Daewoo E&C has finalized 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 intends to expand its North American business by acting as a direct developer through investment rather than serving solely as a contractor.
The firm announced Wednesday that it has secured its investment in the Palisades Park project located in Bergen County. The initiative involves investing 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, a location evaluated to meet both Manhattan commuter demand and Korean community residential needs.
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 entities plan to establish a joint venture and acquire the land by the end of this month. Subsequent steps include securing permits and recruiting investors, with construction scheduled to begin in 2028 and the project completion and sale targeted for 2031.
Daewoo E&C last engaged in U.S. real estate development around 20 years ago, starting with a senior housing project in Seattle in 1988 and the Trump World Tower in Manhattan in 1997, before effectively withdrawing from the North American market. The company established a local corporation in New York in 2023 and signed a memorandum of understanding last year for a mixed-use development project in Prosper, Texas. Prosper is about 6 miles south of Celina.