WOODCLIFF LAKE—Following approvals of a redeveloper for 188 Broadway’s planned 46-unit development and a required escrow account at the April 17 meeting, the next steps for the redeveloper include creating a redeveloper’s agreement in conjunction with borough officials and then appearing before the Planning Board.
No timetable for the next steps were immediately known, but administrator Tom Padilla told Pascack Press that he anticipated the redeveloper to act “sooner rather than later.”
The 46 units approved at 188 Broadway, including 37 rental apartments in the front building and nine townhomes in the rear, were part of a multi-part settlement by the borough with 188 Broadway LP, the redeveloper, Fair Share Housing Center, and Bergen County United Way.
The borough agreed to build eight more affordable units at its North Broadway site, increasing total affordable units to 24 apartments, (See “It’s Settled: 46 Housing Units at 188 Broadway,” Michael Olohan, Dec. 12, 2022, Pascack Press.) To find a specific issue online, visit our E-Newspaper site and search the multi-year Pascack Press archive.
Previously, 188 Broadway LP had two prior site plans for 60 and 53 apartment units at the 188 Broadway site rejected unanimously by the Zoning Board.
Both rejections were appealed by the developer and were pending when the borough agreed to a multi-part settlement on the site, including a lower-density development and shifting the affordable units to a borough-owned site.
Padilla said the official redeveloper, 188 Broadway LP, was approved by a 5-1 vote on April 17, with councilwoman Josephine Higgins opposed.
“Resolved that negotiations commence with the Redeveloper (188 Broadway LP) on a redeveloper agreement (“Redeveloper Agreement”) governing the redevelopment of the Redevelopment Area in accordance with the Redevelopment Plan which Redeveloper Agreement shall be subject to the approval of the Council, states the resolution approved 5-1 by council.
Another resolution approved 6-0 established an escrow agreement with 188 Broadway LP with an initial deposit of $7,500.
“The Proposed Redeveloper has agreed to deposit with the Borough the initial amount of $7,500 (the ‘Escrow Deposit’), as an inducement to the Borough to adopt the Redevelopment Plan and engage in negotiations over the Agreement as set forth in the Escrow Agreement,” states resolution number 23-114. The escrow will pay legal fees for the redeveloper’s agreement, said officials.
The Redevelopment Plan was previously adopted and the redeveloper hopes to begin talks for a “redeveloper’s agreement” with borough special counsel Jeffrey Zenn, Cullen & Dykman, its redevelopment attorney, soon.
The council will approve a redeveloper’s agreement before the redeveloper presents site plans to the Planning Board. The board will review the preliminary and final site plan based on the 188 Redevelopment Plan.
Corporate tax appeals
In other news, the council unanimously approved two resolutions to seek appraisals of two properties — one at 100 Tice Boulevard and one at 520 Chestnut Ridge Road — whose owners have filed legal tax appeals, challenging assessments during specific years, mostly focused on recent pandemic-affected years.
The two property assessments by McNerney & Associates will cost the borough a total of $28,000.
The owners of 100 Tice Boulevard, SIG 100 Tice LLC, and owners of 520 Chestnut Ridge Road, Brighton Norse Realty LLC, have filed legal appeals challenging assessments.
SIG 100 Tice LLC, which is currently leasing its office space to Party City, is challenging tax assessments in 2021, 2022 and 2023.
Brighton Norse Realty, currently leasing to Whole Foods Market, is challenging tax assessments in 2020, 2021, 2022 and 2023.
Padilla said some corporate tenants who may have struggled with occupancy during the pandemic are looking at their tax assessments and challenging the borough to prove its assessment was correct, given the economic conditions that existed.
It was not clear when the civil cases would be heard in Bergen County Tax Court.