WOODCLIFF LAKE, N.J.—The borough has agreed to provide a tax refund of approximately $295,000 to the owners of 200 Tice Boulevard, the former Hilton Hotel site, for tax years 2018–2024, according to a stipulation of settlement approved at the council’s July 20 meeting.
Mayor Carlos Rendo told Pascack Press that the borough was satisfied with the settlement.
“It’s a good settlement. It reflects the realities of commercial property values throughout the state. As corporate space dies out, the state is mandating affordable housing. It’s the reality now,” the mayor said.
Resolution No. 26-168 states, “It is upon the advice and recommendation of the Borough Tax Counsel, Tax Assessor, and Appraisal Expert to seek formal approval of the Stipulation of Settlement for the properties with matters pending before the Tax Court of New Jersey.”
The resolution was approved 5-0 at the meeting. Council President Joshua Stern was absent.
The settlement calls for the approximately $295,000 refund to be paid in two equal installments of $147,500. The first payment is due by Oct. 1, 2026, and the second payment is due no later than Oct. 1, 2027.
The resolution adds that “it is in the best interest of the Borough to approve the proposed Stipulation of Settlement, based upon the cost & uncertainty of litigation, as well as other equitable issues.”
It notes that the property, Block 301, Lot 3.04, at 200 Tice Blvd., is owned by CP Woodcliff Lakes LLC, MCP Woodcliff Lakes LLC, and 200 Tice Boulevard Holdings LLC, for the tax years 2018 through 2024.
The 21-acre site is planned for redevelopment by its new owners, although a formal proposal has not yet come before the Land Use Board.
Under the borough’s Fourth Round affordable housing plan, 200 Tice Blvd. is expected to permit 147 units, including 30 affordable units, according to the plan. The borough has a 131-unit RDP, or realistic development potential, for affordable units during the fourth-round period from 2025 through 2035.
Short Hills-based Garden Homes purchased the distressed Hilton Hotel property in early 2024. Earlier that year, Rendo called the sale “big news,” noting that the Hilton Hotel sold at auction for $50.7 million. He said the new owners were the owners of the Minnesota Vikings, the Wolf family, “so they’re looking to do something to that area.”
According to an online real estate site, the former Hilton Hotel occupied a 21.1-acre property that had operated since 1980, with 338 rooms and 604 parking spaces.
A proposed redevelopment plan for 200 Tice Blvd. can be found on the Land Use Board homepage. The former Hilton Hotel site was declared an area in need of redevelopment in 2025. Following that designation, FAR Planning of Northvale was contracted to prepare a redevelopment plan for the site, which includes townhomes, manor homes, and affordable housing units.