WEEHAWKEN, NJ—Mack-Cali Realty Corporation broke ground Wednesday, June 19th, on its first new-construction residential project since acquiring multifamily developer Roseland in October, 2012.
Executives from Mack-Cali and its Roseland subsidiary joined Weehawken, N.J., Mayor Richard Turner and fellow officials from the Township of Weehawken and Hudson County to commence construction on RiverParc at Port Imperial, a 280-unit luxury rental building rising along the Hudson Riverfront. The 10-story building will be the latest rental property developed in the southern portion of Port Imperial, a mixed-use, master-planned waterfront development which spans two and a half miles directly across the Hudson River from Midtown Manhattan.
“It’s hard to believe that 25 years ago this part of the waterfront was largely abandoned,” Mayor Turner said in a statement, citing the long-standing public-private partnership between the Township and Roseland that’s led to tremendous development progress at Port Imperial. “With every new building, we try to provide something that ties this area in with the residents of Upper Weehawken. RiverParc will have a state-of-the-art health and fitness facility as part of the amenities for residents and it will be available to the rest of the Weehawken community. Not to mention the building will bring in $1.2 million of revenue, which is always an important consideration. We will continue to work to make Weehawken one of the best communities in New Jersey.”
RiverParc is a joint venture between Roseland and The Prudential Insurance Company of America. It is supported by a construction loan commitment led by PNC, with participation from Wells Fargo. The company anticipates project costs of approximately $100 million.
Roseland will oversee the leasing and management responsibilities of RiverParc upon completion of the project. Initial occupancy is anticipated for the third quarter of 2014.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali and chairman and chief executive officer of its subsidiary Roseland, commented in a statement: “The Mack-Cali/Roseland team is excited to have embarked on RiverParc—the latest addition to Port Imperial. RiverParc will offer residents an amenity-rich environment and the luxury finishes and appointments that Roseland is known for. RiverParc complements Mack-Cali’s portfolio of premier, class-A multifamily communities and represents significant value creation for Mack-Cali.”
RiverParc’s location within the $2 billion Port Imperial waterfront development will allow residents to enjoy everything the master planned community has to offer, including world-class views of the Manhattan skyline and active Hudson River scene. An intermodal transportation system offers commuter Ferry service to Manhattan and Light Rail service along the Gold Coast. Port Imperial’s retail component, the Shops at Riverwalk Place, currently includes Starbucks, A&P, Gianone Wine Store, Ben & Jerry’s, Floris Spa, Son Cubano restaurant, Riverwalk Cleaners, and Wachovia Bank.
RiverParc will consist of studio, one-, two-, and three-bedroom apartments, ranging from 498 sq. ft. to 1,405 sq. ft. of living space. Apartments will include tile flooring in the kitchen and bathrooms, granite countertops in the kitchen, stone countertops in the Master Bath, hardwood flooring in living spaces, wall-to-wall carpeting in bedrooms, stainless steel appliances, washer/dryer, custom wood kitchen cabinetry, Moen and Kohler fixtures in kitchens and bathrooms, and in-wall speakers for surround sound.
Amenities in the building will include a state-of-the-art fitness center, golf simulator, indoor heated pool, outdoor terrace with hot tub and fire pit, theater with oversized cinema screen and movie seating, children’s playroom and individual spaces for conferences, games, and billiards. Residents will also enjoy 24-hour on-site maintenance, Wi-Fi availability in lounges and common areas, a package room with cold storage, manicured landscaping, 16-hour concierge service and 320 indoor parking spaces, which will be created as part of the project, including guest parking.