Carteret, NJ – Mayor Dan Reiman has announced that construction on the retail portion of P.C. Richard & Son’s Carteret facility is under construction. 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 preexisting 65,000 sq. ft. former CRP facilityis 70% complete, according to Gerard Construction Corp. representatives. The entire property conversion and development has called for the acquisition and remolding of the 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 addition. 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 operations.
Through redeveloping the existing structure and property, P.C. Richard will save 25-30% on construction costs, stated Site Superintendent Ron Oiler.
“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 has already allowed 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 will showcase another watermark in the growth of our business community, and the continuing expansion of our tax base.”
In 2008, the Borough entered into a $100 million dollar redevelopment agreement with A.J Richard & Sons, 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.
100% of construction has been performed through union labor, with the creation of over 70 construction jobs through this phase alone.
Carteret (UEZ) Urban Enterprise Program certification will provide P. C. Richard & Sons with state tax benefits and employment incentives, while benefitting from the reduced sales tax rate of 3½ %, a savings for consumers on all retail sales. Reduced sales tax have helped provide a competitive edge for attracting customers to participating businesses throughout New Jersey.
“While we are happy to see this construction continue,” Mayor Reiman said, “and anxiously await the grand opening of P.C. Richard, we are concerned about the single-handed dismantling of the U.E.Z. program by Governor Christie. As part of the attraction for the Borough and P.C. Richards, Carteret anticipated $1.5 million a year in U.E.Z. sales tax, which the governor has taken from Carteret to balance his budget. The Governor’s 2010 budget prospectively and retroactively re-appropriates $15 million from Carteret’s U.E.Z. program during the life of our U.E.Z. extension. This money, which should be used to improve the West Carteret Bridge and fund other capital projects within the U.E.Z. area will now be used by Trenton bureaucrats as a band aid for reckless spending at the state level.”
The retail and clearance superstore is expected to be completed by the end of October and open before Christmas. P. C. Richard & Son is a family-owned and operated retailer since 1909, touted as having 100 years of “honesty, integrity and reliability”.
Mayor Reiman stated, “Carteret is quickly becoming a vibrant hub of economic activity – with our location, our business recruitment agenda, and a business-friendly administration; this is just the start of some major commercial redevelopment for Carteret. We wish P.C. Richard & Son much success in their new location, and look forward to the beginning of construction on their retail store this spring.”