11-acresite

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Officials released some details of those four proposals, culledfrom more than 100 expressions of interest to the township'soriginal RFP. The most ambitious comes from the Blue Bell, PA-basedTBG Developers, which wants to anchor its project with afour-story, 124-room Marriott Courtyard hotel and conferencecenter. It would be flanked by two 21-story towers with two floorsof retail, four floors of offices and the rest residentialcondos.

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According to information released by officials, TBG did not lista price offer for the township-owned site, stating only that thecompany would pay "fair market value." The township acquired thesite in 2003 for $6.5 million, largely to thwart a proposed105,000-sf Home Depot store. TBG's project, meanwhile, would risein three phases.

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The other three proposals did include offers for the site, ledby the $7.5 million served up by M&M Realty Partners. M&M,a partnership between the Piscataway-based Edgewood Properties andJMP Holdings of Clifton, also named Marriott as a hotel anchor,with a 120-key property. The MXD would also include nearly 75,000sf of retail space, with about 46,000 sf encompassing asupermarket.

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Third finalist First Montgomery Group of Marlton is offering $6million for the site, on which it would build a 100-roomhotel-to-be-named and an adjacent "Main Street" corridor with fourfloors of apartments atop ground-floor retail. All of that would bebuilt within the footprint of the vacant supermarket.

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And Paramount Realty Services of Lakewood, will offer $4.8million for the site, and its redevelopment proposal is the mostmodest of the four. A four-story, 125-key Marriott property andbanquet center would be joined by a separate restaurant and apharmacy.

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"The process is more time consuming than simply selling theproperty to the highest bidder," says Mayor Stephen Acropolis."This has given us a greater say in what will be built, which wasimportant to us. We will not sacrifice the best interests of ourresidents for a speedy sale."

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