New York City-based developer Tishman Speyer is set to begin construction on 55 Hudson, the first of two residential towers planned for a mixed-use development in Jersey City, New Jersey. 

The developer is proceeding with the project on the Jersey City waterfront after closing a $300 million construction loan financed through Montreal-based Otera Capital in early December, according to a press release shared with Multifamily Dive.

Jersey City has been a hotbed of new multifamily construction over the last several years. More than 20,000 units are newly built or in development in the city’s Journal Square neighborhood alone. Record-high rents in New York City have driven inhabitants and newcomers alike to lower-cost areas within commuting distance of the city. 

The average rent for a one-bedroom apartment in New York City is currently $5,370, according to Rent.com data, compared with $4,080 for a one-bedroom in Jersey City — an over 20% cost reduction on comparable units.

The 55 Hudson tower, expected to be completed in early 2027, will consist of 1,017 apartments across 58 stories, including studios, one-bedroom and two-bedroom units. Over 75,000 square feet of indoor and outdoor amenities will be available to residents, along with 60,000 square feet of retail space on the street level.

The second tower, 50 Hudson, will stand 48 stories tall with comparable amenities. Together, the two properties will consist of nearly 2,000 apartments and 70,000 square feet of retail. A 32,000-square-foot waterfront plaza will stand between the two buildings, connecting directly to Jersey City’s existing waterfront esplanade. The developer does not yet have an estimated start date for 50 Hudson, a spokesperson told Multifamily Dive.

Both buildings will seek Fitwel certifications. The site is located close to PATH and NJ Transit Light Rail stations, as well as a seven-minute ferry to New York City.