel denied that the extent of Trump's involvement was the licensing of his surname: "people don't realize how much involvement he has in the project." At Trump's suggestion, the project was to feature BMW zipcars upon its opening.[10]

Trump Plaza was designed by DeWitt Tishman Architects LLP and was completed in 2008. The building has 1,743,760 sq ft (162,001 m2) of space and 445 units.[2] It was, at the time, the tallest residential building in New Jersey,[11] and the third largest building in Jersey City.[citation needed] The property was scheduled for foreclosure on March 6, 2013.[12]

Second tower

Main article: Trump Bay Street

The second tower, Trump Plaza II, was planned to be 484 ft tall (148 m) and have 50 floors.[13] It was also designed by DeWitt Tishman Architects LLP. In May 2010, developer Dean Geibel retained commercial real estate firm William Procida Inc. to assist in finding investors for Trump Plaza II.[14]

The second tower was delayed, and the property for it was sold several times during the recession.[15] Kushner Companies and KABR Group purchased the land out of foreclosure in 2011,[16] and began construction of Trump Plaza's second phase – renamed as Trump Bay Street – in May 2014.[15] The second tower opened in November 2016.[16]

See also

References

  1. ^ Emporis[usurped]
  2. ^ a b Trump Plaza 1
  3. ^ "Home". 88morganjc.com.
  4. ^ a b c d e Garbarine, Rachelle (March 9, 2001). "Residential Real Estate; $140 Million Complex for Jersey City Riverfront". The New York Times. Retrieved July 22, 2017.
  5. ^ a b c d e f Kaulessar, Ricardo (October 2, 2005). "Trump Plaza: Jersey City 'The Donald' partners for $415M 50-story towers in 'hot location'". The Hudson Reporter. Retrieved July 22, 2017.
  6. ^ a b c Miller, Jonathan (March 2, 2001). "No dough for charter schools". The Hudson Reporter.
  7. ^ "Council considering tax exemption for Harborspire". The Jersey Journal. February 26, 2001. Retrieved July 22, 2017 – via NewsLibrary.
  8. ^ Martin, Antoinette (April 25, 2004). "A Home Builder Branches Out, Even Into Hotels". The New York Times. Retrieved July 22, 2017.
  9. ^ Martin, Antoinette (December 12, 2004). "Square Boxes, With Patterns and Colors". The New York Times. Retrieved July 22, 2017.
  10. ^ a b c d e Kaulessar, Ricardo (February 25, 2007). "Trump's local apprentice Co-developer talks about 'Trump Plaza: Jersey City,' and working with The Donald". The Hudson Reporter.
  11. ^ "New model residence unveiled at Trump Plaza Residences in Jersey City" The Union City Reporter; October 17, 2010; Page 9
  12. ^ "Trump Towers In Jersey City Scheduled For Foreclosure Auction Next Week". PROPERTYPILOT. March 1, 2013. Archived from the original on March 22, 2013. Retrieved April 22, 2013.
  13. ^ Trump Plaza 2
  14. ^ Trump Plaza in The Real Deal
  15. ^ a b Sullivan, Al (May 18, 2014). "A marriage made in heaven? Twin Trump Tower breaks ground in Jersey City". The Hudson Reporter. Archived from the original on May 31, 2014. Retrieved July 22, 2017.
  16. ^ a b Rice, Andrew (January 8, 2017). "The Young Trump". New York. Retrieved July 22, 2017.