Mack-Cali Realty Corporation Receives Site Plan Approval for Home Depot Shopping Center in Hamilton Township, NJ
02/19/1999 Category: Leasing and Development
Groundbreaking Ceremony Held with Township Mayor and Home Depot Representatives
CRANFORD, NJ--February 19, 1999--Mack-Cali Realty Corporation (NYSE:CLI) announced that it has received unanimous approval from the Township of Hamilton in Mercer County, New Jersey, and the New Jersey Department of Transportation to begin development of a 162,500 square-foot shopping center in Mack-Cali's Horizon Center Business Park. The shopping center will include a 134,000 square-foot Home Depot retail store, an 18,000 square-foot retail store and a 10,000 square-foot restaurant.
Hamilton Township Mayor John Rafferty and representatives from Mack-Cali Realty Corporation and Home Depot attended the groundbreaking at the site today.
The site, located at the intersection of Klockner Road and Route 130, contains 120 acres and was approved for 1.2 million square feet of office/flex space and 350,000 square feet of retail space. Home Depot is leasing 27.7 acres for the development of its store, which is scheduled to open by late 1999. Mack-Cali will maintain the surplus land for future development.
Commenting on the project, John R. Cali, executive vice president and head of development of Mack-Cali, said, "We are extremely pleased with the planning board's decision to approve this shopping center site. We were able to create this development opportunity which will provide a valuable shopping center for our tenants at Horizon Center and area residents. In addition, it provides Mack-Cali the opportunity to make profitable use of undeveloped land."
In connection with the development of the shopping center, Mack-Cali and Home Depot will fund improvements to the Route 130/Klockner Road/Crosswicks-Hamilton Square Road intersection and the widening of Route 130 to improve access to the center. The New Jersey Department of Transportation has approved the scope of required road improvements.
"This project is an important addition to our economic development program. We are very excited about the development of this land and are eager to see the finished product available to the Hamilton Township community," said Hamilton Township Mayor John Rafferty.
Mark Olear, Home Depot's real estate manager, said, "We are delighted that in the very near future, we will be able to bring to Hamilton Township the same high-quality service and products that have become our hallmark. We also look forward to working with Mayor John Rafferty and all of our neighbors to boost our community by creating 150 jobs and supporting efforts to help at- risk youths, clean the environment, and build affordable housing."
Founded in 1978, Atlanta-based Home Depot is the world's largest home-improvement retailer, operating 770 stores in 44 states, five Canadian Provinces, Puerto Rico and Chile. Home Depot plans to have more than 1,300 stores by the year 2001. For six consecutive years, the company has been ranked as "America's Most Admired Retailer" by Fortune magazine. Its stock is publicly traded (NYSE:HD) and is included in the Standard & Poor's Index.
Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. With the completion of pending transactions, Mack-Cali will own or have interests in 255 properties, primarily office and office/flex buildings, totaling approximately 28.1 million square feet, serving over 2,300 tenants in 12 states and the District of Columbia.
Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.
Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office, office/flex and industrial/warehouse properties; interest rate levels; the availability of financing; and other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, and annual reports on Form 10-K.