Mack-Cali mulls apartment complex near White Plains train station

May 02, 2019 03:00PM

Nearly two months after selling off a $487.5 million office and flex space portfolio in Westchester and Fairfield counties, an affiliate of Jersey City-based real estate investment trust Mack-Cali Realty is eyeing a potential apartment building in White Plains directly across from the city’s Metro-North train station, the Daily Voice Plus reported. A Mack-Cali owned office building at 1 Water Street, which the outlet said appears to be vacant, is on a 1.24-acre site behind a proposal for a new mixed-use development that would contain 300 apartments and retail space. An entity called 1 Water Street LLC is seeking to swap land that it owns with the city’s Urban Renewal Agency, whose members voted 4-0 on April 23 to allow the developer to include the agency’s property on the application it will submit to White Plains’ Common Council for approval, according to the DVP. Mack-Cali is in the midst of proxy fight with activist investor Bow Street Capital, which owns 4.5 percent of the REIT’s common stock. [DVP]