LYNDHURST, NJ—After a lengthy qualification process, the New Jersey Sports and Exposition Authority has accepted a $42.5 million bid from Russo Development of Carlstadt and Forsgate Industrial Partners of Teterboro to purchase and redevelop the 718 acres of remediated landfills in the Meadowlands known as the Kingsland site.
Both firms are headquartered within miles of the property and have extensive remediation and development experience in the region. Preliminary plans for the Kingsland Development include distribution facilities, data centers, solar farms, creation of a nature trail in the Rutherford Wetlands, extensive landscaping, green building design, and infrastructure improvements.
“Forsgate constructed its first building in the Meadowlands almost 50 years ago,” says Alex Klatskin, FAIA, general partner at Forsgate Industrial Partners. “We are honored to have been chosen to continue our commitment to the environmental and economic ecosystems of the region.”
Forsgate has constructed facilities for Revlon, L'Oreal, Nestle, Dassault Aviation, and numerous other “Fortune 50” companies and continues to learn best practices from their clientele that are employed in each of their new developments. Forsgate achieved LEED Silver certification for the distribution facility that they built for Coca-Cola. The facility utilized an innovative daylight strategy, featuring an interior fully lit by natural light throughout the workday. The energy saved by the performance systems in the building is the equivalent of the annual energy used by almost 1,300 cars or 500 homes, according to US EPA calculations.
Russo Development has also been a key player in many of the region's recent real estate success stories. In 2001, Russo purchased a former municipal landfill in Kearny and after years of work, constructed a class A flex industrial park that's fully leased to the Pepsi Bottling Group and HD Smith Wholesale Drug Co. Russo honed its brownfield redevelopment expertise even further in 2008, transforming a bus storage and maintenance facility into a data center for a leading financial services company.
“Our firms are committed to New Jersey's redevelopment initiative,” says Ed Russo, Russo's chief executive officer. “We made a decision over a decade ago to enhance our home state by creating high-quality development paired with landscape-rich open space in areas that were previously overlooked by others. This site is the capstone of that initiative and we are grateful for the opportunity to make it a part of our legacy.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
