SAYREVILLE – Development is moving forward on a 418-acre, $2.5 billion mixed-used development in Sayreville.
Riverton, a mixed-use project that will be located by the Raritan River and total 5 million square feet in size, is being developed by North American Properties, a multi-regional real estate operating and development company in a join venture with PGIM Real Estate.
Due to the scale of the project, which the company said is “considered the largest mixed-use project in New Jersey history,” the date has not been set yet for completion.
Mark Toro, North American Properties managing partner from Atlanta, compared Riverton to Avalon, an 86-acre, $1 billion mixed-use development in Alpharetta, Georgia.
“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,” Toro said. “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.”
With Riverton, Toro stated such a project has not yet been deployed in the Northeast before.
Among the reasons for having the project at its location in the borough was, according to North American Properties, its proximity to 2 miles of waterfront with access to the Atlantic Ocean and the Driscoll Bridge on the Garden State Parkway, which approximately 372,500 vehicles travel on daily.
The area also receives further activity due being located by Route 9 (a national highway) and Route 35 (a state highway). As a result, the company found that the area provides “unimpeded access” to the New York metropolitan area and its marketplace.
Toro also stated Riverton will be constructed on an undeveloped, vacant space that will function as a “central gathering place” for both New Jersey and New York City, as it will also be located in the center of several New Jersey municipalities.
As part of the plan to ensure the project was beneficial to Sayreville, Toro explained that through resident input, the businesses and other uses at Riverton would be designed to suit the community.
“We’re going to talk about community and I’ve seen that Sayreville is a tight-knight family,” he said. “Community is a critical part and this experience will be catered to this community and what Sayreville will support.”
For example, in incorporating the project’s food and beverage distributors, Toro said the project would use what residents consider to be the best operators in the region, which “enlivens the experience at Riverton”.
In addition to community, Toro said another element of the project would be the Riverton “brand” and its opportunity to serve a vast region, extending from Sayreville to the entire state to New York.
Toro emphasized the project will be mixed-use to ensure it encourages guests and individuals visit Riverton for reasons other than retail shopping. He noted due the rise of online purchases, customers need to have a reason to go out and shop instead of staying home and ordering a product online.
“Mixed-use is needed for retail to survive,” he said.
He noted with surrounding malls in a period of decline, such as the Freehold Raceway Mall in Freehold Township and the Monmouth Mall in Eatontown, a regional mall would not be viable.
Riverton, instead, according to Toro, would feature services and hospitality, which he compared to as the services and hospitality in a hotel. As such, the team that will be responsible for running Riverton will not have a background in real estate.
“The real estate function is not as relevant at Riverton,” Toro said. “It’s more like running a hotel.”
In addition to merchandising with retailers and restaurants, Toro informed residents the project will feature single-family and residential property, a movie theater, a hotel, a conference center and a medical office building.
“This is not a shopping center, but it brings commerce,” he said.
Additionally, the project will have public spaces and serve as a host to events, according to Toro. Communication with the Sayreville community will be provided through social media and public relations.
According to a press release, North American Properties expects Riverton to “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.
“Riverton will create thousands of jobs and serve as an economic engine for the borough,” Toro said.
For their support for Riverton, Toro thanked Mayor Kennedy O’Brien, Sayreville Economic and Redevelopment Agency Executive Director Joe Ambrosio and SERA member Tom Pollando.
O’Brien gave credit for the project to former Mayor Jim Zagata, whom he said set Riverton up.
“Let’s get this project rolling,” Zagata said. “Let’s make Sayreville great again.”
Contact Matthew Sockol at [email protected].