Mack-Cali Realty Corporation and its joint venture partner, Ironstate Development Company, broke ground today (Tuesday) on a new type of residential tower: URL® Harborside.
URL, which stands for Urban Ready Living, is a direct response to demand for apartments that use less energy, provide more innovative spaces, and offer public areas that foster community.
URL® Harborside is a 69-story residential tower that will bring 763 rentals to Mack-Cali’s Harborside development on the Jersey City Waterfront.
Expected to be completed in mid-2016, it is the first of three towers planned for the site that will ultimately create 2,358 apartments in the Harborside development.
The project will create hundreds of jobs in Jersey City, including construction and other full-time employment opportunities, according to the developer.
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 confidence developers, business and civic leaders place in Jersey City as flourishing residential, lifestyle, and employment destination. There are currently 5,000 apartments 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.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “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.”
The URL concept was developed by Ironstate president, David Barry, to provide people with innovative housing that maximizes space, reduces energy consumption, is more environmentally sustainable, offers close and easy access to public transportation, and provides public areas that foster community.
Designed by Dutch architecture firm, Concrete, URL Harborside will “meet modern housing challenges,ˮ said David Barry, president of Ironstate Development Company. “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.”
The new tower will rise on a vacant parcel adjacent to Mack-Cali’s Harborside Plaza 5 to become the tallest residential tower in Jersey.