Mack-Cali, Ironstate Break Ground on Jersey City High-rise
By Jeffrey Steele, Contributing Writer
The 69-story tower on the Jersey City, N.J. waterfront will not only be the tallest residential building in the Garden State, but will seek to answer the call of renters who want to live in apartments that are more energy efficient, provide more innovative spaces and deliver public areas that engender a sense of community.
The $291 million, 763-unit development is the first phase of URL Harborside, which will eventually showcase three towers offering more than 2,300 residences overlooking the skyline of Manhattan. It is slated for completion in 2016.
The URL concept, which stands for Urban Ready Living, was created by Ironstate president David Barry. It is designed to provide innovative housing that among other goals is more environmentally sustainable, offers quick and easy access to public transportation, uses less energy and maximizes space.
“We’re at an historic and interesting moment in the New York area,” Barry says. “Everyone is drawn to live here, but the costs of housing can be prohibitive. To meet housing challenges, we need creative and thoughtful solutions. URL provides a new paradigm for how people can live and work in the city, in a way that is more affordable, sustainable and community oriented.”
Adds Mitchell E. Hersh, Mack-Cali president and chief executive officer: “There is strong demand for a live-work-play environment that offers a true sense of community, all in an amenity-rich, transit-oriented location. We chose to partner with Ironstate because of their vast experience and exceptional reputation in the development and management of high-rise residential real estate.”
It will rise on a vacant parcel next to Mack-Cali’s Harborside Plaza 5, and will provide a new east-west connection of Bay Street within Harborside, while also adding public spaces and a robust retail presence to the neighborhood.
From this location, residents will enjoy unrivaled access to the Exchange Place PATH station, Hudson-Bergen Light Rail, and nearby ferry service.
The URL Harborside Development promises to create hundreds of construction and other full-time jobs in Jersey City. The city’s mayor, Steven Fulop, attended the groundbreaking ceremonies. “This project speaks to the vibrancy of Jersey City, where development and investment continue to thrive,” he said.
“Not only will this be the tallest residential building in the state, the project also incorporates sustainability elements and develops a community-style concept through public spaces. We are pleased to break ground on this exciting project today.”Tags: Development, economy watch, Finance/Investment, Jersey City, luxury, Mack-Cali Realty Corp, multi-family