Russo Development and Forsgate Industrial Partners yesterday broke on Kingsland Meadowlands, a three million square feet e-commerce development six miles from Manhattan.
Located on a 718-acre site spanning the municipalities of Lyndhurst, Rutherford, and North Arlington, the site will include up to six buildings.
The developers say they can deliver a single building totaling more than 1,200,000 s/f in the industrial/warehouse submarket that is nearly fully occupied and rarely offers floorplates of more than 250,000 s/f.
“Kingsland Meadowlands will bring a truly unique product offering to the market at a time when demand has been aggressively outpacing supply.” said Ed Russo, CEO for Russo Development.
Russo and Forsgate won a competitive bidding process in June of 2015 and engaged in a complex entitlement and engineering design process to ready the site for its intended use. The partners expect to deliver the first building to the market in late 2021.
The initial phase will offer 1,280,000 s/f in two buildings with more than 1,400 trailer positions and 800 car parking spaces available.
With the New York City skyline in plain sight, the project sits at the center of transportation infrastructure that can reach the more than 10 million people that live within 15 miles of the site.
“Forsgate Industrial Partners has been developing facilities in the region for over 50 years, and we look forward to continuing our tradition of delivering the highest quality product for local businesses,” said Alex Klatskin, General Partner for Forsgate Industrial Partners. “We are proud to be part of the economic and environmental revitalization of such an important site in the Meadowlands.”
There have been multiple failed attempts over the years to redevelop the Kingsland Tract with options that were not practical or consistent with the attributes of the site.
The new logistics center will benefit from a strong and skilled workforce in the region bring new jobs to the surrounding communities.
Russo added, “Many governmental agencies were involved in the approval process and we want to especially thank Lyndhurst, North Arlington, Rutherford and the NJSEA for their collaborative efforts in helping to unlock the potential for this property.”
The leasing team for Kingsland Meadowlands includes JLL’s Robert Kossar, David Knee, Leslie Lanne, and Chris Hile.