Carlstadt-based Russo Development and Forsgate Industrial Partners of Dayton broke ground Wednesday on Kingsland Meadowlands, a new e-commerce development totaling more than 3 million square feet on a 718-acre site spanning the municipalities of Lyndhurst, Rutherford and North Arlington.
Plans include up to six buildings with the ability to deliver a single building totaling more than 1,200,000 square feet in an industrial/warehouse submarket that is nearly fully occupied and rarely offers floorplates of more than 250,000 square feet.
The initial phase will offer 1,280,000 square feet in two buildings with more than 1,400 trailer positions and 800 car parking spaces available.
With the New York City skyline in plain sight, this project sits at the center of transportation infrastructure that can reach the more than 10 million people who live within 15 miles of the site.
“Kingsland Meadowlands will bring a truly unique product offering to the market at a time when demand has been aggressively outpacing supply.” says Ed Russo, chief executive officer for Russo Development. “Many governmental agencies were involved in the approval process and we want to especially thank Lyndhurst, North Arlington, Rutherford and the NJSEA for their collaborative efforts in helping to unlock the potential for this property.”
Russo and Forsgate won a competitive bidding process in June of 2015 and engaged in a complex entitlement and engineering design process to ready the site for its intended use. The Partners expect to deliver the first building to the market in late 2021.
There have been multiple failed attempts over the years to redevelop the Kingsland Tract. This new logistics center will benefit from the strong and skilled workforce in the region bringing many new jobs to the surrounding communities.
“Forsgate Industrial Partners has been developing facilities in the region for over 50 years, and we look forward to continuing our tradition of delivering the highest quality product for local businesses,” said Alex Klatskin, general partner for Forsgate Industrial Partners. “We are proud to be part of the economic and environmental revitalization of such an important site in the Meadowlands.”
The leasing team for Kingsland Meadowlands includes JLL’s Robert Kossar, David Knee, Leslie Lanne, and Chris Hile.