38 stories, 311 apartments
Mack-Cali Realty and Roseland break ground on luxury rental building
by Al Sullivan
Reporter staff writer
Dec 15, 2013 | 7479 views | 0 0 comments | 118 118 recommendations | email to a friend | print
 DIG IT – Mayor Steve Fulop joins developers in breaking ground on a new residential tower.
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City and corporate officials gathered in the chilly December air on Dec. 4 at 401 Washington Blvd. to start construction of a new 38-story luxury rental tower. The building will rise on the Marbella development site, connecting to the existing Marbella rental tower by way of a shared garage. The tower will include 311 apartments, including studio, one-, two- and three-bedroom sizes.

“We want to continue to see Jersey City grow into a premier mid-size city in the country,” said Mayor Steven Fulop. “That means culture, arts, school and investment. This building will be the largest in the state on the residential side and will once again remake our skyline.”

Citing a significant amount of development activity in Jersey City, Fulop said there needs to be the right balance of development in arts, residences, and businesses that will allow the city to grow to its full potential.

The project received a 10-year tax abatement earlier this year, under which the developer would pay about $1.1 million in lieu of taxes as well as contribute $1 million for affordable housing construction or renovation. The new building is also expected to generate more than 400 construction jobs and 18 permanent jobs when complete.

The building is expected to house about 600 new residents.

The latest from Mack-Cali

Mack-Cali has been very active in the redevelopment of the waterfront in Jersey City over the last few decades, including construction of the Harborside Financial Center and other Harborside projects.

Mitchell E. Hersh, president and chief executive officer of Mack-Cali and chairman and chief executive officer of its Roseland subsidiary, agreed that Jersey City offers enormous potential for responsible development.
“This building will be the largest in the state on the residential side and will once again remake our skyline.” – Mayor Steven Fulop
“The luxury rental market in Jersey City is one of the most attractive real estate investments in the state right now,” Hersh said. “Demand for housing that offers the type of urban luxury and amenity-rich lifestyle Roseland is known for is extremely strong. M2 will fill that demand, providing a new choice for downtown Jersey City renters, and creating significant value for Mack-Cali’s growing portfolio of residential properties.”

Garden State Development, Inc. and Prudential Real Estate Investors have partnered with Mack-Cali/Roseland for the development of M2. JP Morgan Chase is the lead lender, with participation from Wells Fargo.

The new 38-story building will connect with the existing residential building on the property, which opened in 2004 and was the tallest residential building in New Jersey at the time. Marbella and M2 will share a 16,000-square-foot landscaped roof deck, with pool, which will connect the two buildings.

One feature of the new building will be a 1,200 square foot resident event room on the 38th floor of the new building with an additional 800-square foot terrace overlooking the Hudson River and the Manhattan skyline.

The facility will also include a 1,700 square foot club room with lounge and billiard table, conference room, fitness center with yoga studio, children’s play room, an on-site dog run and a landscaped roof deck with an outdoor pool.

Most of the units will feature floor to ceiling windows that will allow residents views of the Hudson River, the Manhattan skyline and Jersey City.

The new building is expected to mirror some of the historic structures in the area using red brick masonry panels.

Developers said the building is located near several key transportation centers. The Harismus Cove station of NJ Transit’s Hudson-Bergen Light Rail is located on the Marbella property, with access to the Hoboken Terminal to the north and Bayonne to the south. The NJ Transit Washington Boulevard Fourth Street bus stop is directly across the street from the development. The Newport PATH station, with service to Manhattan, is less than quarter mile north of the property.

Al Sullivan may be reached at asullivan@hudsonreporter.com.

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