$2.5b waterfront mixed-use project planned for Sayreville
A joint venture between North American Properties and PGIM Real Estate is set to break ground on Riverton, a $2.5 billion, 418-acre, mixed-use development located roughly 33 miles south of Manhattan along the Raritan River in Sayreville.
Upon completion, the project is set to include residential, retail, entertainment, office and hotel space alongside a marina. The development will also incorporate passive recreation and open space along the riverfront, programmed gathering spaces and street-level commercial space.
PGIM Real Estate previously formed a joint venture with O’Neill Properties Group for the site. Earlier this year, PGIM reached an agreement to acquire O’Neill Properties’ stake in the development for an undisclosed amount.
According to the company, the proposed community will generate tens of thousands of jobs, millions of dollars in ongoing tax revenue and will be 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.
North American Properties anticipates the project will extend through 2021.
A previously proposed plan at the site was approved by local and state agencies in 2014. The company, however, has since updated its redevelopment plan and is in the process of securing those approvals to implement the project.
In its statement, North American properties said a "critical component" of the project's financing would come from the New Jersey Economic Development Authority through the Economic Redevelopment & Growth Program.
North American Properties has developed 22 million square feet of commercial space and 19,000 residential units in 15 states and 67 cities. The company’s development pipeline currently includes a $325 million redevelopment of Midtown Atlanta’s Colony Square and a $250 million mixed-use development metro Atlanta, alongside projects in Texas, Florida, Tennessee, Ohio and Illinois.
PGIM Real Estate is the real estate management arm of PGIM, which is the global investment management arm of Prudential Financial