legal delays

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As GlobeSt.com previously reported, the 435,000-sf shoppingcomplex finally passed muster in late 2007, and a subsequentgroundbreaking kicked off the project's current construction. "Weare well under way, and are on schedule for a November opening,"confirms Michele Rothstein, SVP of the Roseland, NJ-based Chelsea,a division of Simon Property Group. As reported in the Simon 2007annual report, the estimated gross cost of the project is $157million.

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[IMGCAP(2)]The shopping center is rising on 60 acres at Route 66East and Essex Road along this community's border with NeptuneTwp., and will have a total of 120 stores with a fashion-oriented,upscale tenant mix. That tenant mix will also include a foodcourt.

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The single-level, village-style center will be Chelsea's thirdin New Jersey bearing the company's Premium Outlet brand, joiningproperties Flemington and Jackson. The site is also directly off anexit of the Garden State Parkway.

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As far as tenants, "we have yet to announce stores' names, butwill do so to coincide with a large job fair several months beforethe opening," Rothstein tells GlobeSt.com. Retail names that hadearlier surfaced during the approval process included Saks FifthAvenue, Brooks Brothers, Armani and Nordstrom. And Ann Taylor Lofthas posted a hiring notice on its website relating to a location inthis Monmouth County township.

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"During construction, the development is creating more than 300construction jobs," Rothstein says. "Upon opening, the center willprovide between 800 and 1,000 permanent and part-time jobs. It isprojected to generate more than $170 million annually in retailsales, and annual real estate property tax revenues of more than$1.2 million."

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