One of the most prominent property sites in Middlesex County, the vacant property sites in Perth Amboy located on Elm Street, the former ASARCO property, is coming back to life. What began back in 2009 is finally coming to fruition as the Bridgeport Logistics Center.
The fact that one of Wall Street’s major icons, Home Depot, now is coming to build a warehouse center at the location is going to be a real boost to the Perth Amboy economy. This historic shoreline has been remediated from contaminated brownfields and soon to be a state-of-the-art industrial complex. The site borders the Arthur Kill, a major navigational channel for the Port of New York and Newark.
According to an article, more than $100 million in remediation and construction to redevelop a 190-acre brownfield has been spent with the expectation that this reconstruction and rehab will result in 400 to 600 potential new jobs.
The specs for the site call for the work to be completed by the end of 2020, which appears to be quite optimistic.
The redevelopment will provide public access, waterfront, an amphitheater, a public picnic area, restrooms, a senior citizen park, as well as a mile-long green pathway that borders the shoreline.
The Commercial Development Company [CDC] acquired the site in 2009. The CDC has since relocated 22 tenants, demolished 13 buildings and remediated 80 years of environmental residue from ASARCO’s metal smelting business. The site was a smelting and refining facility for 80 years, owned and operated by American Smelting and Refining Co., which closed in 1979.
The remediation also involved removing 14,000 shipping containers, rebuilding a cell tower and raising the site to post-Sandy flood elevations.
Phase 2 of the project will complete a total of 2.4 million square feet at Bridgeport Logistics Center. Bridge Development has invested $180 million for the construction of 3 warehousing and distribution facilities totaling nearly 1.3 million square feet, where Target has established its first distribution center in New Jersey and now Home Depot.
Home Depot is looking to build-out its warehouse to enhance its delivery to consumer and commercial customers in one day or less.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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