Modon Holding PSC on Monday announced a joint venture to deliver Harborside 4, a 54-storey residential tower on a waterfront site in downtown Jersey City, New Jersey, USA.
Construction is set to begin in Q1 2026, with completion targeted in Q1 2029.
Modon will hold a majority equity stake alongside US developer Related Companies and Jersey City firm Panepinto Properties, marking a development in the Group’s strategy to scale its portfolio.
Harborside 4: 800-unit residential tower planned for Jersey City waterfront
Harborside 4, designed by Handel Architects, will bring 800 rental apartments and condominiums to downtown Jersey City. The building will offer views of the Manhattan skyline and amenities, including a fitness club and concierge services.
The site 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 development scheme will feature approximately 75 per cent of residential apartments being retained for rentals, generating income, with the remaining approximately 25 per cent being marketed as condos for sale.
The joint venture will jointly oversee the development of the scheme, with Related leading development and construction management, leasing and operations. Related contributes more than 50 years of development and management expertise, with $70 billion in assets under management and over $20 billion in construction delivered over the past decade.
Panepinto Properties, which has delivered more than 17 million square feet of development in Jersey City since 1977, brings knowledge and commitment to the community in Jersey City. A consortium of banks led by J.P. Morgan will provide construction financing for the development scheme.
Construction to begin on 54-storey Harborside 4 tower in Q1 2026
Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said that Harborside 4 is a progression in Modon’s expansion, reflecting its commitment to investing in assets that create value.
“Partnering with Related and Panepinto brings together institutions with the expertise and ambition to help shape vibrant, future-ready communities, and reinforces Modon’s position as a trusted international investment partner,” he added.
“We will work hand-in-hand with Related and Panepinto to oversee all critical phases of the development, contributing to Harborside becoming a well-run, high-performing community over the long term. This investment reinforces our vision to build and enhance the resilience of our diversified global portfolio,” Bill O’Regan, Group CEO of Modon Holding explained.
“With an unmatched location just minutes from Manhattan in fast-growing Jersey City, Harborside 4 represents an exceptional opportunity to develop beautiful waterfront homes for discerning residents alongside partners and investors who share our vision of creating dynamic urban living environments,” Bruce A. Beal, Jr, President of Related Companies further explained.
“Acquiring Harborside 4 strengthens our role in the ongoing redevelopment of Jersey City’s waterfront and beyond. An area that once served industrial uses has been steadily emerging as a premier, contemporary, residential, and commercial destination, creating jobs and income for all residents of the city,” Joseph Panepinto, Sr., Founder and CEO of Panepinto Properties said.
