Monday, December 8, 2014

Mack Cali buys 3 Acres in Conshohocken

by Natalie Kostelni, Staff writer for the Philadelphia Business Journal

O'Neill Properties Group has sold a development parcel in Conshohocken, Pa., to Mack-Cali Realty Corp.
The 3.1-acre parcel at 51 Washington St. is approved for 310 apartments. The site is located on the western side of the Fayette Street bridge or to the left while heading into Conshohocken. The property fronts the Schuylkill River.
Mack-Cali's affiliate, Roseland, intends to begin construction of a multifamily complex on the site during the first quarter of next year, said Ilene Jablonski, a company spokeswoman. Jablonski declined to disclose the purchase price until the company does so through Securities and Exchange Commission filings. The Edison, N.J., company bought the site because it fits within its strategy to take positions in markets that have high barriers of entry and are served by mass transit.

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