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NRDC Readies 385,000-SF Shopping Center

SOMERDALE, NJ-CooperTowne Center will combine a makeover of the existing Lions Head Plaza with new construction.

By Eric Peterson | Updated on October 17, 2008

SOMERDALE, NJ-Construction will start by the end of this month for Coopertowne Center, a 385,000-sf shopping center at the intersection of White Horse Pike and Evesham Avenue here. The project is being done by the Purchase, NY-based National Realty & Development Corp.

And it’s actually a mix of old and new construction. The existing, 20-year-old Lions Head Plaza is currently 70% vacant, and the property’s assessed value has dropped from $10.5 million to $7 million. That coupled with the loss of about 200 jobs and reduced tax revenues qualifies the property as what the State of New Jersey terms a “greyfields” project and a requirement that it be fully redeveloped.

“It sets the stage for how revitalization should be done in New Jersey,” says NRDC president John Orrico. “We’ve worked with the community to design elements to the center that will create a traditional Northeast downtown look and feel. In the end, we will be able to take an economically blighted site and create a balance of public and private accommodations, something that’s not done very frequently.”

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