18B — September 14 - 27, 2018 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
Carteret Business Partnership 'Best Town in Central NJ' Contains 'Perfect Three' Elements for Development
he Home News Tri- bune , part of the USA Today Network a Gan- nett company, has declared the Borough “The Best Town in Central Jersey,” after winning a 3-round, reader poll that gar- nered over 40,000 participants in which all municipalities in Somerset, Middlesex, Hunter- don and Union counties were el- igible. Carteret was announced the winner in an article by journalist Jenna Intersimone, who cited the Borough’s rede- velopment and cultural arts amenities as a reason why such a large number of readers pos- sibly voted for Carteret. T
plus seat main theater and a 5,000 s/f art gallery wrapped around the building, as well as a rooftop element, which will hold about 200 people. The district will also include multiple mixed-use residential and commercial buildings, with 67 residential units and more than 12,500 s/f of commercial space that will be home to five new sit-down restaurants. A 190-slip waterfront marina will also soon join Carteret, as well as a ferry terminal project to Manhattan,” said Intersimone in her article. According to Carteret Mayor Daniel Reiman, who was quoted
in the article, “People in their 30s, 40s and 50s used to move out of Carteret but now they’re ‘coming home,’ so to speak, and putting down roots here. We have had so much redevelop- ment.” Mayor Reiman also cites diversity as a reason why Carteret has become a popular place to live. “We have seen a lot of rejuvenation here that is bringing in fresh new young people, young professionals, empty nesters and more. Our residents are quite impressed to see what happens.” The Home News Tribune also featured Carteret in a profile of the Borough, titled “Carteret’s Perfect Three,” written by jour- nalist Bob Makin. The article cites John Goldsmith, portfolio manager for The Hampshire Companies, which has invested $276 million in the Borough during the past decade, includ- ing eight buildings that total nearly 2 million s/f. Goldsmith said Carteret’s port, business and transportation infrastruc- ture, and access to metropoli- tan area consumers are three elements that are a must for developers. Makin’s article states that “Mayor Reiman, who was first elected in 2002, has overseen more than $1 billion in private investment in redevelopment projects and redevelopment- related infrastructure improve- ments, including more than $100 million in new residential development and hundreds of millions in commercial invest- ment. Companies that now call Carteret home include Amazon, NASDAQ, Verizon, Goldman Sachs, and Dr. Pep- per/Snapple.” According to Mayor Reiman, “The commercial development provided thousands of jobs for our residents and has helped expand the customer base for local businesses. The added revenue that has been created has allowed us to maintain some of the lowest property taxes in Central Jersey. People are choosing to relocate to Cart- eret because of the increase in economic opportunity and the number of services we offer.” Carteret is located off Exit 12 on the NJ Tpke. Carteret Business Part- nership (CBP) is the district management corporation for the public/private part- nership created by munici- pal ordinance to improve- ment the business environ- ment in Carteret.
Groundbreaking for PAC (photo credit Borough of Carteret). Mayor Daniel Reiman (center); Middlesex County Freeholder Director, Ron Rios (far left); Senator Joseph Vitale( far right)
“Carteret has seen much redevelopment in the past few years, none of which is slowing down. Ground was broken on
July 21 on the Carteret Per- forming Arts and Event Cen- ter, which will include a 500- seat black box theater a 1,600
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