Specifically, the money will be used to upgrade a major accessroad bisecting the site and other road improvements, as well as forutility upgrades and street landscaping. "We've been workingclosely with Lakewood to support these improvements," according toDOT commissioner James Weinstein.

Since getting the nod as redeveloper of choice for the site inJune 2000, Cedarbridge has invested $1.1 million to complete themasterplanning for the infrastructure, design engineering,assemblage of the site and a variety of pre-marketing activitiesincluding approvals. The development team that has been puttogether includes Picus Associates of Princeton as project manager;the Hillier Group, also of Princeton, as planner/architect; Cushman& Wakefield of NJ as exclusive leasing agent; and D.W. SmithAssociates, Lakewood, as project engineer.

The developer projects up to 14 office buildings at build-out,which is expected to be several years down the road. Actualconstruction is expected to begin next summer, and assessedproperty value at full build-out could reach the $300 million mark,according to estimates.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.