EDISON, N.J.,
Nov. 10, 2015
/PRNewswire/ -- Roseland, a
subsidiary of Mack-Cali Realty Corporation (NYSE: CLI), today
announced that it started construction on two luxury multi-family
communities—The Chase II at Overlook Ridge and 145 Front @ City
Square. Consistent with parent company Mack-Cali's strategic plan, each of these
communities will give residents access to outstanding regional
transit options, easy access to downtown areas, and urban
live-work-play environments. Roseland's multi-family assets in the Overlook
Ridge submarket comprise approximately 1,400 units, making the
Company one of the region's largest owners.
"These two properties are signature developments of
Roseland and will reinforce our
position as a premier developer, owner, and operator of
multi-family residential units in the region," said Marshall Tycher, president of Roseland. "These two communities are perfectly
reflective of the priorities embedded in our strategic plan; we are
creating best-in-class urban residences with every amenity and
convenience residents desire."
The Chase II at Overlook Ridge is located just five miles
north of Boston in Malden. It will feature units with stainless
steel appliances, hardwood flooring, and granite countertops.
Community amenities will include a fitness center with
state-of-the-art cardio and weight training equipment, yoga room,
club room with billiards table, media room equipped with a gaming
system, and an outdoor swimming pool. In addition, residents will
have access to the amenities recently opened in the adjacent Chase
I property.
Like the rest of Overlook Ridge, The Chase II's location
provides easy access to a wide range of transportation options,
including Route 1 and complimentary shuttle service to nearby T
stations. It is also a quick trip to Logan International Airport
and just minutes away from Revere Beach.
Overlook Ridge is a 92-acre, master-planned community
comprised of Roseland's Alterra I
and II developments, with 722 stabilized apartments. When
completed, The Chase II's 292 units will operate as part of a
combined 663-unit community, together with the recently stabilized
Chase I. Further, Roseland owns
development rights at Overlook Ridge for approximately 800
additional units. The company is finalizing a $48 million construction loan facility on which
it plans to close within the next several weeks.
145 Front @ City Square is a 237-unit luxury apartment
community that is the first of a two-phased residential development
which is part of the redevelopment and revitalization of downtown
Worcester, New England's second
largest city. The project will include a parking garage to
accommodate this phase as well as the to-be-developed Phase II,
which will include an additional 128 residential units. It is only
steps from Worcester Common, and across the street from the new
transportation hub at Worcester's
Union Station with Massachusetts Bay Transportation Authority
(MBTA), Amtrak, and bus service. The MBTA offers service to
Boston's South Station in
approximately 90 minutes. Additionally, the site has access to the
entire region from major roads with highway proximity to I-290,
I-90 (Mass Pike), I-495, and local routes 9 and 146, putting
downtown Boston less than a one
hour's drive away.
The project is part of a 12-acre, master-planned community
that will include an under construction 150-key hotel, a recently
completed 65,000-square-foot St. Vincent Hospital medical facility,
and a recently completed 214,000-square-foot office tower occupied
by Unum Insurance. The master plan also calls for the development
of parking garages, additional office space, and street level
retail to be developed by the seller, CitySquare II Development
Corporation LLC (an affiliate of Hanover Insurance Group) or
prospective buyers of the various components.
This property will be especially attractive to the area
workforce in Worcester's booming
advanced manufacturing, information technology, biotechnology, and
healthcare sectors. Major employers with a Worcester presence include the Hanover
Insurance Group, Saint-Gobain North America, Sunovion
Pharmaceuticals, Polar Beverages, and JTX Companies. Worcester's healthcare sector includes St.
Vincent Hospital, UMass Memorial Medical Center, and the
Massachusetts College of Pharmacy and
Health Sciences. The area is also home to 12 colleges and
universities with more than 35,000 students.
"This exciting project will capitalize on the incredible
growth and revival of downtown Worcester, giving tenants convenient access to
work and entertainment only steps away from their home," said
Andrew Marshall, executive vice
president and chief operating officer of Roseland. "Given this project's unparalleled
access to highways and public transportation, we also expect it to
draw residents from a wider geographic area, including nearby towns
like Marlborough, Westborough, and Framingham—making this a true
regional residential destination."
Roseland is finalizing a
$41.5 million construction loan
facility to support the build-out of this project.
About Roseland
A subsidiary of
Mack-Cali Realty Corporation (NYSE: CLI), Roseland is a premier, full-service
residential and mixed-use developer in the Northeast with a
scalable and integrated business platform and an industry-leading
reputation for successful development and management of class A
residential communities. Roseland's geographically desirable land
portfolio, sourcing of new development and acquisition
opportunities, and repositioning activities on Mack-Cali's office holdings make it unique in the
multi-family industry. Roseland is
a recognized leader in residential innovation, carefully
integrating each development seamlessly into its surroundings. From
thoughtfully designed residences to distinctive amenity offerings,
Roseland has earned a reputation
for providing residents with state-of-the-art living environments.
With its concentration on urban waterfront and transit-oriented
locales, Roseland has truly
mastered the concept of live-work-play.
Roseland is the master
developer for several significant regional communities, including
Port Imperial, a 200-acre, mixed-use community on the Hudson River
Waterfront facing Midtown Manhattan; multiple class A towers along
the Jersey City Waterfront; Overlook Ridge, a 92-acre,
master-planned community five miles north of Boston; and Portside at East Pier in
East Boston, where Roseland is redeveloping one-half mile of the
Boston Harbor Waterfront into a premier luxury mixed-use
community.
Additional information on Roseland is available on its website at
http://www.roselandproperty.com.
Contacts:
|
Ilene
Jablonski
|
John
Gallagher
|
|
Mack-Cali Realty
Corporation
|
Mercury Public
Affairs
|
|
Vice President of
Marketing
|
(212)
681-1380
|
|
(732)
590-1528
|
jgallagher@mercuryllc.com
|
|
ijablonski@mack-cali.com
|
|
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SOURCE Mack-Cali Realty Corporation