New Project will Enhance Downtown Somerville and Attract
New Retailers and Residents to Area
SOMERVILLE, NJ, APRIL 18, 2005 - Edgewood Properties, announced it has received final approvals from the Somerville Planning Board to commence construction of its $66 million mixed-use redevelopment project, Somerville Towne Center.
"This is a historic event in the history of the county seat of Somerset County," commented Jack Morris, President, Edgewood Properties. "We are excited to begin this landmark project. Somerville Towne Center will create one of the most dynamic mixed-use developments ever built in Somerset County. All of Somerville's residents and businesses will benefit from this $66 million development bringing new jobs, rateables and sought after shopping experiences for all to enjoy."
When completed, the five-year project will create 136,000 square feet of retail space, 73,000 square feet of office space, 265 luxury apartments and two parking garages. The retail space will include a restaurant and a fitness center. In addition, the plan will extend Davenport Street south one block, through the middle of the site, to join Veterans Memorial Drive.
According to Mayor Brian Gallagher, when built, the project could bring $2.1 million in annual property taxes. "As a taxpayer, when you look at $2.1 million, how can you say no? We are delighted to have someone with Jack Morris' experience and quality reputation come to Somerville to help rejuvenate our downtown. This is a great day."
Edgewood Properties is one of the state's most active real estate development companies. Currently, the company is developing such world-class community-oriented mixed-use projects as: Garden State Park, a mixed-use community in Cherry Hill, New Jersey that includes more than 500,000 square feet of higher-end retailers including a 135,000-square-foot Wegman's supermarket and a home improvement superstore, a 200,000-square-foot Lifestyle Center, more than 1,000,000 square feet of Class A office space and more than 1,500 residential units; Brick 70 Center, a 300,000-square-foot power center development located on Route 70 in Brick, New Jersey; New Brunswick Town Center, a town center project consisting of an available supermarket position, Walgreens, available bank pad, retail and approximately 500 residential units; and Park 70 Plaza, a regional shopping center located in Brick, New Jersey, consisting of more than 300,000 square feet that will include Costco and several national retailers and restaurants.
About Edgewood Properties
Founded in 1992, Edgewood Properties is one of New Jersey's most active commercial and residential real estate development companies and currently is developing in excess of sixty-five projects throughout the state valued at over $10 billion. Edgewood Properties has been designated as redeveloper in many towns and cities throughout New Jersey including New Brunswick, Somerville, Somers Point, Pleasantville, etc. As a private, family-owned company, Edgewood is known for building quality developments that bring jobs, rateables and vitality to each local community.
For more information, please visit the company's Web site at: www.edgewoodproperties.com.
