Mack-Cali and Ironstate Development will get $33 million in tax credits to build a three-tower apartment development on the Jersey City waterfront that will increase the people into square feet equation.
The joint venture partners have developed a concept they call URL – Urban Ready Living – that they say allows for “tremendous living density in a small footprint.”
The first phase will consist of a 69-story tower with 766 apartment units built on a parking pedestal. Some 25 percent will be 470 s/f studios, with some smaller micro studios, 59 percent one-bedroom units at approximately 630 s/f each, and 16 percent two-bedroom units at approximately 870 s/f each.
“Being awarded the NJEDA tax credit is an important step toward developing Harborside to its full potential,” said Mitchell E. Hersh, President and Chief Executive Officer of Mack-Cali.
“The URL™ Harborside project is consistent with our growth strategy of pursuing multi-family residential development opportunities in supply constrained markets. This furthers our creation of a true Work-Live-Play environment at Harborside.”
Mack-Cali and Ironstate Development formed the joint venture to develop the $291 million URL™ Harborside earlier this year. The project features a contemporary design, on-site amenities, and transportation access.
It is anticipated that the first phase will break ground later this year and be ready for occupancy within two years.
The New Jersey Economic Development Authority (NJEDA) announced on Friday that the development has been awarded $33 million in tax credits after being chosen under a competitive solicitation by the NJEDA as part of its efforts to encourage “significant redevelopment” in urban centers and to support diverse business expansion and retention in the garden state.
The state noted that the award is consistent with the recently signed New Jersey Economic Opportunity Act of 2013. The project is expected to create approximately 700 construction jobs.
“A development of this magnitude will increase the level of economic activity in one of New Jersey’s key urban centers,” said David Barry, president of Ironstate Development Company.
“This will be a transformative project that will introduce an innovative new lifestyle alternative to the marketplace and help encourage additional investment in the City.”