Promoting New Opportunities at NJ Ports
08 March 2007 - 4:46AM
PR Newswire (US)
Officials Kick Off Economic Development Marketing Campaign Designed
to Bring Investment and Jobs into the Garden State CARTERET, N.J.,
March 7 /PRNewswire-FirstCall/ -- Government officials joined
private industry leaders today to kick off an economic development
marketing campaign designed to bring investment and jobs to New
Jersey's ports. Members of the brokerage and development community
were given a sneak peek at promotional materials set to be mailed
to thousands of companies in North America, boasting the merits of
moving their operations to the Garden State. The materials were
developed through a public/private collaborative that has been
working to turn underutilized and brownfield sites in and around
the Port of Newark into sought after locations for warehouse and
distribution facilities. Dubbed the "Portfields Initiative," the
effort is expected to create jobs, tax revenues and other economic
benefits for the region. "Our ports are the lifeblood of our
state's economy," said Caren S. Franzini, chief executive officer
of the New Jersey Economic Development Authority (EDA). "Governor
Corzine's Economic Growth Strategy calls for the state to encourage
the growth of capital investments to promote international business
development within New Jersey's ports and logistics systems. The
Portfields Initiative supports that strategy." PSE&G worked
with a number of state agencies and private developers to fund and
develop a $250,000 international marketing campaign promoting the
initiative. The campaign will begin next week and will target 3,500
companies in North America believed most likely to relocate or
expand in the Garden State. PSE&G has long supported economic
development in New Jersey, working closely with public and private
sector organizations and leaders to leverage the state's economic
strengths. "This initiative showcases both the merits of doing
business in New Jersey, and the strategic alliances that work to
keep the state economy strong," said Ralph LaRossa, the utility's
president and chief operating officer. "I'm proud of our investment
in this effort and the work of this group." The Port of New York
and New Jersey is one of the largest and most productive shipping
hubs in the world. With commerce already growing at a rate of 10% a
year, the port is expected to get even busier with the completion
of a dredging project. Deeper channels will allow larger container
ships to bring significantly more cargo to the port -- and
opportunities for economic growth in the region. The projected
growth created a need for more modern distribution and warehouse
space in the Port District -- an area defined as the 25-mile radius
around the Statue of Liberty that includes towns in NJ's Essex,
Hudson, Union and Middlesex counties. There are currently 17
"portfield" sites in the Port District, located in Kearney, Newark,
Elizabeth, Bayonne, Linden, Carteret, Jersey City, Edison,
Woodbridge and Perth Amboy. Each site can accommodate at least
350,000 square feet of cargo distribution building space and each
has easy access to the NJ Turnpike, Newark Liberty International
Airport and the ports in Elizabeth and Newark. Partners in the
promotional effort include the EDA, the New Jersey Commerce and
Economic Growth Commission, the Port Authority of New York and New
Jersey, PSE&G and six private developers: Matrix, Prologis, The
Morris Companies, Panattoni, IDI and River Terminal Development.
The EDA is an independent state agency dedicated to fostering
economic growth in New Jersey. It has been working with the state's
Department of Environmental Protection and other state agencies and
departments to expedite project permitting and approvals to
accelerate the development of properties in the Port District. "The
success of our collaborative efforts to expand and modernize
warehousing and distribution facilities will put businesses in a
better position to take advantage of emerging domestic and overseas
market opportunities and achieve greater efficiency, productivity
and profitability," Franzini said. For a look at the promotional
materials and detailed information on each of the portfields sites,
visit http://www.locationnj.com/portfields. PSE&G has helped
thousands of companies find sites, locate facilities, maximize
incentive returns, and successfully deal with site selection and
facility location issues in New Jersey. The utility works closely
with public and private sector organizations and leaders to
leverage the state's economic strengths- and help New Jersey thrive
and prosper. It was recently named the most reliable electric
utility in the nation, for the second time in two years.
DATASOURCE: PSEG Global CONTACT: Jenn Kramer, +1-973-430-7734 Web
site: http://www.pseg.com/
Copyright