JERSEY CITY | Urban Ready Living Phase I | 713 FT | 69 FLOORS

[dc_denizen]

good. not a fan of the architecture to put it mildly..

[chris08876]

I kinda wish they would put this on hold, and build it to its full specifications. Mack Cali has a big portfolio of projects it could focus on at the moment. I think Urban Ready Living can wait. Forecasts sometimes lead to the short end of the stick. On this project, I think waiting is ideal, but I understand the need to appease shareholders, but still, a little patience can do wonders, especially with the demand. Right now we are obviously in a hurdle due to global events, but after this crap is over, developments like this hopefully will bounce back, along with the strong demand. We still have Phase III after Phase II, so we shall see.

[citybooster]

Mack Cali also has a huge lot behind Harborside 5 that used to be owned by Evertrust that one day could easily fit two very large residential towers as well, beyond the Harborside 8 development getting started this year as well. Don't forget Harborside 9(which also features two towers)... so whether a third URBY tower ever gets built there is going to be a huge residential expansion for the area over the coming 5-10 years.

[Crawford]

Originally Posted by dc_denizen

good. not a fan of the architecture to put it mildly..

There is no change to the architecture. They're building Phase 2, and then the third tower in Phase 3.

They're just breaking out the next phase into two phases.

[chris08876]

Sales have been great with Phase I. The plan was to originally wait until Phase I sells out, and than work on the 2nd tower, than repeat to the third. I anticipate on their end, lower forecasting for units being able to be sold (not at the speed they would like). Although I think this is short sighted on their end. I don't think they should shrink Phase II (While keeping same design, just shrunk). They have plenty of other projects to mitigate their risk without committing right away to a large unit project.

[Kngkyle]

Originally Posted by chris08876

Sales have been great with Phase I. The plan was to originally wait until Phase I sells out, and than work on the 2nd tower, than repeat to the third. I anticipate on their end, lower forecasting for units being able to be sold (not at the speed they would like). Although I think this is short sighted on their end. I don't think they should shrink Phase II (While keeping same design, just shrunk). They have plenty of other projects to mitigate their risk without committing right away to a large unit project.

Isn't Phase I an apartment tower... there are no sales.

[C.]

Urby I reached stabilized occupancy very quickly! I believe it broke some records for New Jersey in rental multi-family development circles. It's really puzzling why they did not immediately jump on Urby 2/3 unless there intention was a misguided attempt to control market supply of units.

Activist investors have been challenging Mack Cali saying the company could be run better. After seeing the stall on Urby 2/3, I'm inclined to agree. It's been a gold mine for them and their partners.

[chris08876]

Originally Posted by Kngkyle

Isn't Phase I an apartment tower... there are no sales.

Its rental or lease, but sales could be defined as sufficient leasing activity from a P/L standopoint. Just a play on words. Point being, Mack Cali wanted to proceed with Phase II once Phase I had sufficient revenue/occupancy. Its been a great success.

[Hamilton]

They will eventually build all three towers, just breaking it up into two phases. The development rights are worth tens of millions of dollars. They're not just going to throw that away.

[citybooster]

I can understand them stretching out the building phases, especially because Harborside 8 will be going up around the same time as well. It's going to be amazing in the next ten years seeing everything built out...and don't forget they also own the Morgan Street property which is a huge lot easily capable of a two tower project...and that might be 8-10 years out once the others are built out.

[C.]

From Mack Cali's most recent earnings report, it looks like the remainder of Urby will be just be one tower. I'm perplexed why it looks like Mack Cali is throwing away development rights. The site plan has been reorganized just to fit one tower.

Someone with more info please confirm that the rumors aren't true!!

http://investors.mack-cali.com/Cache...f-8923fecc5ca9

Also pic here on page 9 http://investors.mack-cali.com/Cache...7-22a622dc74c0

107 Morgan at 803 units will probably be 60+

[Crawford]

That's not what the earnings report says. The report clearly says the next phase will be a single tower.

It doesn't say anything about throwing hundreds of millions into the Hudson River, by leaving the third site as a permanent empty lot. Obviously that third site will be the final phase.

Also, the earnings report clearly says "Urby Harborside Future Phases" on p. 9. Two phases for two new towers.

[chris08876]

Credit: JC_Heights

[chris08876]

Pic by me. Taken yesterday.



Jersey City - 03-06-2021 - 2 by Christopher Estevez, on Flickr

[chris08876]

[mrnyc]

^ well that looks like the plans for two future urby jenga towers were just pulled out of mothballs.

[chris08876]

Via "C":

Originally Posted by C.

Looks like the next two Urby towers will soon break ground.

69 floors, 1600 units, 150 units for hotel and 200 parking spaces with valet option, more or less. Don’t remember the exact details.

678 ft for the building. 735 to the tip.

[chris08876]

New Plans Submitted for Long-Delayed Phase Two of Jersey City Urby

The second act for one of the largest redevelopments along the Hudson River is finally moving forward as a revamped application has been drawn up for the next portion of Jersey City Urby.


Situated a block from the Jersey City waterfront along Greene Street, Urby’s three-tower mega-project heralded a new era of development when it surfaced back in 2015. A partnership between Ironstate Development and Mack-Cali subsidiary Roseland Residential Trust, construction of Urby’s first 69-story tower wrapped in 2016 and quickly set leasing records.

The totality of the Urby development was slated to include a trio of 69-story towers with a combined 2,358 residential units, but a neighboring parcel set to host the other high-rises has remained a parking lot for several years.

Our most recent update from 2020 indicated that the project might be scaled back, as Mack-Cali’s then-CEO was quoted during an earnings call declaring the original project was “going back to the city” before describing the second phase in smaller terms.

The world and real estate market has changed pretty dramatically since then and the companies behind Urby have officially submitted new plans for the parking lot at 191-201 Hudson Street. The total proposal adds about ten more units than what was first pitched in 2015 and seeks to build the final two 69-story towers as the second phase.

Both high rises would top out at 677 feet tall and the original Urby designer, HLW International, is still listed as the architect of record on the application. The two towers are slated to consist of 1,606 residences and up to 164 of the units “shall be designated with a hotel use,” a detail never disclosed in the previous Urby proposal.

The lion’s share of the units, or 1,128 of them, would feature one bedroom, while 95 studios and 383 two-bedroom spaces would round out the project. The development’s application does not list any affordable housing component at the complex.

The ground floor of the two towers would include a combined 32,000-square feet of retail space and listed amenities on the application include a health club. Urby’s final phase also would feature 272 garage parking spaces with a valet option.

Jersey City’s planning board has not yet announced a date when the application could be heard, but the submission is a clear sign that the stalled project is moving forward behind the scenes. The Urby brand has expanded significantly following its 2016 launch, opening developments on Staten Island, Harrison, and Stamford, Connecticut since.

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Jersey Digs

[mrnyc]

oh wow what a nice surprize --

[chris08876]