Carteret, NJ – Mayor Dan Reiman has announced that construction on the retail portion of P.C. Richard & Son’s Carteret facility was recently completed. The company, one of the most rapidly expanding electronics retailers in the metropolitan area, first began construction on its warehouse & retail center in 2009, and has recently joined Carteret’s Urban Enterprise Zone.
The retail center is now open and stocked for the holiday season, according to company representatives. A formal Grand Opening ceremony welcoming P.C. Richard to Carteret’s business community has been scheduled for Tuesday December 7, 1159 Roosevelt Avenue, at 2:00 p.m.
The preexisting 65,000 sq. ft. former CRP facility has been restructured, according to Gerard Construction Corp. representatives. The entire property conversion and development has called for the remolding of a 279,385 sq. ft. warehouse, distribution facility, and the construction of a 20,000 sq. ft. office building, and a 100,000 sq. ft. warehouse expansion. Once completed, the total area of the new facility will exceed 400,000 square feet.
In addition to the new Carteret retail and clearance superstore, fifteen acres of existing light industrial space has been converted into office and warehouse/distribution space for PC Richard & Son’s management operations.
Through redeveloping the existing structure and property, P.C. Richard has saved 25-30% on construction costs, stated Site Superintendent Ron Oiler.
To date, all construction has been performed through union labor, with the creation of over 70 construction jobs through this phase alone.
“The opening of P.C. Richard & Son is a milestone in Carteret’s economic development,” Mayor Reiman stated. “Their arrival will help redefine West Carteret as a consumer destination while creating private sector jobs, and has already allowed for over $15 million in union construction work. With its history of quality service, and convenient location adjacent to the N.J. Turnpike, this P.C. Richard superstore is yet another watermark in the growth of our business community, and the continuing expansion of our commercial tax base.”
In 2008, the Borough entered into a $100 million dollar redevelopment agreement with A.J Richard & Son, Inc. (Parent Company of the P.C. Richard’s Home Electronic Super Center) for Phase I of the West Carteret Minue Street Retail Redevelopment Area.
As part of the redevelopment agreement between the Borough of Carteret and P.C. Richard’s, the company would begin construction on a retail and clearance superstore on Minue Street, fronting the New Jersey Turnpike.
Carteret (UEZ) Urban Enterprise Program certification will provide P. C. Richard & Son with state tax benefits and employment incentives, and consumer incentive through the reduced sales tax rate of 3.5% on all retail sales. Reduced sales tax have helped provide a competitive edge for attracting customers to participating businesses throughout New Jersey.
“We expect P.C. Richard to serve as the welcome mat to further commercial growth in West Carteret,” Councilman and Finance Chair Jorge Diaz added, “this is one of many large-scale improvements that are helping redefine Carteret as a regional destination for shoppers and other businesses. Despite Governor Christie’s rechanneling of U.E.Z. funds, we expect Carteret’s continuing participation in the program to help foster considerable economic growth in this area.”