TRENTON, NJ—The New Jersey Economic Development Authority approved $223 million in financing for the $1.2-billion Luxury Point at Sayreville mixed-use project.
The project, which will feature 8 million square feet of retail and residential space, was approved for a multiyear tax-reimbursement grant under the state's Economic Redevelopment and Growth (ERG) program, according to the Star-Ledger. Luxury Point at Sayreville, considered a major redevelopment project for Sayreville, is being built on a 440-acre brownfield site along the Garden State Parkway and Raritan Bay.
The ERG grant is a separate part of the state's tax-incentive program from the Grow NJ awards (see previous story) that the EDA approved recently. Both the ERG and Grow NJ incentives were expanded under the Economic Opportunity Act that took effect late last year.
The state award granted on Tuesday is key for King-of-Prussia, PA-based developer O'Neill Properties and state environmental regulators, who have spent years remediating a contaminated site in Sayreville to launch Luxury Point. Part of the development includes a “fortress mall” totaling 1.8 million square feet that will include a 200,000-square-foot Bass Pro Shops location.
The project schedule, per a memo given to state EDA board members, calls for construction to begin by June 30. The venture will generate 5,400 construction jobs and nearly 4,000 permanent jobs at full build-out. See story in the Star-Ledger.
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