UNION, NJ-A Sacramento, CA-based redevelopment company, EFG-Clermont Terrace, LLC, an EnviroFinance Group company, has acquired the former National Envelope Corp. facility here and plans to develop the property for both for-sale and rental residential housing.
EFG-Clermont purchased the 15-acre property from the estate of the bankrupt National Envelope Company - East. Terms of the transaction were not disclosed. Planning for the three month-long demolition process is underway and remediation of environmental conditions will proceed concurrently, EFG officials state.
“This is a remarkable opportunity to make excellent reuse of a site in a manner that complements the existing residential character of the neighborhood and takes advantage of the nearby transit options," says Mike McMullen, an executive vice president with EFG-CT.
EFG-CT officials say the company has received intense interest from a number of builders and developers, with experience in housing that ranges from apartments and condominiums, to townhouses and single-family homes. Over the next few months it expects to have contracts for specific parcels so that the potential builders can obtain planning approvals and building permits.
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