Sayreville’s Large Riverton Project Approved for Aspire Award

On Dec 14, 2023

The New Jersey Economic Development Authority (NJEDA) Board has approved Aspire tax credits for Riverton, a mixed-used, riverfront development in Sayreville that represents more than two million square feet of newly-constructed residential and commercial space, including 1,300 new residential units, 20% of which will be designated as affordable. The project is associated with over $1 billion in private investment.

The development is considered a transformative project under the Aspire Program and was approved for an award of up to 50% of eligible projects costs, not to exceed $400 million in total. Riverton is the first transformative project, and first project overall, that was approved under the new Aspire rules, which the NJEDA adopted in November. To date, the NJEDA Board has approved a total of $694 million in Aspire awards for residential projects, which will create 1,800 housing units and $271 million for a commercial transformative project under the prior rules.

“With today’s approval, Sayreville is poised to undergo a tremendous renaissance, which will bring new housing, jobs, retail, and recreation that will benefit the entire community,” said Gov. Phil Murphy. “The Aspire Program continues to drive critical investments that support economic growth in communities across New Jersey.”

“Aspire’s flexible design had enabled us to support this long-anticipated project, which will transform a vast tract of land that had been rendered unusable many years ago, and once rehabilitated, in ways that will reinvigorate Sayreville, create jobs for the local community, and improve quality of life for Riverton tenants and residents of nearby areas,” said NJEDA Chief Executive Officer Tim Sullivan. “This is exactly the sort of thoughtful, impactful investment the legislature and Governor Murphy hoped to attract when creating the Aspire Program.”

Sayreville Seaport Associates Urban Renewal, L.P. is the applicant of the Riverton project, which is advancing at the culmination of a nearly 20-year efforts to remediate the former industrial site. In addition to the residential units which comprise over 1.2 million square feet, the development will include nearly 800,000 square feet of commercial and retail space. It will also generate additional public amenities, to include a public Waterfront Promenade, to which Sayreville residents and the general public will have access. The walkway will feature Heroes Walk (exhibits and installations honoring Sayreville’s veterans), along with lighting, seating areas, gathering spaces, enhanced landscaping, and an open-air amphitheater; on-site spaces for municipal offices, and two designated open-air performing arts venues.

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects containing newly-constructed units must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.

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