Somerset Development has closed on its acquisition of a 31-acre property in Somerville, NJ, which will serve as the future site for Somerset Station.
The site was purchased from the New Jersey Transit Corporation, with Investors Bank providing financing for the acquisition.
Somerset Station, which will be located along NJ TRANSIT’s Raritan Valley line, will include 14 apartment buildings totaling 370 units, 156 townhomes; two parking garages; 4,000 s/f of retail space and a 4,000 s/f 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, president and CEO of Somerset Development.
Somerset Station is the largest mixed-use development ever approved by the Borough of Somerville.
A parking deck, which will be the first structure to be built, is set to replace the existing commuter parking lot adjacent to the train station.
Somerset Development also plans to build a road connecting the transit village to nearby Route 206.
A new community civic center facility will provide space for future borough council meetings and more than 300 trees will be planted along the residential streets within the new community.
Somerset Development purchased the land for $11 million and leased a subdivided land area from NJ Ttansit to construct and manage a 526-space structured parking facility over a 37-year term.
“After more than a decade of delays, I am proud that my team at NJ TRANSIT was able to advance this project to this next stage,” said NJ TRANSIT President & CEO Kevin Corbett.