Roseland Residential Trust Breaks Ground on Latest Port Imperial Project
Weehawken Mayor Richard Turner Joins Roseland for Ground Breaking at RiverHouse 11 at Port Imperial
Edison, New Jersey—June 15, 2016—Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation (NYSE: CLI), broke ground yesterday on RiverHouse 11 at Port Imperial, the newest luxury residential project at Port Imperial in Weehawken. Weehawken Mayor Richard Turner was on hand, along with company and municipal officials, to commemorate the newest addition to New Jersey’s Gold Coast.
The 10-story luxury residential community on the Hudson River will feature 295 studios, one-, two-, and three-bedroom apartments, and will offer magnificent views of the iconic New York City skyline.
“Since the late 1990’s we’ve had a partnership with Roseland and it’s been a great public, private partnership,” Turner said. “This area used to be all shipping and railroads and it paid a third of the taxes for the community. When it all died the community had to pick it up and it was an extreme hardship. Now you’ve seen over the last 25 or 30 years a complete revival of this area with connecting waterfront from West New York all the way down through Weehawken.”
Apartment homes in the newest addition to the Port Imperial residential market will include all luxury vinyl wood plank floors, quartz countertops with full-height backsplash, and state-of-the-art stainless steel appliances, along with Moen, Koehler, and Sterling fixtures in the kitchen and bathrooms. The community will feature a host of resort-like amenities designed to give residents the finest in luxury living, including a fitness center, yoga and spin studio, rock climbing wall, conference room, Wi-Fi café and business center, sports simulator, children’s room, theater room, game room, music room, resident lounge, pool, spa, outdoor lounges with fire pit and fireplaces, barbeque grilling stations, and a bocce court.
The building is expected to be open for occupancy in the first quarter of 2018.
Marshall Tycher, chairman of Roseland Residential Trust, said the Port Imperial community offers one of the premier waterfront locations in the area.
“Port Imperial is one of the most spectacular locations in the region and we’re proud of the communities we’ve opened here to date,” Tycher said. “With its view of the New York City skyline, its convenient access to Manhattan, and unmatched amenity package, RiverHouse 11 will offer a true luxury living experience.”
RiverHouse 11 at Port Imperial is the latest addition to the $2 billion, 200-acre master-planned waterfront development that features upscale residences and retail, world-class views of the Manhattan skyline, and access to transportation options including ferry service to Manhattan and Light Rail service along the Gold Coast.
In total, Roseland has constructed 2,609 apartments at Port Imperial, with an additional 2,029 apartments planned. When completed, the redevelopment project will be comprised of 20 total properties, including residential, retail, and hotel components.
About Roseland Residential Trust
Roseland Residential Trust (Roseland), a subsidiary of Mack-Cali Realty Corporation (NYSE: CLI) was recently formed to own, manage, and develop Mack-Cali's luxury multi-family residential portfolio. Roseland is a premier, full-service residential and mixed-use owner and developer in the Northeast with an industry leading reputation for successful completion, execution, and management of class A residential developments. Roseland’s scalable and integrated business platform oversees the Company’s operating and in-construction assets, geographically desirable land portfolio, sourcing of new development and acquisition opportunities, and repurposing activities on Mack-Cali’s office holdings.
The Company is a recognized leader in multi-family innovation, carefully integrating each development with its surrounding cultural context to enhance the beauty, economic vitality, and energy of its environment. From thoughtfully designed residences to distinctive amenity offerings, Roseland has earned a reputation for providing residents with the most visionary communities that empower them to re-imagine the way they live.
The Company is the master developer for several nationally recognized mixed-use destinations, including Port Imperial, a $3 billion, 200-acre, mixed-use community on the Hudson River Waterfront facing Midtown Manhattan; The Highlands at Morristown Station, NJ TRANSIT's first Transit Village project which, along with Roseland’s 40 Park/Epstein’s redevelopment, have spearheaded the revitalization of downtown Morristown; and Portside at East Pier in East Boston, where Roseland is redeveloping one-half mile of Boston Harbor into a premier luxury mixed-use community.
Additional information on Roseland is available on the Company's website at www.roselandres.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,” “projected,” “should,” “expect,” “anticipate,” “estimate,” “target,” “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.