Hundreds of luxury apartment units are coming to Perth Amboy in two new developments. The two luxury resort style developments are 585 West Sayre Ave with 117 rental units. And Riverwalk Crossing with 578 units. The plans, approved in 2020 by the Perth Amboy Redevelopment Agency and Perth Amboy Planning Board, were recently approved for 25 year PILOTs, an exemption from property taxes in exchange for cash payment to the municipality. It is estimated that the developments will add 1,511 new residents to the city.
585 West Sayre Ave, (view plans) with entrance off Convery Blvd, will be a $31.75 million 200,000 sq ft, 4 story multi-residential building having 24 1-bedrooms, 74 2-bedroom and 12 2-bedroom town homes. A 2 bedroom unit will range in rent from $2100-$2500. It is estimated that this development will add 264 new residents and 8 children to the school district. The building has 171 parking spaces.
The Riverwalk Crossing (view plans) development will be located off Riverview Drive along the waterfront and will feature $160 million construction of 949,587 sq ft 5, 5 story residential buildings with 150 one-bedroom,422 two-bedroom, and 6 three-bedroom units. A 2 bedroom unit will rent for $2200. It is estimated that this development will add 1,247 new residents and 29 children to the school district. The building has 694 parking spaces.
Residents must earn $100,000 to qualify to live in these new luxury developments designed to “attract a younger crowd” said developer Eddie Trujillo. “Hopefully this will stimulate the development of downtown Perth Amboy, ” Trujillo said to the Council. 10% of the units will be workforce housing.
All apartments will have washers and dryers, dishwashers, central air, quartz counter tops, building security and on site parking and other amenities. Riverwalk will have rooftop decks and lounges with water views, a nearby park the developer is making, gyms and other amenities. A nature walk along Raritan Bay is across the street and it is a good area for kayaking, sailing and fishing with a public boat launch at Second St. A bike route and art installations have been proposed along Riverview Dr. The development is near the new Bay City amphitheater and the new Borinqueneer Park on Second St. It is believed that many new residents won’t rely on cars and will walk to the nearby train station to commute. The Perth Amboy Train Station is undergoing a $45 million renovation. The Perth Amboy Downtown is in walking distance as well as the Perth Amboy Waterfront.
The City Council voted 4-1 to give the developer the 25-year pilots for each development. Councilman Torres voted no for the pilots and said that he did not want to approve pilots for these large projects because there was no union labor being used. The developments will be under the supervision of local code enforcement. Code Enforcement reported to the council that their capacity will have to be increased to be able to address this new development. Housing booms also may cause hiring increases for the Fire Department.