A joint venture of Mack-Cali Realty Corp. (NYSE: CLI
) and Ironstate Development Co. broke ground on URL (Urban Ready Living) Harborside 1, a 69-story, 763-unit multifamily tower on Jersey City's waterfront.
The $291 million development, the first of an anticipated three towers comprising 2,358 residences in the Harborside development, is expected to be completed in mid-2016.
"Not only will this be the tallest residential building in the state, the project also incorporates sustainability elements and develops a community-style concept through public spaces," said Jersey City Mayor Steven Fulop, on hand Tuesday to announce the groundbreaking.
Jersey City currently has approximately 5,000 residential units under construction, with another 12,000 approved units in the pipeline, with work expected to begin on more than half of them this year.
URL Harborside 1 will rise on a vacant parcel adjacent to Mack-Cali’s Harborside Plaza 5. Further, the project will provide a new east-west connection of Bay Street within Harborside and add public spaces and retail to the neighborhood. The TOD is near the Exchange Place PATH station, the Hudson-Bergen Light Rail, and nearby ferry service.