Mack-Cali Commences Significant Mixed-Use Development Project In East Boston
EDISON, N.J., Jan. 24, 2013
EDISON, N.J., Jan. 24, 2013 /PRNewswire/ -- Mack-Cali Realty Corporation
(NYSE: CLI) today announced its Roseland subsidiary recently commenced
construction on Portside at Pier One, part of the planned mixed-use community
on the East Boston waterfront. This 176-unit luxury apartment project is in
joint venture with The Prudential Insurance Company and is supported by a
construction loan commitment led by Citizens Bank with participation by Salem
Five. Portside will include 150 market-rate apartments and a 26-apartment
affordable component in a five-story building adjacent to the pier. The
Company anticipates project costs of approximately $67million, with a
projected initial stabilized unleveraged return on a pro forma basis of
approximately 7.11 percent.
The December 2012 project start was a by-product of a 10-year Roseland-led
effort since being awarded its development designation by the Massachusetts
Port Authority ("Massport"). The land, owned by Massport, is subject to a
95-year non-subordinated ground lease. The overall site encompasses 26 acres
of East Boston harbor frontage directly facing downtown Boston, and represents
the most significant piece of undeveloped East Boston waterfront. The
development was planned as a mixed-use waterfront community with luxury rental
homes, condominium homes, retail and restaurant space, community/public space,
a recreational Marina, an operational shipyard, and public landscaped green
space, thus creating a productive use and urbanization of the waterfront for
the regentrifying East Boston Community.
The residential and commercial portions of the overall development include
approximately 566 luxury apartments and approximately 70,000 ground-floor
square feet for retail and public uses. The site is a two-minute walk to the
newly renovated Maverick Blue Line T-station, which is a four-minute train
ride to Boston's financial district. The site is also situated adjacent to the
award-winning Pier's Park, a beautifully designed and landscaped 6.5-acre, $17
million municipally funded public park. Phase II of Pier's Park renovations
will include an additional four acres. The site is approximately 10 minutes
from Boston's Logan Airport.
Community amenities are programmed to include a state-of-the-art fitness
center, business center, theater room, controlled access garage parking, and
12-hour concierge services. Upon completion, Roseland will oversee the leasing
and management responsibilities for the property.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali,
commented, "We are delighted to see this much anticipated project get
underway. The extraordinary public and residential aspects of this community,
including an expanded marina and shipyard, world class waterfront park, and
magnificent views of the downtown Boston skyline, will all combine to energize
the East Boston Waterfront."
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 Vice President of Marketing
and Chief Financial Officer (732) 590-1000
SOURCE Mack-Cali Realty Corporation
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