Friday, March 27, 2015

Mack-Cali Enters JV Agreement with Parkway to Develop Luxury Residential Community in Philadelphia

Fully-integrated real estate investment trust Mack-Cali and its full-service real estate development subsidiary Roseland have entered an agreement with Parkway Corporation to form a joint-venture partnership in the development of a luxury multifamily community at 709 Chestnut Street in Philadelphia, PA.

Currently in planning and permitting stages, the proposed development is expected to break ground by the end of 2015. When it does, it will be the newest development on the east end of Chestnut Street, which has historically seen less development than the west end.

Preliminary plans call for a 32-story tower to include 300 luxury apartment homes and more than 11,000 square feet of indoor and outdoor amenity space. It will also include a 125-car, fully-automated parking garage, the third that Parkway has established in Philadelphia.

"As we continue to expand our footprint in the Philadelphia market, we're excited to have the opportunity to partner with Parkway -- a leader in parking management and real estate development -- for this exciting initiative at 709 Chestnut Street," said Mitchell E. Hersh, president and chief executive officer of Mack-Cali. "This community will serve as a cornerstone of the burgeoning Market Street East neighborhood, which is quickly emerging as a dynamic cultural destination in a previously underutilized corridor."

Mack-Cali and Roseland are pursuing ground-up and adaptive reuse opportunities in and around Philadelphia. Along with partner Keystone Property Group, Mack-Cali announced repositioning plans for The Curtis, just around the corner from 709 Chestnut, and Roseland will lead the residential redevelopment of the Center City building. Mack-Cali and Keystone also recently partnered on 100 Independence Mall West, reinvesting more than $20 million.

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