Page 11 - RE-NJ

EDA AWARDS $400 MILLION TAX CREDIT FOR SAYREVILLE PROJECT
The state has approved a 10-year, $400 million tax credit award that will support key phases of Riverton, the massive project that could bring 6.5 million square feet of development to a once-contaminated, long-dormant waterfront property in Sayreville.
The allocation, which was formalized on Dec. 12 at the Economic Development Authority’s monthly board meeting, applies to a residential and commercial portion of the plan that comprises more than 2 million square feet, including 1,300 new residential units, 20 percent of which will be designated as affordable, the authority said. The award would translate to up to 50 percent of eligible projects costs and no more than $400 million, coming under the state’s Aspire program and specifically within the “transformative project” category.
That makes Riverton, which is being led by North American Properties, the first transformative project and the first project overall to be approved under the new Aspire rules that the EDA adopted in November.
“With today’s approval, Sayreville
is poised to undergo a tremendous renaissance, which will bring new housing, jobs, retail and recreation that will benefit the entire community,” Gov. Phil Murphy said. “The Aspire Program continues to drive critical investments that support economic growth in communities across New Jersey.”
Planning for the $2.5 billion project, which would reclaim the 400-acre former National Lead site along the Raritan River, has quietly moved ahead since being taken over by North American Properties in 2018. The
full scope could include some 2,000 residential units, 300 of which would be reserved as affordable housing, along with the largest single-level Bass Pro Shop as part of 1 million square feet
of retail, restaurant and entertainment space, a waterfront promenade and several other uses.
The residential and commercial components that would benefit from the EDA award represent some $1 billion in private investment, the authority said.
“We are very pleased to receive such strong support from the New Jersey Economic Development Authority with the board’s approval of the transformative Aspire development incentive award for Riverton,” said
Kevin Polston, Riverton’s project executive. “We appreciate the vision of the Murphy administration and the New Jersey Legislature in creating
the Aspire program, which will
enable us to develop a new mixed-
use waterfront community on a site left damaged by industry, delivering quality affordable housing, well-paying jobs for union trade labor and new tax revenues, along with exciting retail and entertainment destinations and community amenities.
“Aspire’s flexible design had enabled us to support this long-anticipated project,
The waterfront Riverton project in Sayreville is slated to create a 6.5 million-square-foot mixed-use development with about 1.3 million square feet of retail and entertainment space, 2 million square feet of office and other commercial space and some 2,000 residential units, which includes 300 affordable housing units.
which will transform a vast tract of land that had been rendered unusable many years ago, and once rehabilitated, in ways that will reinvigorate Sayreville, create jobs for the local community and improve quality of life for Riverton
tenants and residents of nearby areas,” said Tim Sullivan, the authority’s CEO. “This is exactly the sort of thoughtful, impactful investment the Legislature and Governor Murphy hoped to attract when creating the Aspire program.”
TM9
Courtesy: North American Properties
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