Modon Holding has announced a new joint venture (JV) to develop Harborside 4, a 54-storey waterfront residential tower located on one of the last remaining prime sites along downtown Jersey City’s waterfront in New Jersey, USA.
Under the agreement, Modon Holding will retain a majority equity stake, partnering with US-based developer Related Companies and Panepinto Properties. The JV marks another step in Modon’s strategy to expand and diversify its global real estate portfolio across high-growth international markets. Construction is scheduled to begin in Q1 2026, with project completion targeted for Q1 2029.
Designed by Handel Architects, Harborside 4 will introduce approximately 800 luxury rental apartments and condominiums to downtown Jersey City. The tower will offer unobstructed views of the Manhattan skyline and a range of high-end lifestyle and hospitality amenities, including a marquee fitness club, concierge services, and resident-focused communal spaces.
Strategically located just minutes from Manhattan, the development benefits from direct access to PATH cross-Hudson rail services and ferry connections, reinforcing its appeal to commuters and residents seeking proximity to New York City. The surrounding neighborhood offers a well-established mix of retail, dining, and community amenities, including a Whole Foods Market located across the street.
The residential strategy for Harborside 4 is structured to deliver both stability and long-term value. Approximately 75% of the apartments will be retained as rental units, generating recurring income, while the remaining 25% will be sold as condominiums, allowing the JV to capture near-term sales value alongside long-term income streams.
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 added, “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.”
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Related Companies will lead development execution, construction management, leasing, and ongoing operations for the project. The firm brings more than 50 years of integrated real estate experience, with approximately US $70bn in assets under management and over US $20bn in construction delivered during the past decade.
Bruce A. Beal, Jr, President of Related Companies continued, “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.”
Panepinto Properties contributes deep local expertise and long-standing ties to Jersey City, having delivered more than 17m sqft of development in the city since 1977.
Joseph Panepinto, Sr Founder and CEO of Panepinto Properties noted, “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.”
A banking consortium led by J.P. Morgan will provide construction financing for the development. The JV partners will jointly oversee delivery of the scheme, positioning Harborside 4 as a landmark addition to Jersey City’s evolving waterfront and a cornerstone asset within Modon Holding’s expanding international portfolio.
Originally reported by Priyanka Raina in Me Construction News.
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