RED BANK: COUNCIL DROPS REVERSE APPEALS

red bank nj oceanfirst hqThe OceanFirst Bank headquarters was the subject of a reverse appeal case settled Wednesday. (Photo by John T. Ward. Click to enlarge.)

By JOHN T. WARD

hot topic red bank njBombarded by criticism from the business community, the Red Bank council on Wednesday dropped a plan to pursue a new round of  “reverse appeals” against commercial properties it believed to be undertaxed.

But first, the council approved the settlement of an older reverse appeal that will boost the taxable value of a downtown building by 69 percent over three years. And battles over cases filed in 2018 continue.

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RED BANK: BOARD RESISTS DENSITY BONUSES

red bank, nj, vna, 176 riverside, saxumThe former VNA building sits on 2.7 acres at the corner of Riverside Avenue and Bodman Place. (Photo by John T. Ward. Click to enlarge.)

By JOHN T. WARD

hot topic red bank njA recommended new overlay zone that would allow generous density bonuses won’t be on the Red Bank council’s agenda for its next meeting Wednesday night.

That’s because members of the planning board, which was tasked with reviewing the proposal, think it gives too much away to the affected site’s new owner.

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RED BANK: REDEVELOPMENT MOVES ADVANCE

red bank nj vna saxum 176 riverside The former VNA headquarters, at Riverside Avenue and Bodman Place, is on track to designation for special redevelopment rights. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

HOT-TOPIC_03Red Bank’s elected officials were in redevelopment mode Wednesday night, advancing two measures that could reshape the landscape.

One tapped a consulting firm to set up a redevelopment agency to oversee downtown projects. The other initiated a process under which the former VNA Health Group headquarters could be replaced with high-density housing.

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RED BANK: SAXUM SPREE CONTINUES

Located at Broad and West Front streets, Saxum’s latest acquisition has Urban Outfitters as its sole ground-floor tenant. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

A Morris County-based real estate investment firm has acquired one of downtown Red Bank’s oldest and most prominent commercial structures.

The purchase of the home of an Urban Outfitters store by an arm of Saxum Real Estate is the firm’s third major investment in the town in the past 18 months, and the first for occupied space.

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RED BANK: VNA SITE UP FOR NEW HOUSING

The former VNA headquarters building on Riverside Avenue, with the Colony House apartments at right. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

HOT-TOPIC_03The massive former VNA Health Group headquarters in Red Bank would be demolished and replaced with multifamily residential housing under a plan in the works, redbankgreen has learned.

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RED BANK: SALE PUTS BUILDING ON TAX ROLLS

The former VNA headquarters building on Riverside Avenue has been acquired by an office developer. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

HOT-TOPIC_03Red Bank’s municipal coffers are about to be bolstered by the addition to the tax rolls of a major office building.

“It is now taxable,” Mayor Pasquale Menna said Wednesday about the former VNA Health Group headquarters, following a report by app.com that the property had been acquired by a private developer for $7.4 million.

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