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SELINGSGROVE, PA-Following final approval from Monroe Township’s board of supervisors, Pennsylvania Real Estate Investment Trust has broken ground on Monroe Marketplace, a 717,000-sf power center. In addition, the Philadelphia-based retail REIT has signed an agreement with Target Corp.

The Minneapolis-based Target will build a 127,000-sf store to anchor the center, which is located on a 125-acre parcel at the intersections of routes 11 and 15, just south of Stettler Avenue. The marketplace’s estimated construction cost is $61.6 million, according to a PREIT spokesman, who says the company has invested $7.3 million to date in site preparation.

The spokesman tells GlobeSt.com that PREIT will sell a pad site to Target. “The price is undisclosed now because the transaction is subject to due diligence and certain other conditions, which have not yet been finalized,” he says. Plans call for a mix of national and regional retailers in the center’s remaining space. Completion is scheduled for summer 2008. Create Architecture Planning & Design of New York City designed Monroe Marketplace.

PREIT also has preliminary plans on its agenda to begin construction of New Garden Town Center in New Garden Township, PA in 2008. It is a 715,000-sf mixed-use project at an estimated development cost of $82.1 million. The mixed-use components are not yet defined, but it’s scheduled for completion in 2009.

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