After being capped several years ago by OENJ Cherokee,which developed the adjacent Jersey Gardens Mall, the propertylanguished until it was purchased by Tern Landing in 2006 for $31.5million. Dil Hoda, manager of Tern Landing, envisions anenvironmentally sustainable neighborhood where residents can live,work and play.

"If I had to define it, I would say that Celadon is a culturallyanchored, transit-oriented, sustainable mixed-use development,"Hoda tells GlobeSt.com. When complete, according to the ambitiousplans, it will consist of more than 4,000 residential units in 11towers, 1,200 hotel rooms, 400,000 sf of office, 150,000 sf ofretail, a 1,000-foot public promenade along the waterfront, amarina, a recreational pier into Newark Bay and the ferry terminal,with two ferry slips.

The property is situated near the Jersey Gardens Mall, NewJersey Turnpike and Newark Liberty International Airport. The ferrywill be able to travel to and from Manhattan in less than half anhour. Hoda hopes that a light rail or monorail will eventuallyconnect Celadon to Newark Liberty, easing access for travelers andeliminating the need for cars or shuttle buses.