p - Garden Commerical Properties

Riverfront Redevelopment
A Mixed Use Proposal
November 13, 2008
Garden Homes Development
™ Established in 1954 by
b Harry
Harr and Joseph
Wilf. The private, family-owned company
and its affiliates continue today under the
leadership of Leonard, Zygmunt, Mark and
Orin Wilf.
™ Headquartered in Short Hills, New Jersey.
Regional offices in New York
York, NY
NY, Tampa
Tampa, FL
and San Diego, CA.
™ Al
Also off significance
i ifi
iis th
the Wilf’
Wilf’s ownership
hi
of the Minnesota Vikings since 2005.
Garden Homes Development
™ Garden Homes b
builds
ilds o
over
er 1
1,000
000 units
nits of
single family homes, townhouses,
condominiums and apartments each year
year.
™ Garden Commercial Properties owns and
manages over 20,000,000
20 000 000 square ffeett off
retail space in 100 retail centers located in 30
states and 5,000,000
5 000 000 square feet of office
space.
™ G
Garden
d Homes
H
owns over 30
30,000
000 apartment
t
t
units directly and 20,000 units jointly with
affiliates.
affiliates
Development Team
™ Garden Homes: Anthony DiGiovanni
™ Redevelopment Legal Counsel: Ralph
Salerno of Genova, Burns & Vernoia
™ Environmental Legal Counsel: Robert Crespi
of Wolff and Samson
™ Civil
Ci il Engineering:
Engineering Vanasse Hangen Br
Brustlin
stlin
™ Environmental Consultant: Ecolsciences
™ Architect: Appel Design Group
C
Current
t Site
Sit Condition
C diti
S
Surrounding
di U
Uses
Development Basis
™ Economic and Market Feasibility
™ Environmental Constraints
™ Engineering Constraints
Economic and Market Feasibility
SOUTH AVENUE EAST
CHESTNUT
STREET
No Condemnation Required
En ironmental Constraints
Environmental
™ A Preliminary Assessment Report has been
completed on all the properties.
™ Multiple
p lots with open
p environmental issues. A
Phase 2 assessment is required for the properties.
™ Site currentlyy has documented NJDEP cases.
™ A Remedial Action Work Plan (RAW) does not exist
for the site.
™ A Classification Exception Area (CEA) has not been
established for the site.
™ A long term groundwater monitoring program will
require at grade site access (min. 2 years).
Engineering Constraints
™ Federal Emergency Management Administration
(FEMA) mapped flood zone.
™ NJDEP Mapped Flood Zone
™ The current NJDEP Flood Hazard Area Control Act
Rules,, adopted
p
November 5,, 2007,, require
q
the site to
have 0% net change in flood storage volumes (i.e. the
proposed flood storage volumes must be the same or
more than e
existing
isting flood storage volumes).
ol mes)
™ Flood zone regulatory constraints limit at grade
building footprint in order to maintain existing flood
water storage.
NJDEP Flood Map
SITE
D
Downtown
t
Architecture
A hit t
C f dA
Cranford
Architecture
hit t
W tfi ld Architecture
Westfield
A hit t
M di
Madison
A
Architecture
hit t
P
Proposed
dA
Architecture
hit t
P
Proposed
d Sit
Site Pl
Plan
Option A
Development
p
Proposal
p
™ 106 Residential Units
™ 90 Condominium/Luxury
C d i i /L
A
Apartments
™ 20% one bedroom units (1,000 sf)
™ 80% two bedroom units ((1,400
,
sf))
™ 16 Rental Units Designated COAH
™ Developer will meet their fair share obligation
™ 21,835
21 835 net square feet of Retail
™ Riverfront Restaurant end cap (7,637 nsf)
™ Retail Space
p
((14,198 nsf))
™ 50% of Retail square footage must be occupied by
tenants of 3,000 sf or larger.
™ 13,900 net square feet of Office Space
™ Medical/Dental use shall not exceed 25%
off the
th Office
Offi area.
Development
p
Proposal
p
™ Open Space
™ Approximately 3,000 sf Plaza between retail buildings
™ Approximately 3,000 sf Plaza next to Restaurant and
County Park
™ South Avenue Building Setback additional 3 feet
™ Collaboration with County on upgrade of County Park
™ Tree lined and textured interior access roads
™ Sewer Improvements to serve Development and Township
™ Height
™ Two 3
3-story
story Buildings,
Buildings max
max. 45 feet (South Ave
Ave.).
)
™ One 3-story Residential Building, 2 stories over
Ground Level parking, max. 45 feet (High St.).
™ One 4-story Residential Building, 3 Stories over
Ground Level parking, max. 48 feet.
Development
p
Proposal
p
™ Parking
™ 244 additional parking spaces created
™ Upgrade Township’s lot and Chestnut Street
™ Spaces to remain owned by the Township
and
d metered
t d att market
k t rates
t
E ti t d T
Estimated
Tax Assessment
A
t
™ Current Condition:
™ Assessment of all property: $1,977,500
™ Equalized Value: $5,039,500
™ Taxes: $88,157
™ SID Taxes: $3,955
™ Proposed Redevelopment:
™ Estimated Assessment: $15,700,000
™ Equalized Value: $40,000,000
$
™ Taxes: $700,000
™ SID Taxes:
T
$31,400
$31 400
Township Equalization Rate = 39.24%
T Rate
Tax
R t 2007 = $4.458/100
$4 458/100 assessmentt
SID Rate 2007 = $0.2/100 assessment
Open Discussion