Tag: Apartment proposals

Multifamily housing hearings dominate Ridgewood 2014 headlines

January 5, 2015    Last updated: Monday, January 5, 2015, 9:45 AM
By Darius Amos
Staff Writer |
The Ridgewood News

In October 2011, developers publicly detailed an application to rezone a prominent Ridgewood property to allow for an extensive multifamily apartment complex. Originally presented as an individual proposal dubbed The Dayton, those plans today make up a portion of a larger request from multiple developers.

That request has been the source of controversy and debate throughout the past 12 months, pitting neighbor against neighbor, resident versus developer, and past against the future.

For those reasons, the ongoing public hearing on the master plan amendment to rezone parts of the Central Business District (CBD), thus permitting high-density multifamily housing, is The Ridgewood News’ 2014 story of the year.

https://www.northjersey.com/news/housing-hearings-dominate-ridgewood-headlines-in-2014-1.1186256

Ridgewood will pay the price if zoning changes are approved

January 2, 2015

Village stands to pay the price

To the Editor:

If the Ridgewood Planning Board grants the proposed zoning changes to allow for higher density buildings in the Central Business District, that would be a financial bonanza. But for whom?

If one answered the developers, he/she is correct. More allowed units per property increases scale and return on capital. With the approval, even before the developers dig an ounce of dirt, the land they own will be worth quite a bit more. The developers could even flip the plots for a profit.

In the world of commerce, one of few things could happen when there is financial windfall. The best case is the virtuous win-win. If what the developers build, on net, benefits the town in terms of life and finances, that would be win-win.

Another possibility, the darker alternative, is that the case becomes a zero-sum game. In such an instance, there will be a clear winner and the winnings are transferred from a losing counterparty.

By allowing for higher density buildings in downtown, Ridgewood risks increased traffic congestion and fewer available public parking per resident. Moreover, Ridgewood faces potential crowding at its schools, which impacts the quality of education and drains the town’s budget. As for benefits, there is none convincing as any increased tax revenues are unlikely to be enough to pay for additional infrastructure and resources necessary to accommodate the gap up in the number of residents.

If the Planning Board passes the zoning changes, there will be a clear winner: the developers. On the flip side, Ridgewood will be the loser as it will have to pay the price to enrich the few developers whose core objective is to exploit attractive rental cap rates at historically favorable funding. So why does the Planning Board think the proposed zoning change is a good idea? Why are select members of the board open to granting a financial bonanza to the developers at the town’s expense?

Steve Kim

Ridgewood

https://www.northjersey.com/mobile/opinion/opinion-letters-to-the-editor/letter-to-the-editor-ridgewood-will-pay-the-price-if-zoning-changes-are-approved-1.1184844

 

TONIGHT VILLAGE COUNCIL SPECIAL PUBLIC MEETING 7PM

December 22, 2014 @ 7PM

The Village Council will hold a Special Public Meeting on December 22, 2014 at 7:00 p.m. in the Sydney V. Stoldt, Jr. Court Room of the Ridgewood Village Hall. The purpose of this meeting is to hold a Public Hearing on and consider for adoption Ordinance #3455, changing parking meters in the Central Business District parking lots to 3 hours. Formal action will be taken by the Village Council at this Special Public Meeting.