A partnership between Advance Realty and DeBartolo Development was recently approved to develop The Shops at Ledgewood Commons along Route 10 in Roxbury, replacing the struggling Ledgewood Mall with a diversified retail and dining complex.
The 450,000-square-foot project will aim to modernize and create an open-air shopping environment with a mix of anchor, junior and pad site opportunities.
“For the last two years, we’ve been carefully designing a plan to transform this prime commercial property into a place where locals can meet, eat and shop,” Advance Realty founder and CEO Peter Cocoziello said. “We’re grateful and excited that Roxbury Township supports our vision for the property, and we look forward to delivering a world-class shopping destination.”
Advance said the location of the development, as well as its surrounding demographics, will be a key to the success of the project. The site for The Shops at Ledgewood Commons is located a quarter of a mile from Route 46 and two miles from Interstate 80. More than 100,000 residents with an average household income of over $125,000 reside within a five-mile radius.
“We could not be more excited to progress to the next phase of our partnership with Advance and begin work on The Shops at Ledgewood Commons,” Ed Kobel, DeBartolo’s president and chief operating officer, said. “We look forward to transforming this formerly aging property and adding new energy to this already vibrant corner of Morris County.”
Demolition and construction is expected to begin at the end of the summer, with completion slated for 2019.
DeBartolo and Advance selected Jeffery Realty as the exclusive leasing agent for the project. Mike Testa, Bill Farkas and Shane Wierks will manage the assignment.