JV Unveils $2.5B NJ Mixed-Use Waterfront Project
- Nov 15, 2017
North American Properties, in partnership with PGIM Real Estate, has unveiled Riverton, a 418-acre, shovel-ready waterfront redevelopment on the Raritan River in Sayreville, N.J.
Considered the largest mixed-use project in New Jersey history, the $2.5 billion community will encompass retail, marina, hotel, residential, entertainment and office space. 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 20 miles of Lower Manhattan.
Public approvals for this site were initially obtained in 2014. However, NAP thoroughly updated the redevelopment plan and is now in the process of securing the necessary state and local approvals required to implement the new project. A critical component of Riverton financing will be the continuing support from the New Jersey Economic Development Authority through the Economic Redevelopment & Growth Program, which EDA approved in 2014 and will be asked to reaffirm for the updated vision.
In October, NAP broke ground on a mixed-use redevelopment in Atlanta, dubbed Colony Square. The company plans to transform the property with a three-phase process that will end in November 2019.
Rendering courtesy of Wakefield Beasley & Associates