Mack-Cali Realty Corp. in JV with Ironstate break ground on URL Harborside

Mack-Cali Realty Corp. and its joint venture partner, Ironstate Development Company, broke ground January 14th, on a new type of residential tower: URL Harborside. URL, which stands for Urban Ready Living, is a direct response to the needs and desires of those looking to live in apartments that use less energy, provide more innovative spaces, and offer public areas that foster community. URL Harborside 1, a 69-story, multifamily residential tower, will bring 763 contemporary rental residences to Mack-Cali's Harborside and the Jersey City Waterfront. The $291 million development, the first phase of URL Harborside which will feature three towers comprising 2,358 residences overlooking the Manhattan skyline, is expected to be completed in mid-2016. The project will create hundreds of jobs in Jersey City, including construction and other full-time employment opportunities. Jersey City mayor Steven Fulop was on hand to announce the groundbreaking of the development. "This project speaks to the vibrancy of Jersey City, where development and investment continue to thrive," said Mayor Fulop. "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." The move to start construction on a project of this magnitude signifies the continued confidence developers, business and civic leaders place in Jersey City as flourishing residential, lifestyle, and employment destination. There are currently approximately 5,000 residential units under construction in Jersey City and another 12,000 have approvals - with work expected to commence on more than half of them this year. In 2014, there will be more than 11,000 units under construction in Jersey City, illustrating the demand of the Jersey City residential market. Mitchell Hersh, president and chief executive officer of Mack-Cali, said, "We believe 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."