Mack-Cali Realty Corp. (CLI)

[Enterprising Investor]

Management is also focusing on repurposing.

Repurposing Communities

The Company defines Repurposing Communities as commercial holdings of the Company which have been targeted for re-zoning from their existing office to new multi-family use and have a likelihood of achieving desired re-zoning and project approvals. As of June 30, 2015, the Company had three active Repurposing Communities aggregating 595 potential apartments. Further, the Company has ongoing municipal negotiations for additional residential approvals and is evaluating numerous MCRC office holdings for Repurposing potential.

Being a life-long resident of Dallas, I watched offices buildings go empty in the late 1980's as banks failed and other businesses move outside of the central business district. Today, those old buildings have been converted to housing.