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CARTERET, NJ-The state has had an effort in place to get more of New Jersey's port-adjacent land developed, and now that effort has some marketing teeth. Several developers, state agencies and the state's largest utility are all behind an effort dubbed the Portfields Initiative that could result in as much as six million sf of new W/D space over the next several years, over and above what's already under construction.
The developers involved include Panattoni, which has gotten the jump with construction of its iPort 12 project here. As reported by GlobeSt.com, the under-construction project encompasses 1.2 million sf on 113 brownfield acres at Exit 12 of the New Jersey Turnpike. Other developers on board include Matrix, ProLogis, the Morris Cos., IDI and River Terminal Development.
Also part of the effort's mix is PSE&G, the state's largest utility, and the lead agency for the state is the New Jersey EDA. The effort encompasses 17 sites in Essex, Hudson, Union and Middlesex counties, all within a 25-mile radius of the Statue of Liberty. Each of those sites, many of them brownfields, can accommodate at least 350,000 sf of W/D space, say state officials. The sites are located here and in the neighboring cities of Newark, Kearny, Elizabeth, Bayonne, Linden, Jersey City, Edison, Woodbridge and Perth Amboy.
"Our ports are the lifeblood of our state's economy," says Caren Franzini, CEO of the NJ EDA. "The governor's growth strategy calls for the state to encourage capital investments to promote international business development within our ports and logistics systems. The Portfields Initiative supports that strategy. The success of our collaborative efforts will put businesses in a better position to take advantage of emerging domestic and overseas market opportunities."
"This initiative showcases the merits of doing business in New Jersey," says Ralph LaRossa, PSE&G's president and COO. "It also showcases strategic alliances that work to keep the state's economy strong."
The new marketing campaign will specifically target some 3,500 companies in North America that officials deem "most likely to relocate or expand" in New Jersey. To get things rolling, the public and private partners have already spent $250,000 to fund and kick off the campaign, including creating marketing materials.
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