Daewoo Engineering & Construction has finalized its investment in the "Palisades Park residential development project" in New Jersey. Returning to U.S. real estate development for the first time in about 20 years, Daewoo Engineering & Construction plans to fully expand its global business.
Daewoo Engineering & Construction said on the 3rd that it made a final decision on the 30th to invest in the "Palisades Park residential development project" in Bergen County, New Jersey.
The project will invest a total of about $291 million (about 437.4 billion won) in West Ruby, Palisades Park, Bergen County, New Jersey, to build an 18-story, 540-unit multifamily residential complex and neighborhood commercial facilities. It is a 30-minute drive from the central business district of Manhattan, New York, and a large Korean town is nearby.
Daewoo Engineering & Construction's U.S. investment corporation "DUSAI" will participate as a co-developer with local real estate developer "Tamares." The two companies plan to complete the joint venture (JV) agreement and land purchase by the end of July, then proceed with permits and investor recruitment, with groundbreaking in 2028. The construction period is about 23 months, with completion slated for 2031.
It has been about 20 years since Daewoo Engineering & Construction entered the U.S. real estate market. Starting with a senior housing project in Seattle in 1988, it carried out housing projects through the mid-2000s in places such as Texas and New York, including the Trump World Tower project in Manhattan, New York, in 1997. It then laid the groundwork for reentering the North American real estate market by establishing a local corporation in New York in 2023.
A Daewoo Engineering & Construction official said, "With this project, we plan to build investment and development capabilities as a developer, rather than merely participating in overseas projects through simple contracting, and to establish a stable development platform in the North American real estate market." Daewoo Engineering & Construction also plans to push ahead in earnest in the second half of this year with the "Prosper mixed-use development project" in Texas, building ultra-luxury dwellings, a hotel and offices.