The US arm of Shanghai Municipal Investment, the largest State-owned enterprise in Shanghai, has teamed up with a New York company to develop a $3 billion residential and commercial project in Midtown Manhattan.

SMI USA will partner in the development of the Central Park Tower at 217 West 57th Street with the Extell Development Company, it was announced on Thursday. The announcement confirms a report earlier this month from the Real Deal, which also said the developers are seeking $200 million from the EB-5 visa program.

The building, which faces Central Park South on one side and West 57th Street on the other, is under construction. When completed in 2019, it will rise 1,550 feet and will be the tallest residential building in the Western Hemisphere, according to a press release from Extell.

Central Park Tower also will be the location for the first full-line store of fashion specialty retailer Nordstrom Inc, which will become the flagship store for the Seattle-based company.

SMI USA is a full-service real estate development, investment and management firm based in New York. Since 2014, it has been actively involved in New York property deals. The company is also involved in the development of Shanghai Tower, a 2,073-foot-tall mixed-use building in the city.

paulwelitzkin@chinadailyusa.com