Bala Cynwyd and Conshohocken have both been under development over the last decade, mostly with the construction of new apartments. The development has been approved of by the members of the communities, and well received by the market.
Mack-Cali Realty Corp is responsible for selling two out of the three multifamily development sites. By making this move, the company is trying to make its mark outside Philadelphia. Mack-Cali Realty Corp put 51 Washington Ave. in Conshohocken and 150 Monument Rd. in Bala Cynwyd up for sale.
Roseland is an affiliate of the Mack-Cali corporation, they ended up buying the 3.2-acre property in Conshohocken in December 2014 for $14.1 million, according to Montgomery County property records. Roseland expected to get the project moving in the first quarter of 2015 but it never happened. Earlier that same year, the company was involved in a proposed nearly $50 million multifamily project at 150 Monument Rd. in Bala Cynwyd that never got off the ground. Roseland also proposed a $70 million apartment project in the last quarter of 2015, however once again, failed to get the project started.
When Mack-Cali Realty Corp originally bought the development sites they said they fit within their strategy, taking positions in markets with high barriers to entry that also had availability to mass transit. The company’s strategy has shifted since the purchases in 2014 and 2015.
“The two land sites in Pennsylvania no longer fit with Mack-Cali’s strategy, which is to focus on both office and multifamily developments on the New Jersey waterfront,” said Deidre Crockett, a spokeswoman for Mack-Cali.
After 2015 Mack-Cali decided to change up its strategy, now going after waterfront properties along New Jersey’s Gold Coast. Major target cities for them include Hoboken, Jersey City, Weehawken, and West New York.
Millennium IV is also up for sale. It is a 6-acre parcel approved for 425 apartments.