$66m redevelopment gets go-ahead.

Edgewood Properties, announced it has received final approvals from the Somerville Planning Board to commence construction of its $66 million mixed-use redevelopment project, Somerville Towne Center.

"This is a historic event in the history of the county seat of Somerset County," commented Jack Morris, President, Edgewood Properties. "We are excited to begin this landmark project. Somerville Towne Center will create one of the most dynamic mixed-use developments ever built in Somerset County."

When completed, the five-year project will create 136,000 s/f of retail space, 73,000 s/f of office space, 265 luxury apartments and two parking garages. The retail space will include a restaurant and a fitness center. In addition, the plan will extend Davenport Street south one block, through the middle of the site, to join Veterans Memorial Drive.

According to Mayor Brian Gallagher, when built, the project could bring $2.1 million in annual property taxes. "As a taxpayer, when you look at $2.1 million, how can you say no? We are delighted to have someone with Jack Morris' experience and quality reputation come to Somerville to help rejuvenate our downtown. This is a great day."

Edgewood Properties is currently developing a mixed-use community in Cherry Hill, NJ that includes more than 500,000 s/f of retail including a 135,000-s/f Wegman's supermarket and a home improvement superstore, a 200,000-s/f Lifestyle Center, more than 1,000,000 s/f of office space and more than 1,500 residential units.