SAYREVILLE, NJ-Nearly three years after O’Neill Properties Group acquired the land, Bass Pro Shops has signed a letter of intent to open a 200,000-square-foot store at The Point, the 8 million-square-foot mixed-use project to be built here, says developer O’Neill.
The store will be one of a number of big-box retailers in the project’s 620,000-square-foot first phase, The Landing at the Point, an open-air center that also will include a supermarket and health club. The first tenants are expected to open in 2013. In addition to its mix of outdoor gear, the store will include aquariums, waterfalls and museum quality fish and wildlife dioramas.
“We are excited to be a part of this project with our largest store in the Northeast,” says Johnny Morris, founder of Bass Pro Shops, who personally negotiated with the principals of The Point, in a statement. “Our initial search was for a 150,000-square-foot location, but we concluded that the demand for high-end retail in the region is far greater than originally anticipated.”
A brownfield redevelopment, the $2 billion Point will consist of a 3 million-square-foot enclosed luxury mall and entertainment district, 2,000 high-end residences, 650,000 square feet of office space, hotel and luxury marinas on 453 acres along the Raritan River. The 8 million-square-foot complex will also include waterfront dining, a community center, bike trails, walking paths, and a waterfront promenade. It also will include 74 acres of protected wetlands, wind and solar farms.
“The Point will be a pedestrian-friendly community providing visitors and residents alike with a lifestyle experience unequaled in the Tri-State area,” says Brian O’Neill, founder and chairman of O’Neill Properties Group, tells GlobeSt.com. “Moreover, it will generate thousands of jobs and millions of dollars in new tax revenue.”
The company is considering eight mall developers for The Mall at The Point, intending to announce a selection in the third quarter. Plans call for up to five luxury fashion anchors, junior anchors and small shops and restaurants to be joined by LED media towers, outdoor high-definition screens and interior streetscapes.
Once the home of National Lead, the site was acquired by King of Prussia, PA-based O’Neill for $83 million. The original plan presented to the Sayreville Planning Board was revised twice in 2010 before the current plan was approved in November, according to published reports.
“Our purchase of the land for The Point was completed during the height of the financial meltdown, and just days after the collapse of Lehman Brothers,” O’Neill says. “However, our financial partner understood the attractiveness of the site and continued to move forward with the acquisition. With the economy in the region continuing to improve, we are confident that our instincts are correct.”
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