Council members unanimously approved an in-depth redevelopment agreement with the developer of the 70-acre property, Chelsea Property Group (CPG) of Roseland. The redevelopment agreement includes infrastructure improvements at the site and construction of the outlet center.
The infrastructure improvements are defined as the rehabilitation, construction and widening of Victoria Boulevard and Essex Road, the construction and/or extension of sewer and water service connections, street lighting, sidewalks and landscape improvements as well as the construction of an overpass and similar improvements to Route 66.
Council President Michael Skudera said this agreement means that the project can officially start.
The agreement outlines the responsibilities of both parties, the developer and the borough, and acknowledges that the construction of the project will impact neighborhoods and contiguous communities.
The redeveloper anticipates the completion of construction of the infrastructure improvements within 24 months after the issuance of all necessary permits and approvals for construction.
To make the 450,000-square-foot Jersey Shore Premium Outlet Center accessible, an overpass was deemed necessary. Chelsea Group, along with other stakeholders, offered to pay for half of the cost, or $3.5 million, with the Department of Transportation paying the other half.
Called the Victoria Boulevard overpass, it is currently under construction and will be the main driveway into and out of the outlet mall.
Chelsea Property Group is the world’s largest developer, owner and operator of manufacturers’ outlet centers. A New York Stock Exchange-listed real estate investment trust from 1993 to 2004, it was acquired by Simon Property Group, Inc. (NYSE: SPG) for approximately $5 billion in October, 2004. Chelsea operates as a wholly-owned subsidiary of Simon.
BY LINDA DeNICOLA, The Hub