CARTERET – Work on the first of three new warehouses along the district’s waterfront is expected to be completed in January. The warehouse can be opened by the second quarter of 2023.
The warehouse is part of a Crow Holdings development that will also include two other warehouses that are slated to be completed by spring, according to Clark Machemer, a senior executive at Crow Holdings.
The three 335,000- to 480,000-square-foot warehouses will be part of a 1.2 million-square-foot industrial park north of Industrial Highway.
The buildings are expected to have 40-foot ceilings with 140 trailer parking spaces, 174 doors and six ramps. company website.
Tenants are expected to sign leases soon and operations are expected to begin by late spring, Machemer said.
“We are proud to add the Crow Holdings development to the ever-expanding portfolio of area businesses that have chosen to call Carteret home, including Amazon, FedEx, NuWorld Cosmetics and Berje, to name just a few,” said Mayor Daniel J. Remain.
Rayman said Carteret is a business-friendly community that stimulates the local economy and serves as a catalyst for lower property taxes and continued growth.
After buying Cytec’s renovated Rahway Arch site for $87 million, Crow Holdings has invested an additional $240 million in building 1.2 million square feet of warehouse space.
Under the terms of the Payments in Lieu of Taxes (PILOT), Crow Holdings has agreed to pay $135 million in lieu of property taxes over the next 30 years. The developer also agreed to contribute a $6.5 million redevelopment impact fee to fund Carteret capital projects, a $350,000 contribution to the Waterfront Park River Walk and a $250,000 contribution to the municipal nonprofit URSB Carteret Performing Arts & Events Center.
“This is real money for the people of Carteret,” Rayman said. “That’s one of the reasons we’ve gone from the third lowest taxed municipality to the third in the last 20 years. Crow Holdings has voluntarily contributed thousands of dollars to Carteret, not only for development, but also for arts programs and local events that our residents enjoy.”
Email: srussell@gannettnj.com
Suzanne Russell is MyCentralJersey.com’s breaking news reporter, covering crime, trials and other mayhem. For unlimited access, sign up or activate your digital account today.
