EDISON, NJ - Roseland Residential Trust, a wholly owned subsidiary of Mack-Cali Realty Corporation, held a ceremonial ground breaking for its newest luxury residential community, Signature Place at Morris Plains, in Morris Plains, New Jersey. The new multi-family community will feature 197 luxury apartment homes and is scheduled to be completed in the fourth quarter of 2017. This site was previously a vacant Mack-Cali office building that is being repurposed into a multi-family residential community.
The repositioning of select Mack-Cali office buildings into multi-family communities was a key part of the company's strategic plan announced last year. The repurposing of certain assets will create significant value and is designed to ensure the highest and best use of those selected properties. Mack-Cali and Roseland are in the process of repositioning several of its underperforming, obsolete assets and continue to evaluate the portfolio for additional repositioning opportunities.
"Today marks a significant milestone for the Mack-Cali and Roseland team as we move forward with another of the cornerstone initiatives we laid out in our strategic plan," said Michael J. DeMarco, President and Chief Operating Officer of Mack-Cali Realty Corporation. "In order to provide the highest rate of return for our investors, we know that we must optimize the value of each and every property in our portfolio. Creating Signature Place at Morris Plains will accomplish exactly that for this site."
"This is an incredibly attractive location for a luxury residential community – with excellent transit options and a vibrant surrounding area," said Andrew Marshall, President and Chief Operating Officer of Roseland Residential Trust. "Bringing 197 apartment homes to Morris Plains is a win-win for both our company and the borough, and we look forward to our continued partnership."
This new community is located at 250 Johnson Road in a park-like setting with lake views. Signature Place at Morris Plains is ideally situated in the heart of Morris County, in close proximity to numerous recreational, dining, and shopping destinations along Route 10. It also features a number of convenient options for commuters including indoor/outdoor parking, NJ TRANSIT's Morris Plains train station with hourly service to New York Penn Station, and access to Interstates 287 and 80.
Each of the 197 luxury apartment homes will feature a high-end living experience designed to attract a wide range of residents from young professionals to empty-nesters looking to downsize from their current residence. The property includes one- and two-bedroom units, all with state-of-the-art appliances and finishes. Signature Place will also provide residents with access to a wide range of amenities, including a state-of-the-art fitness center, dog run with dog-washing station, resort-style, outdoor swimming pool with sun deck, barbecue grills, tennis court, golf simulator, resident clubroom with billiards, and conference room.
"Roseland and Mack-Cali are excellent partners and this exciting development will bring tremendous benefits to our already wonderful borough," said Morris Plains Mayor Frank J. Druetzler. "We look forward to coming back here for a ribbon cutting ceremony to celebrate the opening of what I know will be a first-class residential community."