Based on the information contained in Mack Cali's quarterly report, the company plans to break ground on a large multi-family development located across the street from its
Urby development. Many of us were expecting Urby II would start now that the first Urby tower is fully leased up and at stabilized occupancy, but that's not the case.
http://investors.mack-cali.com/file/...=1500105156444
Page 2 shows where they're planning to break ground in 2018. Page 38 shows a map of the Harborside area and where the towers will be located. Page 42 is the most important as it shows future development plans and lists Haroborside Plaza 8 with 675 units and Harborside Plaza 9 with 1,325 units. The combined site is about 2.9 acres. It's not much larger than the Urby site. If the company is serious about ground breaking next year, this one will be moving fast.
Ever since the resounding success of Urby, it seems like several other developers have started thinking tall along New Jersey's Gold Coast. The higher the floor, the more interest from tenants and the higher rent the unit commands. Harborside 9 should be a biggie!