Master-Planned, Mixed-Use Project Rising on Hudson River Gold Coast

2009-05-05 17:48:05 -

EDGEWATER, N.J., May 4, 2009 – CVS/pharmacy has leased 11,000 square feet at Edgewater Square in Edgewater, becoming the first retail tenant for the master-planned, mixed-use development, announced Matthew K. Harding, president and chief operating officer of Levin Management Corporation. Levin serves as exclusive retail leasing agent for the Hudson River Gold Coast property, which is being built on the

former Unilever research and development campus at 45 River Road.

CVS/pharmacy, which will offer drive-through pharmacy window service, digital photo processing, and health, beauty and general merchandise, will be constructed on a pad site that is highly visible from River Road. A May 2009 groundbreaking is anticipated. The new Edgewater Borough Hall is already under construction at the property.

CVS/pharmacy, the retail division of CVS Caremark, is America’s largest pharmacy with more than 6,900 stores. The Company is committed to providing expert care and innovative solutions in pharmacy and health care that are effective and easy for its customers.

Edgewater Square’s design reflects a broad trend in “Main Street” retail planning, according to Harding. “Edgewater Square will include 100,000 square feet of destination retail and dining,” he said. “CVS/pharmacy has taken advantage of a great opportunity to become part of this unique experience in order to bring its convenient and high- quality pharmacy services to the Edgewater community.”

The project also includes plans for 480 high-end residences, including lofts and townhouses with spectacular river views of the New York City skyline, as well as a hotel. Additionally, Edgewater Square will feature a 1,900-foot river walk along the Hudson River.

“Edgewater Square is prime real estate, and it is well positioned to become a favored Gold Coast destination,” Harding noted. “The market area already has attracted many of the best names in retail, including Whole Foods, Trader Joe’s, Banana Republic, Guess, Victoria's Secret, Barnes & Noble and many others. These brands attract shoppers from up and down the Hudson.

“This property provides an attractive riverfront backdrop, and tenants will benefit from a built-in customer base of Edgewater Square residents and Borough Hall employees and visitors,” he continued. “Add to that strong demographics – including 5,864 households with an average income of $117,719 in the immediate area – and this truly is a property destined for success.”

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