SAYREVILLE – A 418-acre waterfront redevelopment project is shovel-ready along the Raritan River in Sayreville.
North American Properties (NAP) announced “Riverton” on Nov. 13 in a joint venture with PGIM Real Estate.
In what is considered the largest mixed-use project in New Jersey history, the $2.5 billion community will combine residential, retail, entertainment, marina, office and hotel on site of the former Dutch Boy Paints plant, which has been vacant for decades but has undergone brownfield remediation.
“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,” Mark Toro, managing partner of NAP in Atlanta, said in a prepared statement. “We are bringing together a world-leading visionary team to create New Jersey’s next great hometown, advancing the community-building skill sets we developed at Avalon.”
Approvals for the site were initially obtained in 2014; however, NAP has updated the redevelopment plan, according to the statement. As such, NAP is in the process of securing the necessary state and local approvals required to implement the new Riverton project.
A critical component of the project financing will be support from the New Jersey Economic Development Authority (EDA) through the Economic Redevelopment & Growth Program (ERG), which EDA approved in 2014 and will be asked to reaffirm for the updated vision.