WOOD-RIDGE, NJ-AvalonBay Communities has closed on its purchase of the first two development sites at Wesmont Station, the transit-oriented redevelopment of the former Curtiss-Wright site here. The deal paves the way for AvalonBay to move forward on its plans to develop the first two luxury residential buildings at the development, which will contain more than 200 rental residences.
“Today’s announcement is a milestone achievement in furthering the realization of this significant community, which is a model of smart growth, sustainable development and one of the few projects moving forward in the current market,” Ralph Zucker, president of Somerset Development, master developer of Wesmont Station, tells GlobeSt.com. “We designed Wesmont Station to address the demand that exists for walkable, transit oriented, mixed-use communities, and purposely planned to begin development with the rental portion of the project, as the rental market has proven to be the first segment of the market to recover.” Both Somerset and AvalonBay declined to disclose the purchase price.
Construction of AvalonBay’s first two residential buildings at Wesmont is anticipated to begin in the first quarter of 2011. Somerset, as master developer of Wesmont Station, continues to develop horizontal infrastructure and site work at the property, including the installation of roadways, sewer hookups, curbing, streetlights and signage. Additionally, Somerset has announced that the architectural design of the community’s New Jersey Transit train station, which will connect with the Bergen Line commuter rail to Manhattan, is nearing completion, and construction of the train station is expected to begin in the second quarter of 2011. The train station project is a partnership between Somerset Development and New Jersey Transit. Ronald Ladell, vice president of AvalonBay, says, “AvalonBay is pleased to move forward with this land closing, as we have strong confidence in Wesmont Station as well as the market’s demand for our brand of luxury residences.”
AvalonBay’s plan for the first two buildings at the development include more than 200 luxury rental residences, approximately 20,000 square feet of street-level retail space and an array of shared lifestyle amenities including a clubhouse, pool and a five-story parking garage. The plans are to develop the buildings on the community’s public square. In total, AvalonBay plans to develop four rental buildings at Wesmont Station totaling 406 luxury rental residences.
“To be one of the few municipalities where large-scale redevelopment is still moving forward in the face of economic constraints is rewarding and a testament to the commitment of all parties involved in Wesmont Station to seeing this project through to its successful completion,” notes Wood-Ridge Mayor Paul Sarlo. “Redeveloping former industrial sites is important for our environment as well as our economy.”
In addition to AvalonBay’s development at Wesmont Station, the community will also include single-family homes, townhomes and live/work townhomes to be built by Pulte Homes and Centex Homes, each part of the PulteGroup brand portfolio. All of the buildings at the development will be within walking distance of the community’s new train station. Wesmont will also include walking and biking paths that contribute to the pedestrian-friendly lifestyle offered by the community.
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