The planning board's approval was contingent on the requirementthat a90,000-square foot, grocery-anchored retail project woulddeliverfirst. After that, other retail projects may receiveapproval fordevelopment. The site plan includes the development ofmore than140,000 square feet of retail/commercial space as well as279residential units.
The approval was long in coming, says Lance LJ Marine, aretailspecialist with CB Richard Ellis' Retail Group. "Theyhalteddevelopment plans in 2003 and have been navigating achallengingapproval process since," he tells GlobeSt.com.Marine iscurrently working on the search for a developer. He expectsgroundto break by next year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
