Despite a challenging environment, our portfolio continues to outperform virtually every market in which we operate. With our leased rates exceeding market averages in Northern and Central New Jersey, Westchester, Washington D.C. and of course, doing extremely well along the waterfront.
While we did anticipate a particularly challenging fourth quarter with known expirations and move outs, we saw a solid leasing activity and in fact, as stated before, we’re able to slightly increase our occupancy rate. As far as activities for the quarter are concerned, we previously announced during the quarter that we entered into a joint venture with Ironstate development company to develop luxury multi-family rental towers on the Jersey City Waterfront, north of Plaza 5 and Harborside.
The first phase of the project will consist of a streetscape retail level and a parking pedestal, which in turn will support two high-rise towers including approximately 630 apartments in each tower.
In total, we anticipate building 2,500 units in four towers at harbor side into that two principle phases of that, we currently anticipate about 21% of the units as studio apartments, 62% as one bedroom and the balance as two bedroom. We’re very excited about this project. The project will be built on land owned by Mack-Cali within our harbor side financial center. We have a great partner, we’re well along in the process with big city agencies, and we anticipate at present a fourth quarter 2012 ground breaking and expect residents to take occupancy in these magnificent towers two years or sooner there after.Also as previously mentioned in the quarter, we are working with a number of our land sites repositioning one right now in Morris County, New Jersey, taking a 30 acre parcel that’s zoned for office and research, and converting that to big box retail. We have a signed letter of intent for a major retail tenant finalizing the lease documents while moving forward with the planning process in what I might add is a very receptive community to see land put to work and tax ratables created. Read the rest of this transcript for free on seekingalpha.com