How’s that for a short commute? Denholtz HG across Chestnut Street from one of the parking lots it will develop. (Photo by Brian Donohue. Click to enlarge.)
By BRIAN DONOHUE
It’s official: Red Bank developer Denholtz has been crowned the borough’s designated developer for the 25-acre swath of parking lots, railyards, catch basins, and buildings in the shadow of the company’s headquarters by the NJ Transit rail station.
Thursday’s unanimously-approved resolution was no surprise and largely a formality. But it was another step forward in what would be the largest development in town, perhaps since Sigmund Eisner and his sons built a bunch of uniform factories a few blocks away.
The Planning Boards and Borough Council both last year gave the okay to the redevelopment plan that sets broad parameters for what can be built.
It allows up to 400 apartments in buildings up to five stories; some ground floor retail space; two new streets and green space around the historic train station building. Twenty percent of the apartments would be set aside as affordable housing for income-eligible applicants. Working plans currently call for about 345 units in the project.
The resolution passed at Thursday’s meeting requires the deveoper to enter into an “Interim Cost and Conditional Redeveloper Agreement” or a funding agreement, to create an escrow account of money that will be paid to the borough to cover borough costs associated with the project.
Early site concept plans shown so far don’t call for any revolutionary or cutting-edge plans. Rather, they show boxy apartment buildings that resemble, at least in the sketches, many others popping up along NJ Transit’s train lines in recent years.
The next stage in the process will reveal whether that remains the plan, or the company has something more unique up its sleeve. The devleoper must now submit a down-to-the-inch site plans that require another round of review and approvals by the planning board.
To sample some of redbankgreen‘s previous in-depth coverage of the train station redevelopment plan click here.
The project will become the latest in a growing portfolio of a real estate investment firm that now manages more than $2 billion in assets nationwide.
Last month, the company launched the Denholtz Wealth Exchange, described as a “tax deferred real estate investment platform” and it launched it’s first Delaware Staturory Trust Offering (DST).
A DST is a legal entity under Delaware law that allows a company to buy real estate, then sell interests to investors who own fracational interests and can receive income without managing the property. Oh, and if they sell, they can avoid capital gains taxes.
The train station redevelopment is a mix of properties owned by New Jersey Transit and adjacent properties Denholtz has bought up over the last decade.
New Jersey Transit already named Denholtz the designated developer for the parking lots and other properties.
redbankgreen editor Brian Donohue may be reached via email at [email protected] or by calling or texting 848-331-8331.
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How’s that for a short commute? Denholtz HG across Chestnut Street from one of the parking lots it will develop. (Photo by Brian Donohue. Click to enlarge.)
