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Retailer Inks $100M Redevelopment Deal

CARTERET, NJ-P.C. Richard & Son will launch phase one of a larger makeover with 413,000 sf of mixed uses.

By Eric Peterson | Updated on June 02, 2008

CARTERET, NJ-A stretch of industrial property along this city’s New Jersey Turnpike frontage was targeted for redevelopment a few years back and now, city officials have an agreement in place to formally launch that effort. Mayor Daniel Reiman and borough council members have signed a deal worth $100 million with A.J. Richard & Sons Inc. to do the first phase of the West Carteret Minue Street Retail Redevelopment Area.

A.J. Richard is the parent company of Farmingdale, NY-based electronics retailer P.C. Richard’s, and the company’s plans for the site call for a combination of 413,000 sf of new and redeveloped space. Most of that space, more than 300,000 sf, involves the acquisition of an existing light industrial building from its local ownership and its conversion into W/D and office space for the company’s regional operations.

Other plans for the site, located a couple of miles from Exit 12 of the Turnpike and near a new, two-year-old Radisson Hotel, also call for a 30,000-sf warehouse addition and a new 20,000-sf office building. The centerpiece of the project will be a 33,000-sf P.C. Richard Super Center retail store that will directly front the Turnpike off Minue St., currently slated to open in the fall 2010.

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