The largest parcel of developable land left in the Meadowlands is up for bid, according to reports. The Kingsland site in Rutherford and Lyndhurst contains 718 acres of land that was once part of the EnCap golf and housing project. Formerly an expanse of landfills, the area was slated to be developed by Florida-based EnCap Golf Holdings as part of a $1 billion public-private plan, incorporating 2,600 luxury housing units, golf courses, and hotels. That plan ended when the company filed for bankruptcy in 2008.
Last month several real estate developers bid for the site, according to nj.com. The article states that the land could accommodate up to 2 million square feet of industrial space, along with other uses, creating jobs and generating tax revenue for the region.
The property is currently owned by the New Jersey Meadowlands Commission. They are reviewing the submitted offers and will choose a primary and secondary bidder. If the primary bidder does not complete all the requirements and close in a reasonable amount of time, the secondary bidder gets a shot at the property.
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