March 9, 2016
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O’Neill Properties Group, based in King of Prussia, PA, will start construction on its 5.8 million-square-foot project, The Pointe. The $2.2-billion mixed-use project is situated on 418 acres in Sayreville, NJ; a site formerly home to paint pigment manufacturer National Lead (NL Industries).
The first phase will be a 200,000-square-foot Bass Pro Shops store, which will anchor a 2.4-million square foot retail development. During the next decade, O’Neill Properties will add 750,000 square feet of office space, 1,000 hotel rooms and 2,000 multifamily units. The development will also have its own highway interchange, off the Garden State Parkway.
O’Neill acquired the Sayreville site for $80 million in 2008, two decades after it was abandoned by NL Industries. “It’s more or less a once-in-a-lifetime opportunity to be able to construct something like this,” said Matt S. Krauser, senior managing director for Integra Realty Resources’ Northern New Jersey office. IRR is not involved with the project.