Towers at Portside project completed in Jersey City, NJ.

State, county and local dignitaries joined numerous business and investment leaders to celebrate the completion of The Towers at Portside, the luxury rental community on the Hudson River waterfront in the historic Paulus Hook section of Jersey City, NJ.

"This community and its success is a prime example of partnership, from Federal to State to County to individuals," said Jersey City Mayor Bret Schundler. "It is part of an important vision we have for Jersey City's future to provide a broad mix of housing - from Portside's luxury to senior living residences to first-time buyer homes - that will fulfill the needs of all residents and allow retail to flourish. Portside's development team and its partners had a large investment in that dream."

Portside's second luxury tower completely leased up just 14 weeks after the 26-story tower opened its 295 apartments to the public, making it the area's most successful rental program this year and solidifying the luxury rental market in Jersey City, according to Allen F. Goldman, a principal with The Applied Companies, the managing partner developing The Towers at Portside.

The new tower is located adjacent to Portside's West Tower, which opened in 1995 and fully leased its 230 residences in just nine weeks. In total, more than 900 people will reside at The Towers at Portside. The community will provide more than $2 million a year in taxes to Jersey City coffers.

In addition to the luxury towers, a new walkway was developed along the Morris Canal at the south end of the property facing the Statue of Liberty, creating a 450-foot waterfront esplanade. Portside's developers have also built a new public park adjacent to the property along the Hudson River.

"When we look back to 1972, we see the relics of an earlier era; the demise of waterfront commerce and the near destruction of the Hudson River," said Goldman. "On this very spot stood abandoned oil storage tanks. Today, however, it is a whole different picture. The waterfront has been transformed from blight to beauty. It thrives not on industry, but as a place for people to live and enjoy its recreational benefits."

"We're confident Portside will be a catalyst for the further redevelopment of the surrounding area, "Goldman continued. "The Paulus Hook section of Jersey City is steeped in history. We're pleased that we could write one of its chapters."

New Jersey's Whitman administration, which is striving to revitalize the state's urban centers, is also confident that Portside's success will spark new redevelopment in the area, according to Department of Community Affairs Commissioner Jane Kenny, who spoke on behalf of Governor Christine Todd Whitman.

"The Towers at Portside rise from what was once considered unusable land," she said. "Many such industrial waste sites - so-called 'brownfields' - threaten our cities. But the resolve of Portside's ownership partners, who invested over $100 million, reclaimed this property and created the residential community that stands here today."

The Portside community was purchased in 1994 by the partnership of The Applied Companies, Roseland Property Company, and the California Public Employees Retirement System (CALPERS) - the largest public pension fund in the country - which is advised by Prudential Real Estate Investors.