EDISON, N.J., Aug. 4, 2016 /PRNewswire/ -- Roseland
Residential Trust, a wholly owned subsidiary of Mack-Cali Realty
Corporation (NYSE: CLI), today held a ceremonial ground breaking
for its newest luxury residential community, Signature Place at
Morris Plains, in Morris Plains, New Jersey. The new
multi-family community will feature 197 luxury apartment homes and
is scheduled to be completed in the fourth quarter of 2017. This
site was previously a vacant Mack-Cali office building that is being repurposed
into a multi-family residential community.
The repositioning of select Mack-Cali office buildings into multi-family
communities was a key part of the company's strategic plan
announced last year. The repurposing of certain assets will create
significant value and is designed to ensure the highest and best
use of those selected properties. Mack-Cali and Roseland are in the process of repositioning
several of its underperforming, obsolete assets and continue to
evaluate the portfolio for additional repositioning
opportunities.
"Today marks a significant milestone for the Mack-Cali and Roseland team as we move forward with another
of the cornerstone initiatives we laid out in our strategic plan,"
said Michael J. DeMarco, President
and Chief Operating Officer of Mack-Cali Realty Corporation. "In
order to provide the highest rate of return for our investors, we
know that we must optimize the value of each and every property in
our portfolio. Creating Signature Place at Morris Plains will accomplish exactly that for
this site."
"This is an incredibly attractive location for a luxury
residential community – with excellent transit options and a
vibrant surrounding area," said Andrew
Marshall, President and Chief Operating Officer of Roseland
Residential Trust. "Bringing 197 apartment homes to Morris Plains is a win-win for both our
company and the borough, and we look forward to our continued
partnership."
This new community is located at 250 Johnson Road in a park-like
setting with lake views. Signature Place at Morris Plains is ideally situated in the heart
of Morris County, in close
proximity to numerous recreational, dining, and shopping
destinations along Route 10. It also features a number of
convenient options for commuters including indoor/outdoor parking,
NJ TRANSIT's Morris Plains train
station with hourly service to New York Penn Station, and access to
Interstates 287 and 80.
Each of the 197 luxury apartment homes will feature a high-end
living experience designed to attract a wide range of residents
from young professionals to empty-nesters looking to downsize from
their current residence. The property includes one- and two-bedroom
units, all with state-of-the-art appliances and finishes. Signature
Place will also provide residents with access to a wide range of
amenities, including a state-of-the-art fitness center, dog run
with dog-washing station, resort-style, outdoor swimming pool with
sun deck, barbecue grills, tennis court, golf simulator, resident
clubroom with billiards, and conference room.
"Roseland and Mack-Cali are excellent partners and this exciting
development will bring tremendous benefits to our already wonderful
borough," said Morris Plains Mayor
Frank J. Druetzler. "We look forward
to coming back here for a ribbon cutting ceremony to celebrate the
opening of what I know will be a first-class residential
community."
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.
Contacts:
|
Ilene Jablonski
Mack-Cali Realty Corporation
Vice President of Marketing
(732) 590-1528
ijablonski@mack-cali.com
|
Darryl Isherwood
Mercury Public Affairs
(212) 681-1380
disherwood@mercuryllc.com
|
|
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SOURCE Mack-Cali Realty Corporation