Mack-Cali Realty Corp. has set its eyes on Jersey's Hudson River to further develop real estate it owns into multi-family properties. The Hudson River development is part of the firm's three year turnaround plan.
The firm, New Jersey's largest office landlord, made the announcement last week, reports the North Jersey.com, wherein the company said it will sell properties worth more than $600 million. The transaction will reportedly help to finance Mack-Cali's plan to revamp its properties, especially along the Hudson River, into multi-family developments. Apart from its real estate development plan, the company is also set to move its headquarters from Edison to New Jersey by 2016.
The New Jersey report also mentioned Mack-Cali's plans to sell some of the office buildings, some of it located in the Paramus area. The transaction will remove roughly 5 million square feet of office space from its 25 million square feet office portfolio. The real estate firm also aims to build more than 8,000 luxury apartments, as well as upgrade a few buildings that it already owns. However, the company declined to comment on which buildings will be sold or upgraded. Although, Mack-Cali did mention that it plans to sell class B buildings in its portfolio.
Meanwhile, Mack-Cali is planning to turn its existing Hudson River properties into a prime destination spot for individuals who would want to "live, work and play in close proximity," states the Wall Street Journal. Mack-Cali president, Michael DeMarco, said in an interview that the company thinks it can "turn that into a hip, cool, vibrant area."
Some of the developments that Mack-Cali is currently working on includes URL (Urban Ready Life) Harborside with Ironstate Developing Company, reports NJ.com. The project features a 69 story structure with 763 units. Another Mack-Cali development already underway is the M2, which is located nearby the URL Harborside project.
The NJ.com report also cited Jersey City mayor Steve Fulop's statement wherein he said that he is "thrilled" Mack-Cali has decided to move its headquarters to Jersey City. Fulop said in a statement, "Over the past two years, businesses have made way for roughly 10,000 new jobs in Jersey City, and each one is more exciting than the last. We're very glad to be adding Mack-Cali jobs to the list."
