'Riverton' Redevelopment Site Planned For Sayreville

SAYREVILLE, NJ — Earlier this week, on Nov. 13, an Atlanta-based real estate firm announced they plan to build what is being considered the largest brownfield remediation and mixed-use project in New Jersey history: A 418-acre redevelopment project along the Raritan River in Sayreville. Much of their proposal is contingent on "critical" financing from the New Jersey Economic Development Authority, however.

The complex will be called "Riverton" and it's a planned mixed-use community that includes residential, retail, entertainment, a marina and a hotel. There will be an estimated 2,000 apartments and single-family homes, as well as office space. The developer is North American Properties (NAP), working with PGIM Real Estate, the real estate management business of PGIM, which is the global investment management business of Prudential bank.

The developer seeks to capitalize off Sayreville's strategic, central location, just 20 miles south of New York City and situated at the mouth of the Raritan River that empties into Raritan Bay.

"About 600,000 vehicles traverse the Driscoll Bridge, at Exit 125 of the Garden State Parkway, each day, and considerably more in the summer months," said NAP in a press release. "The newly opened exit supplements exceptional access already afforded by interchanges on Rt. 9 and Rt. 35, rivaling virtually any site in the United States for unimpeded access to America’s most coveted marketplace, the New York metropolitan area."

If built, Riverton will convert what is currently one mile of brownfields along the Raritan River into a replicated version of some of New Jersey's most beloved small towns, emulating places like Montclair, Spring Lake, Red Bank and Hoboken. NAP also says the $2.5 billion project will bring hundreds of construction, real estate and retail jobs to the area.

“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,” explained Mark Toro, managing partner of North American Properties. Toro has Jersey roots; he grew up in Belvidere in Warren County and he's a Rutgers grad. “We are bringing together a world-leading visionary team to create New Jersey’s next great hometown."

NAP said they already received approvals for Riverton from both the borough of Sayreville and Middlesex County in 2014; however, they have updated the redevelopment plan since then. They said a "critical component" of financing must first be obtained by the New Jersey Economic Development Authority (NJEDA) through the Economic Redevelopment & Growth Program (ERG).

The EDA approved Riverton in 2014, but still needs to approve the developer's revised plan. Let's see what the EDA decides and what may soon be in store for Sayreville!

Rendering of Riveton provided to Patch by North American Properties.