Source : WAM
Modon Holding PSC on Monday announced a new joint venture (JV) to develop Harborside 4, a 54-story residential tower on one of the last prime waterfront sites in downtown Jersey City, New Jersey, USA.
Construction is scheduled to start in Q1 2026, with completion expected in Q1 2029.
Modon will hold a majority equity stake in the project, alongside leading US developer Related Companies and long-established Jersey City firm Panepinto Properties, forming the Joint Venture. The project marks another milestone in Modon’s strategy to expand its diversified global portfolio.
Designed by Handel Architects, Harborside 4 will feature 800 luxury rental apartments and condominiums, offering unobstructed views of the Manhattan skyline and premium lifestyle and hospitality amenities, including a signature fitness club and concierge services.
The site is conveniently located just minutes from Manhattan via PATH cross-Hudson rail services and ferry connections, with retail, dining, and community amenities nearby, including a Whole Foods market directly across the street.
Approximately 75 percent of the residential units will be retained for rental, generating stable recurring income, while the remaining 25 percent will be sold as condominiums.
The Joint Venture will collectively oversee the project’s development, with Related Companies taking the lead on development and construction management, leasing, and operations. Related brings over 50 years of integrated development and management experience, managing $70 billion in assets and delivering more than $20 billion in construction over the past decade.
Panepinto Properties, which has developed over 17 million square feet in Jersey City since 1977, contributes deep local expertise and a long-standing commitment to the city. Construction financing for the development will be provided by a consortium of banks led by J.P. Morgan.
Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said Harborside 4 represents a natural step in Modon’s global expansion and reflects the company’s commitment to investing in high-potential assets that create long-term 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.
Bill O’Regan, Group CEO of Modon Holding, said, “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.”
“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,” said Bruce A. Beal, Jr, President of Related Companies.
Joseph Panepinto, Sr., Founder and CEO of Panepinto Properties, stated, “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.”
