Right off the parkway and just south of Staten Island sits 440 acres of Sayerville, New Jersey land that once was contaminated by the National Lead company, a paint manufacturing operation. After an multi-million dollar clean up that included injecting 38,000 tons of cement into a lagoon on the site to add ground stability, O’Neill Properties, based in King of Prussia, Pennsylvania, will officially break ground on its 5.8 million square foot project called The Pointe.
O’Neill Properties specializes in brownfield redevelopment and purchased the site for $80 million in 2008 with an eye towards developing unused land that was in a perfect location for residential, retail and commercial businesses.
Remediation meant cleaning up the brownfield location which quickly became the largest and most intensive chemically contaminated site remediation project in the country. The 40-acre lagoon was filled with highly acidic titanium dioxide was byproducts with a yolk-like consistency that changed colors.
The company says that the costly and time-consuming process of reclaiming the site from its toxic history is justified by the unique opportunity to own such a large parcel of developable land in the midst of one of the country’s biggest markets.
“The real estate fundamentals of this site are unparalleled,” Mr. O’Neill Jr. said, noting that the waterfront property promised to be an additional attraction for future residents.
Matt Krauser, senior managing director in northern New Jersey for Integra Realty Resources, said, “To be able to acquire 400 acres right off the parkway with ease of accessibility both north and south, it’s really an unusual project in an unusual location. It’s more or less a once-in-a-lifetime opportunity to be able to construct something like this.”
By mid-2017 the project will have its own highway interchange off the Garden State Parkway. Bass Pro Shop is the first anchor tenant (fittingly, it will be build on the lagoon) and is planned to open Jun 2017. Over the next seven to ten years, the developers plan to add 750,000 square feet of office space, 1,000 hotel rooms, and 2,000 riverfront apartments.
The Pointe at Sayreville hopes to create 10,000 new jobs. O’Neill’s general contractor is MLP Builders.