Altogether, River Terminal currently consists of nearly 5.5 million sf of multi-user industrial space, most of it for warehouse/distribution use, on a 300-acre site between Newark and Jersey City, the state's two largest cities. For the most part, international and domestic users fit into the categories of retail operations, the computer industry and the apparel industry.

For the new facility, designated Building 70 and located at 100 Central Ave., the developer is targeting companies that "do port-related work and/or distribute in the metropolitan area," according to Lambiase. "The facility will also be located in a state-designated urban enterprise zone (UEZ)."

With its UEZ standing, the site provides companies with a number of financial incentives, according to Lambiase. Among them are exemption from state sales tax on the purchase of supplies, equipment and services used with the zone. The benefits also include a 3% retail sales tax (the statewide tax is 6%), plus exemption from the state net worth tax and a 50% reduction in the state unemployment insurance tax.

The site offers a number of transportation options, according to Lambiase, among them the ports of Newark and Elizabeth, Newark International Airport, Routes 1 and 9, Interstates 78, 80 and 280 and the New Jersey Turnpike (Exit 15E).

Besides the property it owns and manages at the Kearny site, River Terminal Development has a major project underway in South Jersey. "In 1999/2000, we acquired approximately 100 acres of property in Florence [NJ]," Lambiase explains. "It currently has about 430,000 sf of prime warehouse and multi-user distribution facilities, and land is available for future construction of another 850,000 sf of buildings," he says.

Instant Insights /

River Terminal Readies 300,000-SF Spec Industrial Project

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