That ordinance would give special consideration to potentialdevelopers that would deliver commercial properties to the siterather than residential. According to a copy of the redevelopmentplan developed by the PMK Group of Farmingdale, which was obtainedby GlobeSt.com, any residential development would be of thesenior-citizen variety.

Most of the eight-acre site is owned by the town and by JerseyCentral Power & Light. There are also seven commercial parcelswithin the tract, and the selected developer would be given thepower to negotiate a buyout with each of the individual privateowners. Eminent domain would only be used "as a last resort,"according to the commissioners.

The board of commissioners has slated a Nov. 28 hearing of theredevelopment and ordinance. The current timetable calls for thesubmission of development proposals during the coming winter monthsand selection of a developer in the spring.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.