Mack-Cali Commences Development Projects In Northeast
EDISON, N.J., Jan. 23, 2013
EDISON, N.J., Jan.23, 2013 /PRNewswire/ --Mack-Cali Realty Corporation
(NYSE: CLI) today announced its Roseland subsidiary recently commenced
construction on two key multi-family communities in the Northeast. The
developments include RiverParc at Port Imperial in Weehawken, New Jersey and
The Highlands at Overlook Ridge in Malden, Massachusetts.
In December 2012, Roseland commenced construction on RiverParc at Port
Imperial, in joint venture with The Prudential Insurance Company of America
and supported by a construction loan commitment led by PNC with participation
by Wells Fargo. RiverParc, a 10-story, 280-unit luxury multi-family community,
will be the latest rental property developed in the southern portion of Port
Imperial. Port Imperial is a mixed-use, master-plan waterfront development
which spans two and a half miles directly across the Hudson River from Midtown
Manhattan. The Company anticipates project costs of approximately $100 million
with a projected initial stabilized unleveraged return on a pro forma basis of
Also in December, Roseland commenced construction on The Highlands at Overlook
Ridge, in joint venture with a fund advised by UBS Global Asset Management and
supported by a construction loan commitment led by Bank of America with
participation by TD Bank. This 371‑unit luxury apartment development will be
the latest addition to the Overlook Ridge masterplan community. Overlook
Ridge, a 92-acre community developed by Roseland, is conveniently located
directly adjacent to U.S. Route 1 at the Salem Street interchange, five miles
north of downtown Boston and 4.5 miles from I-95, Boston's inner beltway in
the towns of Malden and Revere. To date, Roseland, in joint ventures, has
successfully completed three residential phases totaling 973 units at Overlook
Ridge, including Alterra IA in 2004, Alterra IB in 2008, and Quarrystone in
2009. The Company anticipates project costs of approximately $75 million,
representing a projected initial stabilized unleveraged return of
approximately 6.88 percent.
Upon completion, Roseland will oversee the leasing and management
responsibilities for these properties.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali,
commented, "The Mack‑Cali/Roseland team is excited to have embarked on these
new projects. They offer residents an amenity-rich environment, luxury
finishes and appointments, and ideal locations. Both RiverParc and The
Highlands complement our portfolio of premier, class A multi-family
communities and represent significant value creation for Mack-Cali."
About RiverParc at Port Imperial:
RiverParc at Port Imperial offers residents the highest quality living spaces
and amenities available in the rental marketplace. The building is programmed
to include studio, one, two, and three bedroom floor plans ranging in size
from 498 square feet for studios to 1,405 square feet for three bedrooms.
Apartment finishes will feature stone and tile bathrooms, hardwood floors,
granite kitchen countertops, and stainless steel appliances. Many units will
also offer unobstructed views of the Hudson River and Manhattan skyline.
Community amenities will consist of a resident fitness center, theater room,
billiards room, golf simulator, indoor pool, rooftop lounge and barbeque, and
16-hour concierge services.
About The Highlands at Overlook Ridge:
The Highlands at Overlook Ridge will include 371 luxury apartment homes spread
across four 4‑story buildings with parking on grade. The buildings are
programmed to have unit types consisting of a mix of studio, one, two, and two
bedroom/den units, with average sizes ranging from 502 square feet for alcove
studios to 1,391 square feet for larger two bedroom units with dens. The
project's proximity to Boston's central business district with easy highway
and public transit access provides an excellent opportunity for commuting
professionals seeking convenient access to the city, but who prefer to live in
the suburban amenitized setting that the cities of Malden and Revere have to
offer. Community amenities will include a fitness center with state of the art
cardio and weight training equipment, yoga room, club room, media room
equipped with Wii gaming system, and an outdoor swimming pool. Unit interiors
are being designed to include condo-level finishes, equivalent to those
featured at the most recently completed Quarrystone.
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 278
properties consisting of 271 office and office/flex properties totaling
approximately 31.6 million square feet and seven multi-family rental
properties containing over 2,000 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
Additional information on Mack-Cali Realty Corporation is available on the
Company's website at www.mack-cali.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.
Contacts: Barry Lefkowitz Ilene Jablonski
Mack-Cali Realty Corporation Mack-Cali Realty Corporation
Executive Vice President and Chief Vice President of Marketing
(732) 590-1000 (732) 590-1000
SOURCE Mack-Cali Realty Corporation
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