Continuum's plans call for about a million sf of retail space. In addition, it would include about 700,000 sf of office space, 1,300 residential units, a 215-room hotel and about 6,500 covered parking spaces.
The development is being touted as Lakewood's new Downtown.
The project includes $165 million in public improvement costs, such as demolition, environmental cleanup, streets, sidewalks, utilities, drainage, parks and open space.
Continuum will pay 25% of those costs and will charge shoppers a 2.5% fee to pay the balance.
Lakewood will waive 50% of its 2% sales tax revenues to help defray the extra cost to shoppers.
When public improvement bonds are repaid over a maximum of 25 years, Lakewood will reinstate its full sale tax.
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