Modon Holding PSC has confirmed the creation of a new joint venture to develop a 54-story luxury residential tower in Jersey City, New Jersey. Known as Harborside 4, the project sits on a prime waterfront site and represents a major expansion for the Abu Dhabi-listed group into the North American market. Modon is taking a majority equity stake in the scheme, partnering with the prominent US developer Related Companies and the local firm Panepinto Properties.

The skyscraper, designed by Handel Architects, will consist of 800 luxury units. Approximately 75% of these will be kept as rental apartments to provide recurring income, while the remaining 25% will be sold as condominiums. Residents will have access to high-end hospitality services, a concierge, and a large fitness club. The site offers clear views of the Manhattan skyline and is located near PATH train services and ferry links for easy access to New York City.

Work on the site is scheduled to start in the first quarter of 2026, with an expected completion date in early 2029. Related Companies will handle the development, construction management, and leasing operations. A banking consortium led by J.P. Morgan has agreed to provide the necessary construction financing.

H.E. Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said: “Harborside 4 is a natural progression in Modon’s global expansion, reflecting our 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. This venture strengthens our international portfolio, supports our diversification strategy, and underscores Modon’s vision to develop high-quality urban destinations in key global markets.”

Bill O’Regan, Group CEO of Modon Holding, said: “Harborside 4 aligns strongly with our international growth strategy, combining a prime development opportunity with a structured delivery plan and partners with deep capability and Modon’s goal to enhance its long-term recurring income. Related’s operational strength and Panepinto’s local knowledge create a platform engineered for design excellence and disciplined execution. 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.”

Bruce A. Beal, Jr, President of Related Companies, said: “We are pleased to be partnering with the team at Modon Holding to bring this exciting project to life. 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.”

Joseph Panepinto, Sr., Founder and CEO of Panepinto Properties, said: “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. This property aligns with that broader vision. We remain committed to supporting the city’s continued growth across its various districts.”