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AvalonBay Joins Somerset's $500M MXD

WOOD-RIDGE, NJ-The homebuilder is on board for more than half of Wesmont Station's 788-unit residential component.

By Eric Peterson | Updated on May 28, 2008

WOOD-RIDGE, NJ-AvalonBay Communities has signed on as a JV partner in Somerset Development’s Wesmont Station mixed-use project here. Site work is under way for the 70-acre transit-oriented development, which has also been selected as a pilot project in the US Green Building Council’s LEED Neighborhood Development Initiative.

Specifically, AvalonBay will develop 400 high-end rental apartments in four buildings as part of phase one of the project, or more than half of its 788-unit residential component. For-sale residential development will come in later phases.

Carrying a reported price tag of $500 million, Wesmont Station will also include 130,000 sf of retail and office space, a public square, community center, a new middle school, athletic fields and other recreational facilities, and a new commuter train station on NJ Transit’s Bergen Line. The Lakewood, NJ-based Somerset had picked up final site plan approval in the summer of 2006.

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