The planning board's approval was contingent on the requirement that a90,000-square foot, grocery-anchored retail project would deliverfirst. After that, other retail projects may receive approval fordevelopment. The site plan includes the development of more than140,000 square feet of retail/commercial space as well as 279residential units.
The approval was long in coming, says Lance LJ Marine, a retailspecialist with CB Richard Ellis' Retail Group. "They halteddevelopment plans in 2003 and have been navigating a challengingapproval process since," he tells GlobeSt.com.Marine is currently working on the search for a developer. He expectsground to 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.
