First Urban Ready Life™ Tower at Harborside on Jersey City Waterfront Tops Out at 713 Feet to Become New Jersey's Tallest Residential Building
69-Story Tower Will Include 763 Sleek, State-of-the-Art, Sustainable Rental Units Overlooking Manhattan Skyline
Edison, New Jersey—September 30, 2015—Mack-Cali Realty Corporation (NYSE: CLI) and Ironstate Development Company announced today the topping out of URL® Harborside 1 at 713 feet, making the new multi-family tower on the Jersey City waterfront the tallest residential building in New Jersey.
Jersey City Mayor Steven Fulop and fellow municipal officials joined the development partners and more than 200 tradespeople to celebrate the construction milestone of URL® Harborside 1, a uniquely-designed, 69-story residential tower that will bring 763 contemporary rental residences to Mack-Cali’s Harborside in downtown Jersey City. The approximately $330 million development, the first phase of what will ultimately feature three towers comprising 2,358 residences overlooking the Manhattan skyline, is expected to open for leasing in the fourth quarter of 2016. The ambitious project has created hundreds of jobs in Jersey City, including construction and eventual full-time employment opportunities.
“This is a special project in every way,” said Mayor Fulop. “It will help redefine the entire New Jersey skyline. We couldn't be more proud of the growth of Jersey City.”
The URL® concept, which stands for Urban Ready Life™, was developed by Ironstate president David Barry to deliver an innovative housing solution that maximizes space, reduces energy use, provides close and easy access to public transit, and serves the community with cafés, residential rooftop gardens, and other unique amenities. Designed by acclaimed Dutch architecture firm Concrete, URL® Harborside 1 will be a flagship property with a distinctive tower reflective of its waterfront landscape.
“Today’s topping out of the first Urban Ready Life™ tower at Harborside in Jersey City is extremely exciting for us,” said David Barry. “At 713 feet and the tallest residential structure in New Jersey, it is symbolic of Jersey City’s vibrancy, growth and importance in this state. When completed, it will capture the spirit of the Jersey City waterfront in a way that hasn’t been done before. Similar to what Mies van der Rohe and Philip Johnson created with the Seagrams building in Manhattan, Urban Ready Life™ at Harborside will be a special building for a variety of reasons and a timeless milestone in the trajectory of Jersey city. We’re delighted to work alongside our partner, Mack-Cali, who believed in this vision from day one, and appreciate the steadfast support of Mayor Fulop, the City Council, and the New Jersey Economic Development Authority (NJEDA) who have been invaluable to this effort.”
Michael DeMarco, president of Mack-Cali, said “With our partner Ironstate, URL® Harborside will be part of our transformed waterfront – where we're creating a true live, work, play neighborhood with amazing views of Manhattan. This project is a key part of a series of developments transforming Mack-Cali into a premier urban waterfront and transit-based office and luxury multi-family owner.”
URL® Harborside 1 has risen on a vacant parcel located within Mack-Cali’s Harborside mixed-use complex. The project will provide a new east-west connection of Bay Street within Harborside and add public spaces and retail vibrancy to the neighborhood. The location provides unparalleled easy access to public transportation via the Exchange Place PATH station, the Hudson-Bergen Light Rail, and nearby ferry.
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 two-platform operations of Waterfront and transit-based office and luxury multi-family. Mack-Cali owns or has interests in 274 properties, consisting of 255 office and office/flex properties totaling approximately 29.7 million square feet and 19 multi-family rental properties containing approximately 5,700 residential units and a pipeline of 10,000 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 Ironstate Development Company
Ironstate Development Company is one of the largest privately held real estate development companies in the Northeast. Based in Hoboken, New Jersey, Ironstate engages in the development and management of large-scale mixed-use projects and has a diverse portfolio of residential and hospitality assets. Additional information on Ironstate Development Company is available on the Company’s website at www.ironstate.net.
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.