Daewoo E&C has completed an investment in a residential development project in Palisades Park, New Jersey, signaling a full-scale return to the United States real estate development market after approximately 20 years. The company stated on Wednesday that it finalized the investment in the Palisades Park project located in Bergen County. The development will involve a total investment of roughly $291 million, or about 437.4 billion won, in the West Ruby Avenue area. The plan includes constructing an 18-story apartment complex containing 540 homes, along with parking facilities and neighborhood commercial spaces.
The site is situated approximately 30 minutes by car from Manhattan’s central business district and provides access to Newark International Airport and LaGuardia Airport. It is adjacent to New Jersey’s Koreatown, one of the largest Korean communities in the United States. The location is viewed as capable of meeting demand from Manhattan commuters and the local Korean community simultaneously.
DUSAI, Daewoo E&C’s U.S. investment corporation, will participate as a co-general partner with Tamares, a New York-based real estate developer. The two firms plan to establish a joint venture and acquire the land by the end of the current month. Subsequent steps will include securing permits and recruiting investors, with construction scheduled to begin in 2028 and the project completion and sale targeted for 2031.
This marks Daewoo E&C’s first major U.S. development engagement since the late 1990s. The company previously pursued U.S. housing projects, including a senior housing facility in Seattle in 1988 and the Trump World Tower in Manhattan in 1997, before effectively withdrawing from the North American market. After establishing a local corporation in New York in 2023, the company signed a memorandum of understanding for a mixed-use development project in Prosper, Texas, last year. Prosper is about 12 miles southeast of Aubrey.
