Carteret, NJ – Mayor Daniel J. Reiman announced today that construction has begun on the new P.C. Richard warehouse and retail facility to be located in West Carteret. Phase I of construction will add approximately 47,000 square feet of warehouse space to an existing structure which P.C. Richard purchased this past May. The addition will front Germak Drive in the West Carteret Minue Street Redevelopment Area.
In May, the Mayor was joined by the Borough Council for the signing of a $100 million dollar redevelopment agreement with A.J Richard & Sons, Inc. for Phase I of the West Carteret Minue Street Retail Redevelopment Area.
As part of the redevelopment agreement, the appliance and electronics retail company will also construct a 33,000 sq. ft. P. C. Richard & Sons clearance superstore on Minue Street, fronting the New Jersey Turnpike. The center is planned to open in the fall 2010.
Both Phase I and the retail store will expand fifteen (15) acres of existing light industrial property, which will be converted into office and warehouse/distribution space for PC Richard & Son’s operations. The property conversion and development has called for the acquisition and renovation of the 279,385 sq. ft. warehouse, distribution facility, and the construction of a 20,000 sq. ft. office building. Once completed, the total area of the new facility will exceed 400,000 square feet.
“The arrival of P.C. Richard & Sons represents a major leap forward in Carteret’s economic development,” Mayor Reiman stated. “This market leader in appliance and electronic sales will redefine West Carteret as a focal point for shopping and commerce while creating private sector jobs, and will call for over $15 million in Union construction work. With its history of quality service, and prominent location adjacent to the N.J. Turnpike, this P.C. Richards facility will be a welcome mat to economic growth in West Carteret.”
As a participant in the Carteret (UEZ) Urban Enterprise Program, P. C. Richard & Sons with qualify for state tax benefits and employment incentives, as well as the reduced sales tax rate of 3 ½ %, providing savings to consumers on all purchases. Reduced sales tax provides a competitive edge for attracting customers, along with P.C. Richard & Sons long standing reputation for quality service and dependability. UEZ certification also provides tax savings during construction/conversion of the facility for the developer and the business operator.
Project highlights include:
· ** 330,000 **sq.ft warehouse distribution building
· **31,000** sq.ft. office building
· **33,000** sq.ft. retail space. (A P.C. Richards Super Center)
· ** $100 Million dollars** in private investments, including $15 million in construction, and new ratables
· The Redevelopment Agreement guarantees “Union Labor” construction and long term jobs
· Added ratables and UEZ sales dollars for Carteret
· The start of the West Carteret Minue St. Retail Redevelopment Ave.
“With our location, UEZ Benefits, our Business Recruitment Plan, and a Business friendly Administration, this is just the start of some major commercial redevelopment for Carteret,” Mayor Reiman added. “We welcome PC Richards to Carteret and wish them much success in their new retail location.”
P. C. Richard & Son is a family-owned and operated retailer since 1909, boasting 98 years of “honesty, integrity and reliability”. PC Richard & Son is known for superior service before, during and after the sale. P.C. Richard & Sons is committed to participate in local Carteret job fairs and to advertise locally for all job openings.
