ARCFE Group 8
Completed & RepaidPark Shore (75 Park Lane & 2 Shore Drive)
Newport area, Jersey City, New Jersey
I-526
Approved
Repayment
Fully repaid
The Project
About Park Shore (75 Park Lane & 2 Shore Drive).
75 Park Lane Project is located in the Newport area of Jersey City on the west bank of the Hudson River. It is across the water from Manhattan and is only 1,300 meters away in a straight line. It is connected to Manhattan by the Holland Tunnel.
The development of 75 Park Lane is a 37-story mixed-use condominium building with 358 residential units and 7,248 square feet of retail space. The development of 2 Shore Drive is a 7-story condominium building with 71 residential units and 15,635 square feet of retail space.
The construction started in October 2016 and has completed in 2021.
Fully repaid — a pre-RIA (old law) project. *EB-5 capital repaid to the NCE.
Key Facts
- Location
- Newport area, Jersey City, New Jersey
- Targeted Employment Area
- Qualified for TEA
- EB-5 Investors
- 165
- Developer
- Strategic Capital LLC (CSCEC)
- Era
- Pre-RIA (old law)
In Depth
The full Group 8 story.
INTRODUCTION
75 Park Lane Project is located in the Newport area of Jersey City on the west bank of the Hudson River. It is across the water from Manhattan and is only 1,300 meters away in a straight line. It is connected to Manhattan by the Holland Tunnel. It is an important part of the New York metropolitan area.
Qualified for TEA · 165 Investors · Suprior location
PARK SHORE
The development of 75 Park Lane (Project A) is a 37-store mixed-use condominium building with 358 residential units and 7,248 square feet of retail space.
The development of 2 Shore Drive (Project A) is a 7-store condominium building with 71 residential units and 15,635 square feet of retail space.
The construction started in October 2016 and has completed in 2021. I-526 Approved.
PROUDLY IN THE "SIXTH DISTRICT" OF NEW YORK
NEWPORT
At the heart of the thriving Jersey City waterfront is Newport, an unparalleled live, work, play community composed of diverse residential communities, waterfront parks, restaurants, and Fortune 500 companies.
The project is located in the Newport area of Jersey City on the west bank of the Hudson River. It faces Manhattan across the water and is only 1,300 meters straight. It is an important part of the New York metropolitan area and seamlessly connects with the metropolitan traffic map of New York. Take the PATH to Manhattan Downtown in 7 minutes, and to Manhattan Midtown in 14 minutes.
Developer · SOME COMPLETED PROJECTS · PREMIER DEVELOPER IN THE NYC AREA
Strategic Capital LLC
Strategic Capital LLC is the US‐based investment platform of the world’s largest construction and real estate conglomerate CSCEC (China State Construction Engineering Corporation). Strategic Capital was created to invest in public infrastructure and private real estate opportunities by leveraging CSCEC’s capital strength and CCA’s experiences in North America. Having completed a number of transactions in recent years, the company aims to build a portfolio of $3 billion through acquisitions and development within next three years. With unparalleled experiences in construction and development coupled with strong financial strength, the company shall respond quickly to changes in the market and create value for all shareholders.
SOME COMPLETED PROJECTS · DECADES OF HANDS-ON EXPERIENCE
Architect Designer– Woods Bagot
Woods Bagot is a global design and consulting firm, with a team of over 1000 people working across studios in Australia, Asia, the Middle East, Europe and North America. It specializes in five key sectors – Aviation and Transport; Education, science and Health; Lifestyle; Sport; and Workplace. Woods Bagot’s diverse portfolio spans more than 140 years which builds a legacy of design excellence.
Building Design’s 2014 World Architecture 100 list ranked Woods Bagot as the seventh largest architecture firm in the world.
Project Progress
Latest updates from the site.
May 2020
75 Park Lane: as of Jan 2020, the construction has been completed. Since then, buyers started closing their purchases and moved in.
Shore House: as of Nov 2019, the construction is completed and the project is finished. Buyers have moved in.
Site Report Archive — Park Shore
Nov 2019
75 Park Lane:
- As of Nov 2019, the construction has been almost completed with some remaining punch list items. Buyers have received the notice from the developer to prepare for closing in late Dec 2019.
Shore House:
- As of Nov 2019, the construction is completed and the project is finished.
