The Perth Amboy Planning Board has approved a $200 million plan to clean up a blighted, brownfield site and create a vibrant waterfront neighborhood, to be known as “Sea Gate.”
Kushner Cos. has approval to build 602 market-rate rental units in five buildings.
The project is filled with public amenities funded by the redeveloper, such as a waterfront, tree-lined esplanade stretching from Front Street to the bulkhead at Washington Street, as well as a playground, landscaped plazas and dog park for public use.
“We have been working closely with the redeveloper to create the type of plan that can benefit the entire Perth Amboy community, not just the residents of Sea Gate,” said Mayor Helmin Caba. “We are directly addressing unused, under-taxed waterfront property and creating the type of development that will benefit Perth Amboy for years to come.”
Under the agreement, the redeveloper will pay the city about $1.2 million annually as part of a long-term “payment in lieu of taxes” (PILOT) agreement. City officials note the redevelopment area now generates about $113,000 a year in net revenue – a key driver for this plan.
The redeveloper is purchasing properties from the city for $4.6 million; the plan will include parcels on Front, Commerce, Rector, Broad, High and Fayette streets, explained Perth Amboy Redevelopment Agency Executive Director Tashi Vazquez.
Kushner will also be contributing $1 million to Perth Amboy for the construction or rehabilitation of affordable residential units, she added.
As part of the agreement, the plan includes a memorial to Thomas Mundy Peterson, a city resident who was the first African American to vote in an election following the ratification of the 15th Amendment. His vote was cast on March 31, 1870.
The 15.75-acre redevelopment area, with landscaping, streetscape improvements and lighting funded by the developer, will include 909 parking spaces. The project, with one- and two-bedroom units, is expected to be constructed over a three-year period.
