BRIDGEWATER, NJ-The Village at Bridgewater Commons is nearing completion and its developers have set a September date for its official opening. The 95,000-sf open air lifestyle shopping center, which is costing $40 million to build, is a joint venture of General Growth Properties, the New York State Teachers Retirement System and institutional investors advised by JPMorgan Asset Management.

“The Village is a direct response to our customers’ needs,” says Michael McNaughton, vice president of asset management at GGP, which is managing the property. “It will feature premium stores and restaurants, and we feel it will be a natural gathering place.”

The open-air multi-building shopping center will be anchored by a 35,000-sf Crate & Barrel flagship store and a 15,000-sf, first-in-the-market Maggiano’s Little Italy Restaurant. Other tenants lined up by GGP include Ann Taylor Loft, Banana Republic, bluemercury, Brooks Brothers, Coldwater Creek, Origins, White House/Black Market, Johnston & Murphy and SGH.

The Village is rising next to Bridgewater Commons, a 900,000-sf enclosed super-regional mall with the same ownership. The new development will be joined to the existing center by a connecting road and walking path, but will have its own 465-car parking lot. Anchored by Bloomingdale’s, Lord & Taylor and Macy’s, the original Bridgewater Commons was completed in 1988 and renovated and expanded in 2005. The asset became part of GGP portfolio when the company acquired the Rouse Co. a few years back.

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