SAYREVILLE, N.J. — A joint venture between North American Properties (NAP) 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.
Key approvals for the site were initially obtained in 2014. NAP has updated the redevelopment plan for the property, and is in the process of securing the necessary state and local approvals required to begin development.
A critical component of the project’s financing will be support from the New Jersey Economic Development Authority through the Economic Redevelopment & Growth Program, which the EDA approved in 2014 and will be asked to reaffirm for the updated development plan. Pending approvals and financing, the project is scheduled for completion in 2021.
NAP recently appointed David Weinert as partner and senior vice president of leasing. Weinert will lead the leasing efforts for Riverton, alongside the other properties in NAP’s development pipeline.
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 Inc. (NYSE: PRU). The company’s stock price closed on Monday, Nov. 13, at $110.44 per share, up from $95.92 one year ago.
— Katie Sloan