Daewoo E&C has finalized an investment in a residential development in Palisades Park, New Jersey, marking the company's full-scale return to the U.S. real estate market after approximately two decades. The firm intends to expand its North American operations by acting as a direct developer through investment rather than serving solely as a contractor.
The company announced Wednesday that it has committed roughly $291 million, or about 437.4 billion won, to the West Ruby Avenue site in Bergen County. The development will feature an 18-story apartment building containing 540 units, along with parking structures and commercial spaces for the neighborhood.
The location sits approximately 30 minutes from Manhattan’s central business district by car and provides access to Newark Liberty International Airport and LaGuardia Airport. It is adjacent to New Jersey’s Koreatown, one of the largest Korean communities in the United States. Company officials stated the site can attract both Manhattan commuters and residents from the local Korean community.
DUSAI, Daewoo E&C’s U.S. investment arm, will serve as a co-general partner alongside New York-based developer Tamares. The two firms plan to establish a joint venture and acquire the land by the end of July. Subsequent steps include securing permits and recruiting investors, with construction scheduled to begin in 2028 and the project completion and sale targeted for 2031.
This marks the first major U.S. development project for Daewoo E&C since the late 1990s. The firm previously pursued U.S. housing initiatives, including 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 New York corporation in 2023 and signed a memorandum of understanding last year for a mixed-use development in Prosper, Texas.
Prosper is about 9 miles northeast of Little Elm. The firm plans to pursue investment in that Texas project during the second half of the year. The Prosper development will include luxury homes, hotels, and offices in an area known for its public schools.
