NJ TRANSIT Partners with Somerset Development to Build Somerville TOD Project
Somerset Station, which will be located along NJ TRANSIT’s Raritan Valley line, will include two apartment buildings totaling 371 units, 156 townhomes in 14 buildings; two parking garages; 4,000 square feet of retail space and a 4,000-square-foot community civic center.
SOMERVILLE, NJ—NJ TRANSIT has announced it is partnering with Somerset Development of Holmdel, NJ to build a major transit village adjacent to the Somerville Train Station.
The “Somerset Station” project will be the largest mixed-use development ever built in Somerville. NJ TRANSIT announced on Monday that Somerset Development purchased approximately 31 acres of land last week for $11 million for the new project. Investors Bank providing financing for the acquisition.
Additionally, Somerset Development, the master developer of the project, leased a subdivided land area from NJ TRANSIT to construct, operate and manage a 526-space structured parking facility over a 37-year term. The parking facility will be shared by NJ TRANSIT commuters, residents and retail users. Somerset will provide interim commuter parking during construction phasing.
No development cost for the project was released.
Somerset Station, which will be located along NJ TRANSIT’s Raritan Valley line, will include two apartment buildings totaling 371 units, 156 townhomes in 14 buildings; two parking garages; 4,000 square feet of retail space and a 4,000-square-foot community civic center.
A spokesman for Somerset Development tells Globest.com that AvalonBay Communities will be developing the apartment units and parking facility.
“After more than a decade of delays, I am proud that my team at NJ TRANST was able to advance this project to this next stage,” said NJ TRANSIT president and CEO Kevin Corbett. “Mass transit provides cleaner, greener ways for people to get to work, school and entertainment. Planned communities that combine transit and a walkable lifestyle benefit everyone and we are pleased to be a part of this process. One of my priorities as president and CEO of NJ TRANSIT is to help propel projects like this one, which provide long-term economic and environmental benefits locally and in the State of New Jersey and a true benefit to the riding public.’’
Somerset Development received approval for the acquisition via a unanimous vote from Somerville’s Planning Board in May 2018, after numerous proposals from other developers had been denied over the last three decades. The project will transform a portion of the borough’s landfill redevelopment area—a parcel totaling more than100 acres bound by the railroad, South Bridge Street and Route 206.
Somerville Mayor Dennis Sullivan said, “This milestone project with its variety of housing alternatives, public areas and community spaces will offer a new and exciting neighborhood for future residents of Somerville to enjoy. Somerset Station will link the borough’s downtown to the recently completed 17-acre open space area that adjoins this project, further enhancing the walkable lifestyle the borough promotes. The new road link to Route 206 will provide direct access to the NJ TRANSIT train station for commuters without impacting local streets.”
Preliminary construction activities will commence this summer and construction of the commuter parking facility will begin in 2020. Overall project construction will be phased over four years and is anticipated to be finished in 2023.
“AvalonBay is very excited to have the opportunity to help create a dynamic transit-oriented development in Somerville’s wonderful, rapidly growing downtown,” says AvalonBay SVP Ronald Ladell. “We look forward to working with our colleagues at Somerset Development, and extend our gratitude to NJ TRANSIT and the Borough of Somerville as we begin the process of delivering this transformational mixed-use project.”
The parking deck, which will be the first structure to be built, is set to replace the existing commuter parking lot adjacent to the train station. Somerset Development also plans to build a road connecting the transit village to nearby Route 206.
“This acquisition marks the culmination of 10 years of work between Somerset Development, the borough of Somerville and NJ TRANSIT to realize our shared vision of transforming this former landfill site into a vibrant, mixed-use transit village,” said Ralph Zucker, president and CEO of Somerset Development. “We are incredibly thankful to all of the partners who played a role in the planning and execution of this transaction, and look forward to beginning work on creating a development that can create a better, more prosperous future for downtown Somerville.”
In late March, Somerset Development, in partnership with Triangle Capital Group, completed the acquisition of a 150-acre former AT&T corporate campus in Hoffman Estates, IL, which will serve as the future site for the next Bell Works.