Read the full announcement on the Jersey City Redevelopment Agency website:
http://www.thejcra.org/index.php?p=news&nid=137

Under Construction

The Waterfront at Port Chester is the culmination of several years of work for G&S Investors. Prior to G&S Investors’ involvement, the project languished for several years through several developers who were unable to align the disparate community, political, and private company interests. Despite what seemed to be insurmountable odds, G&S Investors took on the development because it saw the reward for figuring out the situation would be a development who was within walking distance to a MTA transit stop; who was located in and amongst three of the most affluent cities in the United States and; who would be the foundation for a much needed revitalization of a proud city. Within a couple years, G&S Investors was able to align those disparate interests to come up with a plan that all parties could move forward on. The resulting plan is what has become the Waterfront at Port Chester.

The Waterfront at Port Chester is an over 500,000SF two-level property anchored by Costco, Super Stop and Shop, Loew’s Cineplex and Bed, Bath and Beyond. G&S Investors is currently in the planning stages for several additional phases of the Property that will include additional retail, multifamily and hotel space. G&S Investors is excited about the future of the Waterfront at Port Chester and the potential of the future relationship between G&S Investors and the Village at Port Chester.

Location
Port Chester, NY

Project Square Footage
500,000

Major Tenants
Loew’s Cineplex
Costco
Super Stop and Shop
Bed, Bath and Beyond
Marshalls

Space Availability
Click Here

At the time of its acquisition, development of Jersey City was at a standstill. G&S saw the potential for the site and convinced major stand alone retailers to pioneer the site. The site was developed as a power center consisting of a 116,000 sq. ft. BJ’s Wholesale Club, 65,100 sq. ft. ShopRite Supermarket, 40,000 sq. ft. Wiz store, and a 22,311 sq. ft. Pep Boys. Built on the former Conrail train yard, the project clearly helped to stimulate the economic revitalization of the area.

The Jersey City site has since become a significant alternative to Manhattan for new office tower and residential construction. As a result, our property is currently worth many times the value of G&S’ initial investment and is now poised for its redevelopment toward its current highest and best use.

In xxxx, G&S Investors purchased 19.5 acres consisting of a closed Amerace industrial facility and two adjacent parcels of land with the idea of redeveloping the site into a retail center. Development in New Jersey can be a costly and time consuming process; one riddled with numerous political, community and planning obstacles, however, G&S Investors believed that the location of the site was unsurpassed given that it is located at the Route 10 / Eisenhower Parkway intersection, Northern New Jersey’s most desirable retail intersection, and has significant street frontage on Route 10, Northern New Jersey’s most prominent retail corridor.

In the redevelopment of the site, G&S Investors was able to allay community concerns of “big box” 100,000sf+ wholesale retail clubs through a concept of four, smaller retail tenants and contend with planning concerns over excessive existing traffic congestion at the intersection by the construction of a “jug handle” (a new roadway interchange) that was not in either the state or local budget. At the completion of the redevelopment, the Property was now the Livingston Shopping Center, a 121,879sf shopping center that consisted of four tenants, Circuit City, Linens N’ Things, Old Navy and Border’s. The Livingston Shopping Center has remained fully occupied throughout its history.

Project Size
121,879sf

Date Opened
Fall 1997

Major Tenants
Circuit City
Linens N’ Things
Old Navy
Border’s

Space Availability
None

G&S’ plan addressed the City’s needs for protection from liability for environmental problems, an increased tax base and an anchor for future development. G&S improved a run-down city park, relocated the area animal shelter and capped the site in a manner acceptable to Costco and the State of New York environmental authorities. Since the approval of the Costco plan, not only has that store been completed, but a Home Depot and Linens N’ Things have also opened on adjacent parcels. The project created 250 construction and 150 permanent and part-time retail jobs.

G&S proposed the construction of a multiplex movie theatre, which was overwhelmingly accepted by the City. G&S then negotiated a deal with Cineplex Odeon to construct a six-screen multiplex cinema that utilized the existing parking facility. G&S also brought in several food establishments, including Long Island’s first Starbucks Coffee, La Famiglia Pizzeria, and Maggie’s Bistro, to compliment the theatre business. This project provided a significant boost to the economic revitalization of Glen Clove.

Willow Park Center is an 117,000sf retail center in Farmingdale, NY. In 1984 G&S Investors purchased the site, which was an old, dilapidated industrial park located on the Route 110 corridor. Although during the 1980’s the site’s use as an industrial park would sway most developers from pursuing a redevelopment, G&S Investors viewed the Property’s location on Route 110, which is one of the more heavily trafficked corridors in the region and an area of heavy traditional retail consumer traffic, as an ideal location for a retail center. Successfully negotiating through the redevelopment process, including a rezoning from industrial to retail use, G&S Investors completed an 117,000sf center in December 1990. The center at that time included a 9,000sf Houlihans restaurant, which was a volume leading chain in the restaurant/bar industry at the time, a 6,000sf Maces Close-out City and a 102,000 Home Depot, Long Island’s first Home Depot.

All stores in the center became an instant success, especially the Home Depot. Home Depot’s first year sales topped $50.0 million nearly doubling their first year sales projection of $26.0 million. Within a few years Home Depot’s sales exceeded $61.0 million annually making the store one of the highest grossing stores in the company at that time. With business far exceeding any of Home Depot’s wildest projections, Home Depot relocated the store to a larger facility in the same vicinity on the Route 110 corridor.

The relocation of Home Depot led to another redevelopment of the site, this time to its current use as a Target anchored shopping center. In order to achieve this most recent redevelopment G&S Investors not only reconfigured the old Home Depot into a Target, but also purchased additional adjacent properties to expand the Target store into a larger store. Since the summer of 2001, when the Target store opened, the center has remained successful and nearly fully occupied.

Location
Farmingdale, NY

Project Size
117,000sf

Date Opened
Winter 1990

Major Tenants
Target

The Price Club (now Costco Wholesale) opened a facility on Nicolls Road on August 14, 1993 with initial sales volume exceeding $90 million. In 1999, G&S applied to rezone a 3-acre out-parcel and acquired permits to build and lease what is now a 28,000 sq. ft. Circuit City store.

Price Club and Circuit City created 500 temporary jobs during their construction periods plus 260 permanent full-time and part-time retail positions. The development of these projects had two major tax impacts for the community. First, Costco generates significantly higher real estate taxes than did the underdeveloped industrial land. In addition, its mature sales volume of approximately $180 million annually generates $12 million in sales tax dollars each year. G&S subsequently sold the wholesale club to the tenant and the Circuit City store to an investor.