After being capped several years ago by OENJ Cherokee, which developed the adjacent Jersey Gardens Mall, the property languished until it was purchased by Tern Landing in 2006 for $31.5 million. Dil Hoda, manager of Tern Landing, envisions an environmentally sustainable neighborhood where residents can live, work and play.
"If I had to define it, I would say that Celadon is a culturally anchored, transit-oriented, sustainable mixed-use development," Hoda tells GlobeSt.com. When complete, according to the ambitious plans, it will consist of more than 4,000 residential units in 11 towers, 1,200 hotel rooms, 400,000 sf of office, 150,000 sf of retail, a 1,000-foot public promenade along the waterfront, a marina, a recreational pier into Newark Bay and the ferry terminal, with two ferry slips.
The property is situated near the Jersey Gardens Mall, New Jersey Turnpike and Newark Liberty International Airport. The ferry will be able to travel to and from Manhattan in less than half an hour. Hoda hopes that a light rail or monorail will eventually connect Celadon to Newark Liberty, easing access for travelers and eliminating the need for cars or shuttle buses.
Celadon, like all of Tern Landing's undertakings, will be built with environmental sustainability in mind. Plans for the site include 3.5 acres of open space and parkland as well as public access to coastal wetlands and roof gardens. In addition, there will be systems in place to harvest and reuse rainwater and renewable energy through solar and wind and energy-efficient mechanical systems and lighting installed in all the buildings.
The entire project is estimated to take 12 years and could cost as much as $2 billion, although Hoda admits it's impossible to accurately gauge the total cost over such a long period of time. Tern Landing received site plan approval in December and was given the go ahead by the New Jersey DEP in January. The company plans to tackle the ferry terminal, access roads, promenade and related parking first, and anticipates breaking ground this summer.
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