Mack-Cali’s Roseland Subsidiary, Glenco Group, and Mirado Properties Break Ground on 108-Unit Luxury Rental Community in Village of Tuckahoe, NY

05/13/2014 Category: Miscellaneous

Project Will Bring First Major Luxury Multi-Family Community to Quaint, Pedestrian-Friendly Downtown

Weehawken, New Jersey—May 13, 2014—Roseland, a subsidiary of Mack-Cali Realty Corporation (NYSE: CLI), and development partner Glen M. Vetromile of Glenco Group, along with Phil Raffiani of Mirado Properties, recently broke ground on a multi-family project that will deliver 108 luxury rental units to Main Street in the Village of Tuckahoe, NY.

Executives from the development partners joined Tuckahoe Mayor Steve Ecklond and other Village officials to officially commence construction of the project, which will be located at 150 Main Street, just three blocks from the community’s train station. The four-story building will bring 61 one-bedroom and 47 two‑bedroom apartments to the charming Westchester County hamlet, along with a host of amenities and 3,500 square feet of ground-level retail space.

“This is a very important project for Tuckahoe,” Mayor Ecklond said. “It’s the largest development project we have seen here in 15 years, and what’s important to us is it finishes up our Main Street corridor. This beautiful new building will act as a gateway into our community, and we believe it will bring in transit-oriented residents, most likely people who work in Manhattan who will be walking to the train station.”

Mr. Vetromile echoed the mayor’s sentiments and said he is excited to finally carry out his long-standing vision for the property.

“This project is an ideal fit for Tuckahoe, a community that combines small town charm with direct Metro North access to Manhattan and a walkable town center with shops and restaurants,” Mr. Vetromile said. “The development will bring new residents to the community, and we believe new businesses will be attracted to the Village as well, to meet the demand created by these new residents.”

150 Main Street was designed by Minno & Wasko Architects and Planners, as well as landscape architects Melillo & Bauer Associates. Residences in the community will include features such as hardwood flooring, stainless steel appliances, marble countertops and individual, in-unit washer/dryers. Amenities will include a fitness center with state-of-the-art exercise equipment, a yoga studio, a club room, an expansive outdoor terrace with gardens, a water sculpture, a large freestanding stone fireplace pit with seating area, and an outdoor kitchen for private entertaining. A 169-space underground parking garage will be built as part of the project, and 19 surface parking spots will be added.

“We are thrilled to break ground on this exciting project, which will bring a new type of housing option to downtown Tuckahoe,” said Andrew Marshall, Executive Vice President Development for Roseland. “This building will provide residents with upscale, modern living spaces and an amenity-rich environment, all in a beautiful Westchester County location. We believe it will be a popular option for a wide variety of renters, including young professionals who find the idea of living a low-maintenance, transit-oriented lifestyle appealing.”

150 Main Street is located just off of Midland Avenue, a main thoroughfare that connects Tuckahoe and Eastchester to the Bronx River Parkway, Cross County Parkway and New York State Thruway. In addition to its train station, which can shepherd commuters to Manhattan’s Grand Central Terminal in about 35 minutes, several intra-Westchester County commuter bus links are available two blocks from the property.

150 Main Street’s expected completion date is the fourth quarter of 2015, at which time the leasing office will open. Units will be available for occupancy in early 2016.

For more information, visit www.mack‑cali.com, www.roselandproperty.com, www.glencogroupny.com, or www.miradoprop.com.

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 279 properties, consisting of 266 office and office/flex properties totaling approximately 30.8 million square feet and 13 multi-family rental properties containing over 3,900 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 and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company’s website at www.mack‑cali.com.

About Roseland
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. A subsidiary of Mack-Cali Realty Corporation (NYSE: CLI), Roseland 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.

About Glenco Group
GLENCO GROUP, LLC is a privately held real estate development and investment company focused on the production and acquisition of high-quality residential communities in the metropolitan New York marketplace. The firm is positioned to capitalize on the expected strong demand within this defined geography.

GLENCO’s Principals have successfully executed the development of residential asset types of great variety including large-scale master planned communities, urban towers, mid-rise suburban properties, garden apartments and townhouses. With an established record within the multifamily housing industry, GLENCO or its predecessor companies have built more than 2000 units with a development cost exceeding $2 billion.

GLENCO is a skillful and nimble developer that is expert in securing prime locations for their projects; organizing and managing the design, construction and engineering of buildings; deftly guiding projects through complex entitlement processes; collaborating with a wide array of public and private partners; building consensus among disparate factions and stakeholders; arranging complex capital structures for its projects; and implementing creative marketing and leasing solutions for its many projects. www.glencogroupny.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.