(To read more on the multifamily market, click here.)
HELMETTA, NJ-This borough's planning board has voted 8 to 0 toapprove preliminary plans for the $70-million Heritage at Helmetta,a mixed-use redevelopment of a former snuff factory proposed by theKaplan Cos. As reported by GlobeSt.com,the Highland Park-based Kaplan won the redevelopment rights in athree-way competition in May 2005 and subsequently executed aformal redevelopment agreement in early 2006.
"We appreciate the strong support we have received from thecommunity," says Jason Kaplan, president of Kaplan Cos., whoestimates that the completed project "will generate $1 million inproperty tax revenue" to this community of just 2,000 residents."We're working to turn this site into a development that the entiretown can be proud of."
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