NJ TRANSIT has partnered with Somerset Development LLC to create a vibrant, new mixed-use Transit Oriented Development (TOD) project through a sale and lease agreement with the developer for land adjacent to the Somerville Train Station.
Last week, Somerset Development purchased approximately 31 acres of land at a purchase price of $11 million for the new TOD. Additionally, Somerset Development leased a subdivided land area from NJ TRANSIT to construct, operate and manage a 526-space structured parking facility over a 37-year term. The parking facility will be shared by NJ TRANSIT commuters, residents and retail users. Somerset will provide interim commuter parking during construction phasing.
“After more than a decade of delays, I am proud that my team at NJ TRANST was able to advance this project to this next stage,” said NJ TRANSIT President & CEO Kevin Corbett. “Mass transit provides cleaner, greener ways for people to get to work, school and entertainment. Planned communities that combine transit and a walkable lifestyle benefit everyone and we are pleased to be a part of this process. One of my priorities as President & CEO of NJ TRANSIT is to help propel projects like this one, which provide long-term economic and environmental benefits locally and in the State of New Jersey and a true benefit to the riding public.’’
“After many years of planning the redevelopment of the whole landfill redevelopment area, the Borough Council and myself are pleased to have had the opportunity to work with Mr. Ralph Zucker and his team Somerset Development and NJ TRANSIT on the concept design of the Somerset Station project,’’ said Dennis Sullivan, Mayor of Somerville. “This milestone project with its variety of housing alternatives, public areas and community spaces will offer a new and exciting neighborhood for future residents of Somerville to enjoy. Somerset Station will link the borough’s downtown to the recently completed 17-acre open space area that adjoins this project, further enhancing the walkable lifestyle the borough promotes. The new road link to route 206 will provide direct access to the NJ TRANSIT train station for commuters without impacting local streets. Somerset Development has planned for the needs of the community and incorporated these into this project.’’
Preliminary construction activities will commence this summer and construction of the commuter parking facility will begin in 2020. Overall project construction will be phased over four years and is anticipated to be finished in 2023.
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