The Development of a New High Rise is Underway in Jersey City, New Jersey

111 First Street will soon be home to a new pioneering project. Rem Koolhaas a Dutch architect, is the designer behind this new high rise development. Among Koolhass's developments are a Seattle Library, Prada New York and Los Angeles, and the China Central Headquarters in Beijing.

The anticipated $400 million structure will feature 1.2 million square feet of space, for condominiums, a world class hotel, artist lofts and studios, a gallery and retail space. According to the Development Group of New York about 300 condominium units will range between $500.000 to $1 million.

The skyscraper will reach 52 stories and consist of three blocks. The three blocks will be built perpendicularly, sort of resembling a Rubik's cube. The three block structure will sit atop a larger portion that is going to serve as a structural base to accommodate parking.

"This is another step in the ongoing transformation and revitalization of Jersey City," says Jersey City Mayor Jerramiah Healy.

The new building will replace a former 130 year old brick tobacco factory, which is now being demolished, after a long legal dispute. The city wanted to form an arts district in the vicinity. However the proprietor of the warehouse sued the city, claiming Jersey City was restricting what could be developed on the site.

The parties settled in the summer of 2006, which allowed the developers to continue with their plans for the luxury high rise. On February 26th, 2007 Koolhaas unveiled the rendering and models of his proposed project at the Jersey City Museum. The settlement required 117 affordable housing units and 120 less expensive spaces for artists studios and lofts. One other condition of the settlement included hiring a world class architect, said Bill Matsikoudis, Jersey City's corporation counsel.

"I am putting together familiar elements in an unfamiliar way," says Koolhaas.

Koolhaas's design will be among the tallest residential projects in Jersey City. The development will stand diagonally across the street from Trump Plaza: Jersey City. Residential developments continue to flourish in Jersey City, which offers lower prices than New York City and a speedy commute to midtown and lower Manhattan.