Monaco Towers Break Ground

By on Monday, December 8th, 2008 at 7:44 am

Monaco Towers in Jersey City break ground on Washington Blvd

The Monaco Towers, a pair of two residential high rises long since delayed have broken ground on a Washington Blvd site. The project’s location is in the former parking lot of the Doubletree Hotel.

The Monaco Towers was first approved as a condominium tower, but later switched to a rental building. Earlier this year the developer went before the city requesting a more lucrative tax abatement program claiming that the credit crisis would hurt the project’s bottom line. The city reluctantly agreed but mandated the project start this year to keep the special abatement.

A third tower, the San Remo, was originally proposed for the south side of the Doubletree Hotel. Currently this third tower is likely on hold and not included in the more lucrative abatement program.

Also, the Monaco Towers project broke ground once before.



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