NJEDA Board Approves Two Million-Square-Foot Multi-Use Sayreville Project for Aspire Award
Riverton project will transform long-dormant brownfield property into bustling riverfront community
TRENTON, N.J. (December 14, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved Aspire tax credits for a mixed-used, riverfront development in Sayreville that represents more than two million square feet of newly-constructed residential and commercial space, including 1,300 new residential units, 20 percent of which will be designated as affordable. The project is associated with over $1 billion in private investment.
The development, known as Riverton, is considered a transformative project under the Aspire Program and was approved for an award of up to 50 percent of eligible projects costs, not to exceed $400 million in total. Riverton is the first transformative project, and first project overall, that was approved under the new Aspire rules, which the NJEDA adopted in November. To date, the NJEDA Board has approved a total of $694 million in Aspire awards for residential projects, which will create 1,800 housing units and $271 million for a commercial transformative project under the prior rules.
“With today’s approval, Sayreville is poised to undergo a tremendous renaissance, which will bring new housing, jobs, retail, and recreation that will benefit the entire community,” said Governor Phil Murphy. “The Aspire Program continues to drive critical investments that support economic growth in communities across New Jersey.”
“Aspire’s flexible design had enabled us to support this long-anticipated project, which will transform a vast tract of land that had been rendered unusable many years ago, and once rehabilitated, in ways that will reinvigorate Sayreville, create jobs for the local community, and improve quality of life for Riverton tenants and residents of nearby areas,” said NJEDA Chief Executive Officer Tim Sullivan. “This is exactly the sort of thoughtful, impactful investment the legislature and Governor Murphy hoped to attract when creating the Aspire Program.”
Sayreville Seaport Associates Urban Renewal, L.P. is the applicant of the Riverton project, which is advancing at the culmination of a nearly 20-year efforts to remediate the former industrial site. In addition to the residential units which comprise over 1.2 million square feet, the development will include nearly 800,000 square feet of commercial and retail space. It will also generate additional public amenities, to include a public Waterfront Promenade, to which Sayreville residents and the general public will have access. The walkway will feature Heroes Walk (exhibits and installations honoring Sayreville’s veterans), along with lighting, seating areas, gathering spaces, enhanced landscaping, and an open-air amphitheater; on-site spaces for municipal offices, and two designated open-air performing arts venues.
“Today’s Aspire announcement is yet another example of how thoughtful economic development incentives can advance transformative projects that both improve our environment and lift our communities,” said Commissioner of Environmental Protection Shawn M. LaTourette. “This vast former industrial site will soon become a new hub of economic activity and point of community pride that reconnects the residents of Sayreville and Middlesex County with their Raritan River waterfront. My DEP colleagues and I congratulate the NJEDA on this important milestone and applaud Governor Murphy and our Legislature for the vision and leadership that will ensure the revitalize this brownfield site and others across the Garden State.”
Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects containing newly-constructed units must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.
“This mixed-use development project will be exactly the sort of economic boost the Sayreville Seaport area needs, and will bring economic renewal and vitality to the entire riverfront,” said Senator Joseph F. Vitale. “I can’t stress enough just how important the NJEDA and the Aspire programs have been to residents and how they continue to allow us to rehabilitate viable land areas to pursue solid, sustainable commercial development and housing for the future.”
“I’m so pleased to see this plan come to life for the residents of Sayreville and our entire region,” said Assembly Speaker Craig J. Coughlin. “This has been a model of local and state government working together to benefit the community with environmental remediation and economic development. After decades of this land sitting vacant and unsafe, this strategically-located project will serve as an economic engine for the area, broadening the tax base and providing high-quality, affordable housing for generations to come.”
“It is rewarding to see good governance at work in Sayreville thanks to the ongoing success of the Aspire program,” said Assemblywoman Yvonne Lopez (D-Middlesex). “The project approved for tax credits today will make use of land that has sat vacant for far too long, turning it into the site of new commercial and living spaces that will spur sustainable economic growth for the local economy. I look forward to the day we break ground on this important, transformative project.”
In line with Governor Murphy and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly.
The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
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