Jul 2019
75 Park Lane:
- As of July 2019, the construction has been made rapid progress till the top Floor. The entire project is expected to be completed by the end of 2019. The pre-sale has been over 75%+.
Shore House:
- As of July 2019, the construction is completed and the TCO has been obtained. Pre-sold units started to be closed and buyers moved in.
Apr 2019
75 Park Lane:
- As of March 28, the construction has been made rapid progress till the 34th Floor. The entire project is expected to be completed by Oct 2019. The pre-sale has been over 70%.
Shore House:
- As of March 28, 2019, the construction is completed and the TCO has been obtained. Pre-sold units can be closed soon.
Jan 2019
75 Park Lane:
- As of Jan 2019, the construction has been made rapid progress. The entire project is expected to be completed by the end of 2019. The pre-sale has been over 60%.
Shore House:
- As of Jan 2019, the construction is close to be completed. The TCO is expected to be obtained in the first half of 2019 and pre-ale buyers can move in right after TCO.
Oct 2018
75 Park Lane:
- As of Oct 12, 2018, window and Interior work has been progressed to the 13th floor. The entire project is expected to be completed by the end of 2019.
Shore House:
- As of Sept 30th 2018, the interior work has been progressed to the 6th floor. The entire project is expected to be complete by the end of 2018.
Jul 2018
75 Park Lane:
- As of July 2018, Superstructure concrete work is complete. MEP installation and interior wall layouts continue to progress on lower levels. Interior work has been progressed substantially compared to last quarter. The entire project is expected to be completed by the end of 2019.
Shore House:
- As of July 2018, superstructure concrete work and MEP installation is complete. Interior work has been substantially progressed to the 4th floor. The entire project is expected to be complete by the end of 2018.
Apr 2018
75 Park Lane:
- As of April 2018, Superstructure concrete work is complete. MEP installation and interior wall layouts continue to progress on levels below newly poured floors. Interior work has been progressed substantially compared to last quarter.
Shore House:
- As of April 2018, superstructure concrete work and MEP installation is complete. Interior work has been substantially progressed compared to last quarter.
Dec 2017
75 Park Lane:
- As of Nov 30, 2017, Superstructure concrete work is underway and has been poured up to the nineteenth floor. MEP installation and interior wall layouts continue to progress on levels below newly poured floors.
Shore House:
- As of Nov 30 2017, superstructure concrete work is underway and has been topped out. MEP installation is ongoing and interior wall layout continues on the 2nd floor.
Sep 2017
75 Park Lane:
- Superstructure concrete work is underway and has been poured up to the 9th floor of the tower level. Tower logistics are in place and cycle times as sped up 1 day per floor. Permanent MEP utility installation continues on the ground floor and interior wall layout has begun on the 2nd floor.
Shore House:
- Superstructure concrete work is underway and has been poured up to the 3rd floor. Concrete work is ongoing.
Jun 2017
75 Park Lane:
- As of the end of July, foundation activity for 75 Park Lane is finished. Superstructure concrete work is underway and has been poured up to the 2nd floor.
Shore House:
- As of the end of July, foundation activity for Shore House is finished. Superstructure concrete work is going to start.
Mar 2017
75 Park Lane:
- Foundation activity for 75 Park Lane is ongoing. As of 2017Q1, the pile driving work is finished. Concrete pile caps and grade beams are being poured, and temporary electrical service is being installed.
Shore House:
- Foundation activity for Shore House is ongoing. As of 2017Q1, the pile driving work is finished. Concrete pile caps and grade beams are being poured, and temporary electrical service is being installed.
Dec 2016
75 Park Lane:
- The construction for 75 Park Lane started in 2016Q4, and the foundation activity is ongoing. As of the end of Dec 2016, about 50% of piles were installed.
Shore House:
- The construction for Shore House started in 2016Q4, and the foundation activity is ongoing. As of the end of Dec 2016, about 15% of piles were installed.
Oct 2016
75 Park Lane:
- 75 Park Lane received foundation permit in early October. Strategic Capital held an official Ground Breaking Ceremony on 10/27/2016. On the day of ceremony, we saw that the excavation of 75 Park Lane has already started.
Shore House:
- Developer told us that 2 Shore Drive North will receive its foundation permit in November. They will start the excavation promptly after receiving the permit.
Gallery
Park Shore (75 Park Lane & 2 Shore Drive) in view.
Construction Progress
From the job site.
For illustration purpose only
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