the staff of the Ridgewood blog
Franklin Lakes NJ, a major land deal has officially closed in Franklin Lakes, but questions remain about when construction will begin on proposed housing developments.
According to the borough’s April 30 “Latest Buzz” newsletter, SHG Franklin Lakes LLC, an entity of the Englewood-based S. Hekemian Group (SHG), has finalized the acquisition of 88 acres from Cigna/Express Scripts/IBM on Parsons Pond Road.
🏗️ What’s Planned for the Site?
The property is zoned for 495 multi-family housing units, including 62 affordable housing units, and 70,000 square feet of office/retail space. However, SHG has not yet filed an official application or shared a timeline for development.
As part of the deal, SHG donated 3.5 acres of the site to Franklin Lakes for a 100% affordable housing project. The borough has tapped RPM Development Group of Montclair to design and build 71 affordable units on that donated land. Preliminary plans are expected to be presented to the Planning Board in the coming months.
🏠 Affordable Housing Requirements
The affordable housing mandate continues to shape municipal planning:
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Fair Share Housing Center sought 700 fourth-round units from the borough.
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NJ Department of Community Affairs calculated the obligation at 497 units.
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The borough’s planner placed the need at 463 units.
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After negotiations, the borough settled on a total obligation of 480 units, subject to reduction based on land availability.
Franklin Lakes is currently 4th in Bergen County for housing obligation behind Paramus, Mahwah, and Ramsey.
⚖️ Legal Pushback on State Mandate
To combat the state’s mandate, Franklin Lakes has joined “Local Leaders for Responsible Planning,” a 27-town consortium led by Montvale. On April 24, the group filed a federal lawsuit seeking to halt the enforcement of the state’s affordable housing requirements after prior regional court rejections.
It remains unclear how this legal action might affect the timelines for both the SHG and RPM developments. Neither developer has commented on the potential impact of the lawsuit.
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