MACK-CALI BREAKS GROUND ON $100M RIVERFRONT APARTMENTS

WEEHAWKEN, N.J. ­­— Mack-Cali Realty Corp. has broken ground on the $100 million RiverParc at Port Imperial, a 280-unit luxury multifamily property in Weehawken. The 10-story building is part of the $2 billion Port Imperial development, a mixed-use waterfront destination that spans two-and-a-half miles directly across the Hudson River from Midtown Manhattan. RiverParc is Mack-Cali’s first new construction residential project since acquiring multifamily developer Roseland in October 2012. Roseland will oversee the leasing and management responsibilities of RiverParc. The building is expected to open for occupancy in the third quarter of 2014. RiverParc is a joint venture between Roseland and The Prudential Insurance Co. of America. PNC is the leading provider of construction financing for the project, and Wells Fargo is also participating with construction financing. RiverParc’s amenity package will include a fitness center, golf simulator, indoor heated pool, outdoor terrace with a hot tub and fire pit, movie theater, children’s playroom, conference meeting space and a game room with billiards. The community will also have 320 indoor parking spaces, which will include guest parking.