Mack-Cali&'s Roseland Subsidiary Breaks Ground on 280-Unit Riverfront Rental Building in Weehawken, NJ
06/20/2013 Category: Leasing and Development
$100 Million Project is First Mack-Cali Multi-Family Building to Break Ground Following Roseland Acquisition
WEEHAWKEN, NJ, June 20, 2013 – Mack-Cali Realty Corporation (NYSE: CLI) broke ground Wednesday, June 19th, on its first new-construction residential project since acquiring multi-family developer Roseland in October, 2012.
Executives from Mack-Cali and its Roseland subsidiary joined Weehawken, NJ Mayor Richard Turner and fellow officials from the Township of Weehawken and Hudson County to commence construction on RiverParc at Port Imperial, a 280-unit luxury rental building rising along the Hudson Riverfront. The 10-story building will be the latest rental property developed in the southern portion of Port Imperial, a mixed-use, master-planned waterfront development which spans two and a half miles directly across the Hudson River from Midtown Manhattan.
“It’s hard to believe that 25 years ago this part of the waterfront was largely abandoned,” Mayor Turner said, citing the long-standing public-private partnership between the Township and Roseland that’s led to tremendous development progress at Port Imperial. “With every new building, we try to provide something that ties this area in with the residents of Upper Weehawken. RiverParc will have a state-of-the-art health and fitness facility as part of the amenities for residents and it will be available to the rest of the Weehawken community. Not to mention the building will bring in $1.2 million of revenue, which is always an important consideration. We will continue to work to make Weehawken one of the best communities in New Jersey.”
RiverParc is a joint venture between Roseland and The Prudential Insurance Company of America. It is supported by a construction loan commitment led by PNC, with participation from Wells Fargo. The company anticipates project costs of approximately $100 million.
Roseland will oversee the leasing and management responsibilities of RiverParc upon completion of the project. Initial occupancy is anticipated for the third quarter of 2014.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali and chairman and chief executive officer of its subsidiary Roseland, commented, “The Mack-Cali/Roseland team is excited to have embarked on RiverParc – the latest addition to Port Imperial. RiverParc will offer residents an amenity-rich environment and the luxury finishes and appointments that Roseland is known for. RiverParc complements Mack-Cali’s portfolio of premier, class A multi-family communities and represents significant value creation for Mack-Cali.”
RiverParc’s location within the $2 billion Port Imperial waterfront development will allow residents to enjoy everything the master planned community has to offer, including world-class views of the Manhattan skyline and active Hudson River scene. An intermodal transportation system offers commuter Ferry service to Manhattan and Light Rail service along the Gold Coast. Port Imperial’s retail component, the Shops at Riverwalk Place, currently includes Starbucks, A&P, Gianone Wine Store, Ben & Jerry’s, Floris Spa, Son Cubano restaurant, Riverwalk Cleaners, and Wachovia Bank.
RiverParc will consist of studio, one-, two-, and three-bedroom apartments, ranging from 498 square feet to 1,405 square feet of living space. Apartments will include tile flooring in the kitchen and bathrooms, granite countertops in the kitchen, stone countertops in the master bath, hardwood flooring in living spaces, wall-to-wall carpeting in bedrooms, stainless steel appliances, washer/dryer, custom wood kitchen cabinetry, Moen and Kohler fixtures in kitchens and bathrooms, and in-wall speakers for surround sound. The development team has also incorporated a number of “green” features and construction practices into the building, and anticipates that it will receive LEED for New Construction Silver certification from the U.S. Green Building Council.
Amenities in the building will include a state-of-the-art fitness center, golf simulator, indoor heated pool, outdoor terrace with hot tub and fire pit, theater with oversized cinema screen and movie seating, children’s play room and individual spaces for conferences, games, and billiards. Residents will also enjoy 24-hour on-site maintenance, Wi-Fi availability in lounges and common areas, a package room with cold storage, manicured landscaping, indoor parking and 16-hour concierge service. 320 parking spaces will be created as part of the project, including guest parking.
About Mack-Cali Realty Corporation:
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 274 properties consisting of 265 office and office/flex properties totaling approximately 30.7 million square feet and nine multi-family rental properties containing over 3,300 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation is available on the Company’s website at www.mack‑cali.com.
Roseland is a premier real estate development and management company with a highly-acclaimed reputation for creating exceptional mixed-use communities in some of the most desirable settings across the Northeast. The Company and its executive team have developed more than 40,000 high-end residential units since 1992, many of which are located in key urban centers near mass transportation hubs. Roseland's reputation for excellence and uncompromising quality has led to a number of designations as developer or co-developer for projects with national significance. Recently acquired by Mack-Cali Realty Corporation (NYSE: CLI), Roseland now benefits from Mack-Cali’s strong financial strength and stability, along with its unsurpassed expertise in the commercial office sector.
Additional information on Roseland is available on the Company’s website: www.roselandproperty.com.
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “potential,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.