The 95-storey tower will be known as Liberty Rising and will be located next to the 160 acre Liberty National Golf Course, which was built by Fireman in 2006.
The proposed building would be taller than the World Trade Centre, which is currently the largest skyscraper in the western hemisphere. The mixed-use project would include a casino, a hotel, apartments, shops and an entertainment complex.
The project’s master plan also includes the construction of the world’s largest ferris wheel and a 107,500-seat stadium for motor sports.
Jersey City mayor Steven Fulop was quoted by The Star-Ledger as saying: "I still need more information regarding the racetrack, to be confident it will not harm Liberty State Park," Fulop said.
"This development would create 25,000 jobs and over $5bn of investment, which would be one of the largest construction projects in the United States."
The project faces the major challenge of gaining approval from New Jersey voters, as the government had made an amendment that no casino would be built outside Atlantic City.
Senate president Stephen Sweeney has previously said he is willing to consider submitting a constitutional amendment for voters to approve gambling elsewhere in the state, as long as it helped to boost Atlantic City.
However, the sky-scraper proposal is also facing criticism over its location.
Appraisal firm Miller Samuel president Jonathan J Miller commented that it is diffulcult to create a luxury residential product outside of a hub like Manhattan.
"I don’t understand this location, even if the views are spectacular. It’s aligned with things that don’t go together with high-end apartments, like motor cross," Miller said.