The Perth Amboy Redevelopment Agency (PARA) has signed an agreement with Denver’s Viridian Partners to remediate and rebuild a devastated 44-acre asset known as “Gateway. “
Under the agreement, Viridian will invest more than $110 million to clean up infected parcels of land between Victory Bridge at Route 35, Smith Street and Riverside Drive. The project, once completed, is expected to generate more than 400 long-term jobs. and $1 million in local tax revenue.
As part of this plan, more than nine acres of land adjacent to the Smith Street Mall will be rehabilitated and “ready” for the city at no cost. Perth Amboy officials will determine how best to rebuild the ground.
In addition, the developer will rehabilitate another nine acres of land for passive recreation for Perth Amboy residents, adding the natural spaces surrounding Sonnaman’s Creek, with trails leading to a lookout point on a hill to be built overlooking the Raritan River.
Approximately 25 acres will be used to build a state-of-the-art 471,000-square-foot Class A warehouse. Trucks accessing the warehouse will have to use Riverview Drive through its intersection with Smith Street to minimize traffic in advertising and residential areas. In addition, berms, buffer landscaping and other grass screens will be used to minimize the effects of warehouse development.
“We look forward to taking advantage of the advertising opportunities of this vast expanse of developable housing and maximising its ideal proximity to Highway 440 and other major roads,” said Perth Amboy Mayor Helmin J. Caba. “Working intensively with PARA and the developer, we move forward with a three-pronged strategy. The developer is paying to rehabilitate the land, create a public park, and convert nine acres of valuable land into construction assets from our overall downtown redevelopment initiatives.
PARA chose Viridian Partners because of the firm’s expertise in restoring infected complex homes in Middlesex County and converting giant commercial sites into tax-generating clean uses.
As part of its portfolio, the company announced the allocation of ePort 1 warehouse along 102 acres of Arthur Kill in Perth Amboy and rebuilt a 400-acre former munitions factory in Cranbury. It now includes warehouses for Amazon and Wayfair; 150 of the 400 acres are maintained as blank conservation areas.
Michael Cahn, principal at Viridian Partners, said about 75 percent of the company’s advances are concentrated from Burlington County to Union County, as the 20-year-old company searches for environmentally troubled homes near the New Jersey Turnpike and other primary roads. Its other major breakthroughs are in Florida, California and Pennsylvania.
“What excites us about Gateway’s assignment is its phenomenal proximity to highways; it fits perfectly with our style of rehabilitating complex properties,” Cahn said, noting that there is also a landfill that the company will take care of. “We are moving forward to move forward with Mayor Caba and PARA, breathe new life into the entire community, and directly address a horror that has been waiting for redevelopment for decades. “
The site once housed a roofing company that made asbestos shingles and was completed about 23 years ago, Cahn said. Viridian Partners has been collaborating with the city since 2014 to create the overall plan for the giant site; It requires the developer to organize 28 parcels together to fulfill the remodeler’s agreement.
PARA Executive Director Tashi Vazquez said the next step would be for Viridian Partners to submit a plan to the city’s planning board for review and get approval from Middlesex County and the state Department of Environmental Protection.
The redevelopment agreement calls for the proposer to begin painting no later than spring 2025. Cahn anticipates it will take a year to remediate the property, resolving all geotechnical issues, and a second year for the vertical structure of the Class A warehouse and the nine open. acres. spatial area.
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