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NEW BRUNSWICK, NJ-The non-profit New Brunswick Development Corp.’s (Devco) effort to redevelop a downtown two-acre site as a 450,000-sf mixed-use project has gotten a big boost with the decision by the Middlesex County Improvement Authority to sell $65 million worth of tax-exempt bonds to help fund it. The total price tag for the project has been put in the $110 million price range.

The project itself, which is to be called Heldane Plaza, was officially unveiled last year as reported by GlobeSt.com. It will consist primarily of a 250-room hotel and a 50,000-sf meeting facility. Also part of the mix will be some 10,000 sf of ground floor retail space and between 30 and 50 residential condominium units. With the influx of cash, Devco officials expect to be under construction as early as this fall, with a projected opening of spring 2005.

The actual sale of the bonds will begin be the end of summer, according to officials of both Devco and the county authority. Citigroup Global Markets Inc. will underwrite the sale.

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