"We are celebrating the reclamation of this property for productive use as we put this city back on the map as a viable economic leader," enthused Mayor Joseph Vas at the groundbreaking ceremony. "This is a historic day for our city as we turn to a new chapter of economic revitalization."

The project, one of several that figure to rebuild this city of 50,000, traces to September of 2000 when local officials picked Matrix from among three developers who had responded to an RFP. Since then, the city has been working with both Chevron, which continues to own the property, and Matrix to clean up the environmentally challenged 26-acre site. Work included demolishing a former power plant that sported 300-foot twin smoke stacks.

The Matrix project involves one of four sites within the Chevron tract. Officials expect its light industrial/flex makeup to serve as a buffer of sorts between Chevron's continued heavy industrial use on one side and a proposed commercial and cultural redevelopment to the west.

When it's finished, Perth Amboy Business Park is expected to generate 500 jobs and provide a $13.5 million boost to the city's tax base. It will also generate annual taxes of more than $400,000, according to officials.

"Beyond economics, this project will provide a much-needed aesthetic boost to the surrounding neighborhood," according to Vas. "We look forward to having an attractive showplace at one of the major gateways to the city."

"We look forward to working with the city to develop Perth Amboy Business Park into a model of 'smart growth,' urban renewal and public/private partnerships at work," according to Matrix president/CEO Joseph Taylor. "A project like this will not only complement the city's overall redevelopment plan but will also positively impact the economic viability of Perth Amboy.