Matrix tabbed for Perth Amboy project.

Matrix Development Group was selected by Perth Amboy to redevelop property in the city. This will be the second major city in the state where Matrix has taken a leading role in redeveloping two buildings and adjacent 9 acres of property in the heart of New Brunswick's revitalization district.

Mayor Joseph Vas of Perth Amboy announced that Matrix had been selected to redevelop 26 acres of land in the northeast area 3 of Perth Amboy's FOCUS 2000 redevelopment plan into 500,000 SF of light industrial and manufacturing space. The mayor estimated that the project will be complicated within 12 to 18 months and will create up to 500 new jobs, as well as $13.5 million boost to the city's tax ratable base, and annual tax revenue of more than $400,000.

The selection of Matrix marks another significant milestone in what has already been an outstanding year for the company. This year has been its busiest year ever for industrial construction, with more than 2.5 million SF already underway.

In announcing Matrix's selection to head this significant redevelopment project, mayor Vas noted that "Matrix's proposal was the most comprehensive and consistent with the city's redevelopment plans for the area." Joseph S. Taylor, president & CEO of Matrix stated, "Matrix is thrilled to have been selected as redeveloper of this 26-acre property. Our experience in industrial development will complement the city's plans to develop a high quality business park.

Taylor continued, "Our entrance into urban redevelopment is an accomplishment of which I am mast proud. About two years ago, Matrix began pursuing such projects in key cities around the state. The company's penetration into these two emerging cities is part of my company's expansion plans, which happen to coincide with the state plan's direction as well. Matrix looks forward to continuing pursuit of such urban projects in the coming year."