"These approvals represent an important milestone in the final phase of the redevelopment of this site," says Lewis Zlotnick, COO of the Parsippany-based Woodmont Properties. "We look forward to starting construction on both the hotel and office components of this project, and to seeing the town's vision for this site come to fruition. When completed, this site will have been transformed from a dormant landfill into an income-generating property."
The preliminary approval was gained for a 108-suite extended-stay Hilton Homewood Suites hotel. Woodmont is joint venturing the hotel with the Briad Group, a Livingston-based company that operates properties under the Hilton and Marriott banners on the hospitality side, and Wendy's and TGI Friday's on the food service side. Woodmont and Briad officials say they expect to start construction on the hotel this winter, pending state approvals relating to environmental clearance.
The final approval was obtained for a three-story, 58,700-sf office building. According to Zlotnick, the office building is being marketed as a build-to-suit opportunity for prospective tenants in the marketplace.
Locally referred to as the North Sussex Street landfill, the site was used for domestic waste for a number of years beginning in the early 1950s. It was closed down in the early 1970s, and has been undergoing remediation to prepare it for redevelopment. Formerly owned by the city, the site was formally acquired by Woodmont in 2005.
"This project officially closes the dormant municipal landfill," says Zlotnick, who's heading the project with Woodmont's vice president of development, Steve Varneckas, and EVP and general counsel Stephen A. Santola. Cost of the project hasn't been released.
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