Officials released some details of those four proposals, culled from more than 100 expressions of interest to the township's original RFP. The most ambitious comes from the Blue Bell, PA-based TBG Developers, which wants to anchor its project with a four-story, 124-room Marriott Courtyard hotel and conference center. It would be flanked by two 21-story towers with two floors of retail, four floors of offices and the rest residential condos.
According to information released by officials, TBG did not list a price offer for the township-owned site, stating only that the company would pay "fair market value." The township acquired the site in 2003 for $6.5 million, largely to thwart a proposed 105,000-sf Home Depot store. TBG's project, meanwhile, would rise in three phases.
The other three proposals did include offers for the site, led by the $7.5 million served up by M&M Realty Partners. M&M, a partnership between the Piscataway-based Edgewood Properties and JMP Holdings of Clifton, also named Marriott as a hotel anchor, with a 120-key property. The MXD would also include nearly 75,000 sf of retail space, with about 46,000 sf encompassing a supermarket.
Third finalist First Montgomery Group of Marlton is offering $6 million for the site, on which it would build a 100-room hotel-to-be-named and an adjacent "Main Street" corridor with four floors of apartments atop ground-floor retail. All of that would be built within the footprint of the vacant supermarket.
And Paramount Realty Services of Lakewood, will offer $4.8 million for the site, and its redevelopment proposal is the most modest of the four. A four-story, 125-key Marriott property and banquet center would be joined by a separate restaurant and a pharmacy.
"The process is more time consuming than simply selling the property to the highest bidder," says Mayor Stephen Acropolis. "This has given us a greater say in what will be built, which was important to us. We will not sacrifice the best interests of our residents for a speedy sale."
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