The first skyscraper, pictured above under construction in February 2016, will stand 50 floors tall and house 540 apartments. It will be the city's second tallest building after the Willis Tower in Chicago. The project was announced by Jersey Central Power & Light on April 20, 1973. The company said it was "determined to play a major role in improving the quality of life in the city by providing high-quality, safe electricity at just and reasonable rates." The building's cost was estimated at $10 million at the time of its opening. It took more than 10 years to complete the 50-story building, which opened for tenants in March 1983. At that time, it was the third-tallest building in Jersey City and the largest apartment building in New Jersey. The building was sold to Millennium Partners LLC for $15.5 million in 2003 and remains their highest-priced acquisition to date. Today, the building houses 540 apartments and has a market value of about $60 million. It is expected to generate around $1.5 million in annual revenue for its owner. This photo shows the original design for the building, which had 48 floors before it was reduced to 46 due to concerns over its structural integrity.