The project has a number of historical sidelights. For one, the community derives its name from the fact that the site was one of the original landing sites of William Penn. Actor Bruce Willis, a native son, owned the property in the mid-90s and proposed a similar redevelopment project in 1995. But two years later, after failing to get the necessary approvals, Willis dropped the project. Kearns and Fenwick Commons LLC bought the site in 2000 and proceeded through the five-year period to get Riverwalk started.

Finally, the mix will include a 4,500-sf, 1920s-themed Italian restaurant that will be fashioned out of one of the few buildings still standing on the site, a former bank building. The historical sidelight there is that the former bank was once robbed by gangster Pretty Boy Floyd.

Initial construction will include construction of a riverfront promenade and seawall, which will be done by the Borough of Penns Grove. "Construction of the project will take place through the balance of 2005 into 2006," Kearns says. "The grand opening of the shops is slated for the summer of 2006." Long-term plans for Riverwalk also include the addition of a marina along the pier, according to Kearns.