TRENTON-The governor's initiative would force those developing properties with more than a half-dozen multi-family units or single homes on land without public sewers to face tough reviews.

ELIZABETH, NJ-A former Holiday Inn property will be turned into an upscale hotel at a cost estimated at $32 million. Completed is slated for later this year.

TRENTON-AES Power Direct is pulling out of the New Jersey market, citing losses tied to rising energy costs. The move is considered a blow for the deregulated energy market here.

RED BANK, NJ-Two homebuilders will combine to form the country's eighth largest residential developer. The company will be king in New Jersey, Washington, DC and North Carolina markets.

SOUTH BRUNSWICK, NJ-The interactive marketing company will move immediately into excess space in the Bernard Kilgore Center, a 450,000-sf property. The transaction covers one and a half floors of the facility, located in Route 1 corridor.

MORRISTOWN, NJ-Pru moves the 85,000+ sf property, with a financial services-laden tenant roster, for $13.1 million in a CB Richard Ellis-brokered deal.

CRANFORD, NJ-The REIT plans to use the net proceeds mostly to repay outstanding unsecured debt. Company officials call it another step in strengthening its financial position.

WALL TWP.-The world's largest retailer will take a site that is owned by a convenience store chain, was once a drive-in theater and once considered by Home Depot for a store.