NETCONG, NJ-Town officials have formalized an agreement with a private sector group to redevelop a 13-acre site surrounding this Morris County community's historic rail station. The developer is Rosewood Netcong LLC, which is a joint venture of Roseland Property Co. of Short Hills and Woodmont Properties of Parsippany.
The project dates to 2003 when town officials began an RFP process leading to the selection of Roseland and Woodmont in 2005. In the fall of 2005, the project won transit village designation from the state, opening up some development incentives. The state-owned NJ Transit provides rail service to the community.
With the formal agreement, Rosewood Netcong will begin working on a final site plan. In general terms, the project, which carries an estimated price tag of $50 million, will have about 200 new residential units, some 13,000 sf of ground-floor retail, 7,000 sf of office space and a 4,500-sf community center. Several new streets surrounding the train station, along with a variety of public spaces and trails, are also part of the general plan.
The 13-acre site, currently mostly light industrial with a handful a residences, is divided into several lots. NJ Transit already owns most of the tract, with two local businesses owning the rest.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.