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.