Builders testify before Ridgewood board
JANUARY 15, 2015 LAST UPDATED: THURSDAY, JANUARY 15, 2015, 1:21 AM
BY CHRIS HARRIS
STAFF WRITER |
THE RECORD
RIDGEWOOD — One developer proclaimed his firm’s apartment building would have “no amenities” for children. Another said some people will pay more for high-end luxury housing in the village. And a third allowed his proposal to speak for itself.
The three developers, who want to bring high-density multifamily housing complexes to Ridgewood, were given the opportunity to testify this week before the Planning Board, which is considering a master plan amendment that would allow such buildings.
Only one developer declined to address the board, saying he didn’t want to be redundant.
Scott Loventhal, the director of development for Garden Commercial Properties in Short Hills, said the development proposals would “fill a void” in Ridgewood’s housing market and help “make the downtown even more vibrant.”
For nearly five years now, the Planning Board has been considering the amendment to allow such projects in three distinct zones in the village. Four developers initially requested the amendment change; since then, one of the projects has been withdrawn.
https://www.northjersey.com/news/builders-testify-before-ridgewood-board-1.1194572
I talked to an old timer…60+ years and spent 90% of his life in the village.
He explained to me that these builders want to shoehorn in apartment buildings from Harding’s going north to Bolger’s parking lot next to the YMCA.
We’re looking at 400+ units in this footprint.
The CBD will never be the same.
We want to give people the opportunity to live in a luxury development, and we plan on delivering a luxury product,” Loventhal testified, adding The Dayton would cater to empty nesters, young couples and singles.
Loventhal said The Dayton’s individual units would rent for $3,000 and $5,000 a month, Big money for seniors and empty nester. I wonlder what kind of money that would buy down South ?
One developer proclaimed his firm’s apartment building would have “no amenities” for children. The same can be said of the existing apartments in town. They don’t have to, parents do and will regard the Ridgewood schools and community as an amenity for their children. Lets remember those rents aren’t written in stone, the units rents will be subject to market forces. As the downtown goes down, so may rents.
You are correct #3 as the downtown goes down so will the rents and so will property values of the commercial buildings downtown. Ultimately the taxes the landlords pay will go down too because the value of a commercial property is tied to the rent the landlord can receive. Unfortunately the homeowners will then be forced to pick up the slack because we all know the town will not cut its expenses.
“As the downtown goes down, so may rents.” along with the people that rent them