Somerset Development buys 31-acre Somerville site for mixed-use project

New Jersey Transit completed the transfer of ownership Monday of a 31-acre tract in the Borough of Somerville to Somerset Development, the Courier News reported. The Holmdel-based developer, which acquired the land for $11 million, said the site will be home to a new transit village that will include 371 apartments across 14 buildings, 156 townhomes, two parking garages, 4,000 square feet of retail space and a 4,000-square-foot community center. GlobeSt reported that AvalonBay Communities will develop the 370 rentals and a parking facility. Somerset, whose president is Ralph Zucker, also agreed to lease a subdivided tract to construct and operate a 526-space parking structure for a 37-year term to be shared by NJT commuters and residents. Construction of the parking facility will reportedly begin in 2020, while the overall mixed-use project, known as Somerset Station, should be finished by 2023. The Somerville Planning Board approved Somerset’s purchase of the site in May 2018 after rejecting a number of proposals from other developers. Investors Bank is providing financing for the acquisition. Somerset’s recently acquired tract is part of a larger landfill site being remediated by Somerville, which is in Somerset County. The Real Deal reported this week on Somerset’s plans to redevelop a former AT&T headquarters near Chicago. [MCJ]