Riverton will be a $2.5B layout of small streets and plazas lined with every real estate use: 1M SF of retail — less than half of the Pointe plan — 2,000 residences split between apartments and townhouses (unchanged from the original), 1M SF of office space, two hotels and a marina. It will be the largest mixed-use development in New Jersey’s history at full build-out.
Before any development could begin, the lagoon on the site had to be decontaminated from its industrial history. The Pointe plan received a $223M Environmental Redevelopment & Growth Grant from the New Jersey Economic Development Authority, but the revised plan still has to go through state and local approvals and put together financing.
Sayreville Mayor Kennedy O’Brien has thrown his support behind the Riverton plan, which is scheduled to be completed in 2021.