Mack-Cali Realty together with its joint venture partner Ironstate Development Company has started construction of the new Urban Ready Living (URL) Harborside residential tower, in New Jersey, US.
The new 69-storey URL Harborside 1 residential tower is the first of three planned high-rise apartments. It will be the tallest residential building in New Jersey, offering 763 rental units in Mack-Cali’s Harborside and the Jersey City Waterfront.
Being built on land adjacent to Mack-Cali’s Harborside Plaza 5, URL Harborside would create a new east-west link of Bay Street with Harborside.
The initial phase of the URL Harborside project will cost $291m and is anticipated to be completed in mid 2016. Phase one involves the construction of three towers, comprising 2,358 residences.
Mack-Cali president and chief executive officer Mitchell Hersh said the company believes there is strong demand for a live-work-play environment that offers a sense of community 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," Hersh said.
The URL concept was designed by Dutch architecture firm, Concrete, and developed by the Ironstate Development Company president David Barry.
URL is aimed at offering housing that maximises space, reduces energy consumption, is environmental sustainability and has access to public transportation and public areas.
David Barry said that people are drawn to the area but the cost of housing can be prohibitive.
"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," Barry said.
Image: The 69-storey URL Harborside 1 tower will be the tallest residential building in New Jersey. Photo: courtesy of Ironstate Development Company.