Gateway project in Perth Amboy aims to redevelop 'eyesore' sites in the city
A run-down area of Perth Amboy will soon look different.
Under the deal with Viridian Partners of Denver, the city says a redeveloper will invest more than $110 million to clean contaminated parcels of land between the Route 35 Victory Bridge, Smith Street and Riverside Drive. A developer wants to build a warehouse there.
The Perth Amboy Redevelopment Agency has signed an agreement with a developer to redevelop a 44-acre group of properties known as "Gateway,” according to the city.
As part of the plan, the city says more than nine acres of land abutting the Smith Street business corridor will be remediated and “pad ready” for the city at no cost. City officials will decide how best to redevelop the land.
Perth Amboy Mayor Helmin Caba said in a statement that the developer is paying to remediate the land, create a public park, and turn nine acres of land into buildable property as part of the city's overall downtown redevelopment initiatives.
"We're eager to take advantage of the commercial possibilities of this large swath of developable property and maximize its ideal proximity to Route 440 and other major highways," Caba said. "Working closely with PARA and the developer, we are moving forward with a three-pronged strategy."
Michael Cahn, a principal with Viridian Partners, says “We are eager to move forward with Mayor Caba and PARA, breathing new life into the entire neighborhood and directly addressing a blighted eyesore awaiting redevelopment for decades.”
The project is expected to generate more than 400 long-term jobs and $1 million in local tax revenue once it’s completed, the city says.
The developer's plan awaits approval from the city's planning board and the state department of environmental protection.