The firms chosen to redevelop the so-called Kingsland site in the Meadowlands have offered an early glimpse of what their plans could entail for the 718 acres once slated for the failed EnCap project.
The developers, Russo Development of Carlstadt and Forsgate Industrial Partners of Teterboro, said preliminary plans for the site include distribution facilities, data centers, solar farms, the creation of a nature trail in the Rutherford Wetlands and other improvements. The firms provided examples of both commercial properties and green space in a set of renderings unveiled Monday, which would transform the expanse of remediated landfills in Lyndhurst, North Arlington and Rutherford.
A Russo Development spokeswoman noted the companies still have to sign a contract and complete due diligence.
Russo and Forsgate won a bid June 18 to purchase the site for $42.5 million, following a lengthy qualification process and approval by the New Jersey Sports & Exposition Authority. The approval marked a key step forward for a site whose history includes the proposed golf and housing project known as EnCap, which fell apart in 2008 after its developer filed for bankruptcy protection.
The action by the NJSEA also was among the first significant moves made by the authority since it absorbed the state Meadowlands Commission in February.
Both Russo and Forsgate are headquartered within miles of the property and have spent decades working on such remediation and redevelopment projects, with a particular focus on blue-chip industrial tenants.
“Russo is committed to advancing redevelopment in the Meadowlands, which has been our home for over four decades,” Ed Russo, Russo’s CEO, said in a prepared statement. “We have always taken a personal interest in creating high-quality developments on the most challenging sites. This site is the capstone of that initiative and we are very grateful for the opportunity to make it a part of our legacy.”
Alex Klatskin, general partner at Forsgate Industrial, added that his firm was “honored to have been chosen to continue our commitment to the environmental and economic ecosystems of the region.”
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