EDISON, N.J.,
Nov. 9, 2015
/PRNewswire/ -- Roseland, a subsidiary of Mack-Cali
Realty Corporation (NYSE: CLI), today announced that it is moving
forward with its project to build dual branded Marriott hotels at
Port Imperial, the company's flagship $3
billion mixed-use, master-planned, waterfront development.
Roseland and its partner XSS
Hotels secured approximately $94
million in financing for a syndicated construction loan led
by Fifth Third Bank, with additional syndicated lending
institutions including Santandar and Investors Savings
Bank.
The project includes a full-service, 210-key Renaissance
hotel and a 154-key Residence Inn. The complex will feature
extensive meeting and function space for 450 guests and a
15,000-square-foot deck off the sixth floor sky lobby with
unobstructed direct views of Midtown Manhattan. Once completed,
this will represent the only Marriott branded full-service and
extended-stay product along New
Jersey's Gold
Coast.
"The boom of interest in the Weehawken waterfront is a testament to the
appeal of urban mixed-use communities that offer superior transit
options," said Marshall Tycher,
president of Roseland. "These
hotels will be the signature amenity for Port Imperial and the
entire waterfront, and will signal the continued growth of all
sectors in this prime market."
Roseland's Port Imperial
development spans two-and-a-half miles and includes a waterfront
walkway with parks, providing recreation to visitors and residents.
It is a vital part of parent company Mack-Cali's recently announced three-year strategic
plan to focus on high-end waterfront and transit-oriented
properties. Roseland has
transformed the urban site into a significant residential,
commercial, and transportation center that is home to an
inter-modal transportation hub with ferry, bus, and light rail
service.
The Renaissance will be a full-service hotel with luxury
guest rooms, a lounge, and breakfast space. The Residence Inn will
cater to "extended stay" guests, typically those spending an
average of four or five nights. It will feature guest rooms with
400+ square feet of space and a fully-equipped, en-suite kitchen,
as well as free hot breakfast served daily.
The hotels will be built on top of the 850-space Port
Imperial parking garage with 17,000 square feet of ground-level
retail space next to the NY Waterway ferry terminal. Each hotel
will have its own ground-level entrance and lobby, with a
connection on the sixth floor to provide guests with shared access
to the outdoor terrace, function space, pool, fitness center, and
high-end restaurant.
The two hotels are expected to create more than 100
permanent full-time jobs in Weehawken and are expected to be completed by
the end of 2017.
"These hotels are a crowning achievement for the Port
Imperial project and we are excited that it is moving forward,"
said Richard Turner, mayor of
Weehawken. "From permanent jobs to
world-class amenities these hotels will provide lasting benefits
for the people of Weehawken."
About Roseland
A subsidiary of Mack-Cali Realty Corporation (NYSE: CLI),
Roseland is a premier,
full-service residential and mixed-use developer in the Northeast
with a scalable and integrated business platform and an
industry-leading reputation for successful development and
management of class A residential communities. Roseland's geographically desirable land
portfolio, sourcing of new development and acquisition
opportunities, and repositioning activities on Mack-Cali's office holdings make it unique in the
multi-family industry. Roseland is
a recognized leader in residential innovation, carefully
integrating each development seamlessly into its surroundings. From
thoughtfully designed residences to distinctive amenity offerings,
Roseland has earned a reputation
for providing residents with state-of-the-art living environments.
With its concentration on urban waterfront and transit-oriented
locales, Roseland has truly
mastered the concept of live-work-play.
Roseland is the master
developer for several significant regional communities, including
Port Imperial, a 200-acre, mixed-use community on the Hudson River
Waterfront facing Midtown Manhattan; multiple class A towers along
the Jersey City Waterfront; Overlook Ridge, a 92-acre,
master-planned community five miles north of Boston; and Portside at East Pier in
East Boston, where Roseland is redeveloping one-half mile of the
Boston Harbor Waterfront into a premier luxury mixed-use
community.
Additional information on Roseland is available on its website at
http://www.roselandproperty.com.
Contacts:
|
Ilene
Jablonski
Mack-Cali Realty
Corporation
Vice President of
Marketing
(732)
590-1528
ijablonski@mack-cali.com
|
John
Gallagher
Mercury Public
Affairs
(212)
681-1380
jgallagher@mercuryllc.com
|
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SOURCE Mack-Cali Realty Corporation