BOSTON — The Roseland subsidiary of Mack-Cali Realty Corp. (NYSE: CLI) has broken ground on the $67 million Portside at Pier One, the residential component of a mixed-use community along the East Boston waterfront. The five-story building adjacent to the pier will include 150 market-rate units and 26 affordable units.
The apartment community will feature a fitness center, business center, theater room, controlled access garage parking and 12-hour concierge services. The entire mixed-use development will include approximately 566 apartments and 70,000 square feet of ground-level retail space.
Mitchell Hersh, president and CEO of Mack-Cali, says, “We are delighted to see this much-anticipated project get under way. The extraordinary public and residential aspects of this community, including an expanded marina and shipyard, world class waterfront park, and magnificent views of the downtown Boston skyline, will all combine to energize the East Boston waterfront.”
The 176-unit apartment community is a joint venture with The Prudential Insurance Co., and is supported by a construction loan commitment led by Citizens Bank with participation by Salem Five. Boston-based Salem Five is a mutual savings bank that was founded in 1855. Roseland will oversee the leasing and management of the property.
Mack-Cali, based in Edison, N.J., is a self-managed real estate investment trust. The firm's portfolio includes interest in 278 office/flex properties containing 31.6 million square feet and seven multifamily assets with more than 2,000 residential units. The company’s stock price closed at $27.35 per share on Thursday, down from trading at $29.70 per share one year ago.
— Brittany Biddy