JERSEY CITY AND BEYOND — Mack-Cali Realty Corporation, along with the Hoboken-based Ironstate Development Company, announced Wednesday that the two companies have formed a joint venture to develop luxury multi-family rental towers on the Jersey City waterfront in the Exchange Place financial area.
The first phase of the project consists of a parking pedestal to support two high-rise towers of approximately 500 apartments each. The towers will include a café, pools, and a fitness center.
The project will be built on land owned by Mack-Cali Realty Corporation within its Harborside Financial Center, adjacent to the Exchange Place PATH station. Harborside Financial Center is comprised of five state-of-the-art class A office buildings, retail shops, and a multitude of fine and casual restaurants.
The companies said they expect to participate in a groundbreaking at the end of 2012, and residents would move in in 2014.
The architect on the project is HLW International LLP.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, “We are thrilled to be working with Ironstate to develop this premier project. It allows us to utilize a portion of the land we already own in a manner consistent with creating a 24/7 ‘city within a city.’ We believe there is strong demand for this type of high-end workforce housing and we chose to partner with Ironstate because of their vast experience and exceptional reputation in the development and management of high rise residential real estate.”
David Barry, Ironstate Development president, commented, “We’re delighted to announce this partnership with Mack-Cali as both companies have long worked towards a common goal of creating a world-class live/work destination in downtown Jersey City. This well-positioned site represents a tremendous development opportunity to introduce quality rental residences to an established waterfront neighborhood already offering broad public transportation options, a vibrant commercial base and complementary retail.”