The Morristown developer broke ground last week on the 460,000-square-foot facility on Bryla Street, borough officials said. When complete, the project will span 33 acres just off Exit 12 of the New Jersey Turnpike and minutes from Port Newark-Elizabeth, where demand for industrial space is expected to swell in the coming years.
Hampshire said last month that it aims to complete construction by late next year, according to a news release. The so-called PortSouth Bryla project is being built on a speculative basis.
The firm began demolition in October of what was the Ball Glass factory, a site once owned by Saint Gobain S.A. Carteret borough officials said the building, where the French company made mason jars, sat vacant for nearly a decade and became a Brownfield site in need of remediation.
An agreement with the borough calls for Hampshire to contribute to the costs of planned off-site improvements at a nearby intersection, according to a news release. The firm also will make some $48 million in total tax payments over 30 years for a site that now generates around $250,000 in taxes annually.
The plan comes after Hampshire’s success with another speculative project in Carteret. Earlier this year, the firm completed redevelopment of Pathmark’s former corporate headquarters on Milik Street, giving way to a 232,000-square-foot lease with FedEx.