The proposed redevelopment area in a map from the preliminary investigation report. (Click to enlarge.)
By BRIAN DONOHUE
A plan to redevelop the area around the Red Bank train station as a higher-density “transit village” took another small step forward this month with a study that determined it fits the criteria for an “area in need of redevelopment.”
The biggest current single use of properties in the area is parking lots. (Photo by John T. Ward. Click to enlarge.)
The “preliminary investigation” by the borough planning board’s consultant, BFJ Planning, examined the area covering several parking lots owned by NJ Transit; the borough’s public works facility on Chestnut Street; and a mix of privately owned commercial buildings targeted for transit-oriented projects.
The goal of the study, dated March 8, was to see if they meet a host of criteria that include vacancy; the presence of blighted of obsolete structures; or economic underutilization that would benefit from smart planning.
The study’s conclusion: all ingredients are in place.
The report reads: “Based upon an examination of existing conditions; site inspections; review of historic data and reports related to the site and building conditions; an assessment of the surrounding development pattern; Master Plan goals, objectives, policy statements, and land use recommendations; zoning provisions; and an evaluation of the statutory criteria, the majority of the study area satisfies the criteria for such a designation.”
Under New Jersey law, declaring an area in need of redevelopment allows a town to choose from a number of tools to spur development. They include superseding existing zoning rules; issuing bonds, granting payment in lieu of taxes (PILOT) agreements or tax abatements; and applying for subsidies or other state incentives.
Whether the borough uses any of those tools depends on a long list of still undetermined variables, such as what the plan includes, the scale of development and amount of affordable housing it includes.
The bulk of the properties are owned by NJ Transit and Denholtz Properties, which built The Rail, a 57-unit residential complex alongside the train station. NJ Transit has chosen Denholtz as the designated site developer for its properties in the area.
Also included is property owned by the Count Basie Center for the Arts and located on the east side of the public works yard that’s worth an estimated $1.92 million, according to the report.
The borough Master Plan calls for the borough to pursue the Transit Village designation and to work with NJ Transit’s designated site developer to come up with a plan.
The next step is for the planning board to hold a public hearing on the study. One is slated for a special meeting of the board April 10, at 7 p.m., at borough hall.
Here’s the full report.
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