HILLSBOROUGH, NJ-The last phase is underway for Hillsborough Point, one of the few adult lifestyle communities being built or already in existence in Somerset County, which is among New Jersey's fastest-growing regions.

PHILLIPSBURG, NJ-A Pennsylvania-based developer will do the project, which involves site remediation. State and federal assistance in the form of loans and grants will help the project along.

AVENEL, NJ-Used by the company's electric motor division to make engines for submarines, the existing operation was a casualty of years of relative peace and diminished threat to national security.

NEWARK-Then there were six . . . from a list of 18 bidders, the New Newark Foundation has narrowed the field and is on the verge of picking the preferred developer for a key project in the city's ongoing rebirth.

ELMWOOD PARK, NJ-LKD Associates will try to attract corporate tenants from points east, including New York City, with lower rents. Occupancy for the biggest block of spec space to hit the market in a decade is slated for mid-summer.

HOLMDEL, NJ-Already developing a mixed-use project on the former paper cup manufacturing site, the firm turns its attention to a shopping center across the highway--and buys that too.

ATLANTIC CITY-A few years ago Delmarva Power took over Atlantic Electric, creating Conectiv out of the combined companies. Now, Potomac Electric is acquiring Conectiv. The new name of the merged companies has not been disclosed.

TINTON FALLS, NJ-The real estate company will take about one-third of a class A building currently under construction along the Garden State Parkway in this Monmouth County township.