The Historic Perth
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
  • The Historic City of Perth Amboy
 
A Message From Our Mayor

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MAYOR WILDA DIAZ ANNOUNCES DEMOLITION AT FORMER GERDAU SITE

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Northlight Capital Partners Announces Demolition at the Former Gerdau Ameristeel Site in Perth Amboy, NJ

PERTH AMBOY, NJ— Mayor Wilda Diaz joined Northlight Capital Partners as they conducted a demolition this afternoon (5/8/17) for the future redevelopment and cleanup of 92 acres of the former Gerdau manufacturing property located on 225 Elm Street.

Diaz was joined by Perth Amboy Redevelopment Agency Executive Director Annie Hindenlang and Commissions, Joel Rosa and Lionel Giron. Representatives of the City of Perth Amboy, P.A.R.T.N.E.R, the Perth Amboy Housing Authority for the demolition of a large structure located at the former Gerdau Ameristeel site that was recently acquired by Northlight Capital Partners (NCP).

“Perth Amboy’s geographically bounded by the Raritan River, Arthur Kill, and Raritan Bay provides port access to the Atlantic Ocean for national and international marine traffic, most notably the Port of New York and New Jersey,” said Mayor Wilda Diaz. “Because of the dually beneficial location both connected to the shoreline and the community in our Gateway entrance this investment will boost our local economy, develop business opportunities and hundreds of future jobs.”

“On behalf of Northlight Capital and Catalyst Development, we are very pleased to work with the City, Council and the Redevelopment Agency through a productive and helpful process. We have been planning this with the administration and the Redevelopment Agency with the community in mind, as we plan to develop an amphitheater, senior center and walkways to the waterfront. This should be a model for all complex redevelopment projects in the State of New Jersey,” said Stephen Parnes, Principal of Catalyst Development Partners.

The latest redevelopment project is another multimillion dollar investment located at the gateway of our City.

· Redevelopment & cleanup of 92 acres of former manufacturing property into 1,350,000 square foot warehouse/distribution industrial park comprised of two buildings,

·NCP is working with the NJDEP representative and the City of Perth Amboy to create a sustainable development with green infrastructure,

· The redevelopment concept contemplates an enhanced circulation plan which links, Market Street, Elm Street, and Riverview Drive.

Through this partnership, there are plans to preserve two historic Gerdau structures on the site and provide public waterfront access, including a senior citizen park located near our Alexander F. Jankowski Community Center at 1 Olive Street and a waterfront park that will both be connected by a mile long of green way bordering the shoreline.

The new development is estimated at $125 million dollars, in addition to another several hundred employment opportunities.

About Catalyst Development Partners- Land Renewal and Development
Catalyst Development Partners, LLC (“Catalyst”) sustainably redevelops under-utilized, blighted and often environmentally impaired industrial and commercial properties primarily located in the Northeast and California. The Company acquires, remediates, repositions and entitles property whose historic use has left it contaminated. The Company is founded by principals with long experience in redevelopment, risk management and remediation on dozens of projects nationwide.

About Northlight Capital Partners
(NCP) is a joint venture between Hillspoint Partners and Northlight Financial that is focused on opportunistic debt and equity real estate investments. The NCP management team has been working together since 2008, sourcing, acquiring, and managing bankruptcy related loans, distressed commercial mortgages, and real estate owned assets. Prior to coming together in 2008, senior NCP professionals originated and acquired credit-related assets during their careers and managed significant business units at GE Capital, Bank of America, Heller Financial, and Gilman Investment Company.

About the City of Perth Amboy
Perth Amboy, an urban community with rich cultural history and a three hundred year old maritime and industrial legacy, is an interconnection point for major highways, roadways and waterways. The City’s position at the confluence of the Raritan River, Arthur Kill, and Raritan Bay provides deep-water access to the Atlantic Ocean for national and international marine traffic. Perth Amboy, presently known for its beautiful waterfront area is located in the center of the State, midway between New York and Philadelphia. Perth Amboy comprises a land area of 4.55 square miles and has a population of 50,814 residents.

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