The reason local officials are excited is because of the list itself of companies in the mix. They include Toll Brothers, based in Huntingdon Valley, PA (the company's other projects in the Garden State include Riviera at Westlake and Regency at Monroe in Monroe, Twp.); and the Highland Park, NJ-based Kaplan Cos. The third entrant is a joint venture of Atlantic Realty Development Corp., based in Woodbridge, NJ; BNE Acquisitions of Livingston, NJ; and the Short Hills, NJ-based Roseland Properties.

"This group is the cream of the crop with the experience, knowledge and financial background to get the job done," according to Carteret Mayor Daniel Reiman.

The city's RFP called for a mix of uses encompassing residential and commercial components. All three of the formal proposals are said to include commercial and office space, hotels, residential condos and luxury townhouses, age-restricted housing and some retail, all arrayed along a mile-long boardwalk.

City officials would not offer any specifics of the individual proposals including how much each one would cost. The general price range of the three was the only detail offered by the city.

The targeted site, which fronts on the Arthur Kill across from Staten Island, NY, currently includes some existing residential and commercial uses, as well as a number of large warehouses. Nearly 20 acres of land that are already part of a city-sponsored, $2.4 million waterfront recreational project area are also within the tract. Vacant industrial land included in the 166 acres is said to be contaminated and will require remediation.

Reiman also has designs on turning the project into a so-called transit village that would qualify for such development assistance as low-cost state loans and other funding. The transit village concept in New Jersey involves developing commercial and residential uses around public transit venues. Too qualify, Reiman has proposed reviving an unused nearby passenger rail line, as well as incorporating passenger ferry service on the site's waterfront.

Next up, city officials and consultants will study the proposals, according to Reiman, who expects the city council to pick a developer by sometime in June.

Instant Insights /

Town's RFP Brings Proposals from Top Developers

Related Stories

Recommended For You