JERSEY CITY-Mack-Cali Realty Corp. and Ironstate Development Co. have formed a joint venture to develop luxury multifamily rental towers on the Jersey City waterfront. The companies plan to break ground in the fourth quarter of 2012, with residents to take occupancy approximately two years later.

The project will be built on land owned by Mack-Cali within Harborside Financial Center, which is comprised of five state-of-the-art class A office buildings, retail shops, and dining. Phase 1 of the new construction will consist of a parking pedestal to support two high-rise towers of approximately 500 apartment units each.

Mitchell E. Hersh, Mack-Cali president and CEO, commented: "We are thrilled to be working with Ironstate to develop this premier project. It allows us to utilize a portion of the land we already own in a manner consistent with creating a 24/7 ‘city within a city."

The architect on the project is HLW International LLP. Planned on-site amenities include a caf