$2.5 Billion Waterfront Mixed-Use Project on the Raritan River
North American Properties (NAP), a privately-held, multi-regional real estate operating and development company with properties across the United States, today announced “Riverton,” a 418-acre, shovel-ready waterfront redevelopment on the Raritan River, in a joint venture with New Jersey-based PGIM Real Estate.
In what is considered the largest mixed-use project in New Jersey history, and one of the most comprehensive, aggressive plans in the United States, NAP is poised to deliver a $2.5 billion community that combines residential, retail, entertainment, marina, office and hotel in a carefully curated street level experience, highly-programmed gathering spaces and resort-inspired hospitality. Passive recreation and open space will complement the built environment, along with an array of public and civic uses focused on more than a mile of riverfront located within twenty miles of Lower Manhattan.
About 600,000 vehicles traverse the Driscoll Bridge, at Exit 125 of the Garden State Parkway, each day, and considerably more in the summer months. The newly opened exit supplements exceptional access already afforded by interchanges on Route 9 and Route 35, rivaling virtually any site in the United States for unimpeded access to America’s most coveted marketplace, the New York metropolitan area.
This project will serve as a national example of next-generation, mixed-use development, placing “heart share over market share” in creating New Jersey’s next hometown. In the development of plans for the community, the NAP team visited many of the region’s legendary hometowns, including Montclair, Summit, Spring Lake, Princeton, Westfield, Red Bank, Asbury Park and Hoboken, seeking to identify the essence of each.
NAP will introduce the next generation of commercial real estate to the site, one of the largest brownfield remediations in New Jersey history and widely considered the largest developable tract along a major transportation corridor in the United States. The result will be a vibrant community that will generate tens of thousands of jobs, millions of dollars in ongoing tax revenue and a magnetic attraction for the 20 million people who live in the New York metropolitan region, and for the millions of others who visit each year.
“We create great, walkable places that connect people to each other; cities to their souls; partners to opportunities; and individuals to experiences that move them,” explained Mark Toro, managing partner, North American Properties in Atlanta. “We are bringing together a world-leading visionary team to create New Jersey’s next great hometown, advancing the community-building skillsets we developed at Avalon.”
Key public approvals for this site were initially obtained in 2014, however, NAP has thoroughly updated the redevelopment plan. As such, they are in the process of securing the necessary state and local approvals required to implement the new Riverton project.
The project has received strong support from State leaders, as well as the leadership of Middlesex County and the Borough of Sayreville. A critical component of the project financing will be the continuing support from the New Jersey Economic Development Authority (NJEDA) through the Economic Redevelopment & Growth Program (ERG), which EDA approved in 2014 and will be asked to reaffirm for the updated vision.
For local comment, please contact Sayreville Mayor Kennedy O'Brien at 732-390-7000 and Joseph Ambrosio, Executive Director of the Sayreville Economic Redevelopment Authority, at 732-721-6444.
About North American Properties: Founded in Cincinnati in 1954, with offices in Atlanta, Dallas and Fort Myers, Florida, NAP has developed 22 million square feet of commercial space and 19,000 residential units in 15 states and 67 cities. In the past three years, North American Properties has launched 36 projects totaling $2.2 billion, leading the impressive turnaround of Atlantic Station and the successful ground up development of Avalon, an award-winning $1 billion city-within-a-city in Alpharetta, Georgia. They are currently underway with a $325 million redevelopment of Midtown Atlanta’s Colony Square and in planning stages of a $250 million mixed-use development surrounding Gwinnett County (Georgia) Infinite Energy Arena, in addition to projects in Texas, Florida, Tennessee, Ohio and Illinois.
About PGIM Real Estate: PGIM Real Estate, acting on behalf of institutional investors, is the real estate management business of PGIM, the global investment management business of Prudential Financial, Inc. (NYSE: PRU)