A 418-acre brownfield site along the Raritan River in Sayreville is one step closer to redevelopment.
The Sayreville Economic Development Agency was recently presented with plans for the former National Lead Paint site, NJBIZ reported. The $2.5 billion plan includes 2,000 residential units, one million square feet of retail, a hotel, office space, entertainment, and a marina. Atlanta-based North American Properties would develop the site along with current owner Prudential Global Investment Management.
North American’s Mark Toro, who hails from Warren County and went to Rutgers University, calls the site, with over two miles of waterfront, “one of the last great real estate pieces left on the eastern seaboard.”
Dubbed Riverton, the project’s website says there will be a “curated street-level experience, highly-programmed gathering spaces and resort-inspired hospitality.”
Only 320 acres is approved for development and Toro said he looks forward to community involvement when it comes to planning what will happen on the non-developable land.
“The effect on our community will be nothing short of stunning,” Sayreville Mayor Kennedy O’Brien said.
National Lead Paint vacated the site in the 1980s and remediation began under the site’s previous developer, which had plans for a mall approved in 2014. North American Properties will need those approvals amended to go forward with Riverton. The developers are also seeking financing for the project.