Industrial project takes off at airline site.
With the acquisition of 10 North Ave., the development rights granted for the property to Catellus by the City became invested. The proposed development project will be a multi-phased, multi-building warehouse/ distribution development.
The city has designated Catellus as the re-developer for 10 North Ave. As Catellus proceeds with the project, it will continue to work closely with the city, the port and the county throughout the development process.
"The complex nature of the transaction required addressing the input and needs of multi-interested parties from both the private and public sectors. Continental's belief in the site and the proposed development, served as the key to coordinate all parties' interests for the successful resolution of the transaction. Their performance was just superb. The transaction allows Continental and Catellus to satisfy their long term operational strategies," said Fatigati. "For the city of Elizabeth this will bring more jobs to the city and an additional new ratable to the tax rolls."
Elizabeth continues in its comprehensive plan to recast the North Avenue/Kapkowski Road from heavy manufacturing operation into a vibrant mixed-use neighborhood of high end warehouse/distribution, hotel and retail properties. The former Continental Airlines site, located at the southern terminus of Port Newark/Elizabeth, offers access to Exit 13A off the New Jersey Turnpike and major interstate highways.
Surrounding neighbors include the Jersey Gardens Mall, a one million s/ f retail center, IKEA, Maersk Inc. and Maher Terminals.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||May 4, 2005|
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