July 8, 2019
Somerset Development acquired a 31-acre property in Somerville, NJ, which will serve as the future site for its Somerset Station mixed-use development. The former landfill site was purchased from New Jersey Transit for an undisclosed sum, with Investors Bank providing financing for the acquisition.
Somerset Station, which will be located along NJT’s Raritan Valley line, will include 14 apartment buildings totaling 370 units, 156 townhomes; two parking garages; 4,000 square feet of retail space and a 4,000-square-foot community civic center.
The mixed-used development will be built in phases, with construction set to begin later this summer. “This acquisition marks the culmination of 10 years of work between Somerset Development, the borough of Somerville and NJ TRANSIT, to realize our shared vision of transforming this former landfill site into a vibrant, mixed-use transit village,” said Ralph Zucker, Somerset Development’s president and CEO.
A 2023 completion is expected for the project.
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
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