The former Wells Fargo Building at 303 Broad Street. (Photo by Brian Donohue. Click to enlarge.)
By BRIAN DONOHUE
In an affordable housing plan submitted to the state this summer, the Borough of Red Bank listed the former bank property at Broad Street and East Bergen as a “site for future consideration” for a townhouse development.
But at a meeting of the Mayor and Borough Council last week, members of the governing body indicated the rezoning of the tract necessary to get it done is not something they want to consider.
“At least on the Wells Fargo property, I’m not interested in townhomes there,” Mayor Billy Portman said. “I don’t think it fits.”
And Deputy Mayor Kate Triggiano added that the Wells Fargo property would need to clear “at the land use boards, some very large hurdles in order for that property to be used for what they’re saying.”
The four properties at the corner of East Bergen and Broad Street are currently zoned for commercial use. The building and adjacent parking lots have been vacant since Wells Fargo closed the location in May, 2024.
For any developer to build townhomes, Triggiano said, “The variances that they would need for that property to be used that way would be some very significant variances. So that would be a very unique situation. “
As reported in redbankgreen, the Denville-based corporation 303 Broad Street Associates LLC, entered into a contract to buy the properties on August 18, according to property records filed with the Monmouth County clerk’s office. There are no records on file indicating the sale has been finalized.
RED BANK: BUILDER EYES FORMER BANK SITE ON BROAD STREET FOR TOWNHOMES
Principals in the LLC could not be reached for comment on what the borough’s housing report called a “concept plan” they have proposed to the borough.
In July, the tract was listed as a “site for future consideration” in the borough’s state-mandated Fair Share Housing Plan, unanimously approved by the council. The report said the borough was in the process of vetting a developer’s proposal for townhomes on the site to determine if it was suitable for such a use.
Portman and Triggiano’s remarks came in response to comments from Madison Avenue resident Dayna Stein, who used the public comment portion of Thursday’s meeting to speak out against any rezoning of the former bank properties, as well as the site of the nearby Atlantic Club, where another developer, Roger Mumford, is also buying properties with an eye towards building townhomes.
In total, the two tracts consist of 17 properties on properties that lie within a block of one another.
“We need smart growth strategies within existing zoning parameters, adaptive reuse of existing structures or mixed-income developments that complement the surrounding context, rather than overwhelm it,” Stein told the council. “We need to prioritize the long-term livability, sustainability, and character of Red Bank by rejecting any re-zoning that would enable these projects to exceed the current zoning laws and the character of the current properties.”
RED BANK: BUILDER PLANS TOWNHOMES FOR ATLANTIC CLUB TRACT
Portman said he agreed with Stein’s concerns over the bank property. And he emphasized that plans have yet to be submitted for either the Atlantic Club or Wells Fargo tracts.
“I want to be clear that neither of the projects you brought up are a proposal from the borough or, for that matter, even in front of the borough right now,” he said. “You cannot stop somebody from buying a piece of property and stating, ‘I want to develop it’.”
He also noted the Borough council has no jurisdiction over granting zoning variances for any such projects. Any zoning variances would be approved or denied by the Zoning Board of Adjustment.
If the developers go ahead with any plan, Portman said, “it will go before the zoning board.”
redbankgreen editor Brian Donohue may be reached via email at [email protected] or by calling or texting 848-331-8331 or yelling his name loudly as he walks by. Do you value the news coverage provided by redbankgreen? Please become a financial supporter if you haven’t already. Click here to set your own level of monthly or annual contribution.
