Photo courtesy of Tax Assessor’s office, Village of Ridgewood
Proposals For the Long Term Ground Lease for Development On Village Owned Property
May 15,2014
Boyd A. Loving
12:16 PM
Ridgewood NJ, Today at 11:00 AM, proposals were opened in connection with the Village Council’s plan to develop VOR owned property on East Ridgewood Avenue between Gilsenan Realty and The Gap. This property now serves as a metered, surface parking lot.
It is the Council’s intent to lease the property to a developer, with the expectation of collecting ground lease fees and property taxes on any structure constructed thereon. Council members envision that a developer might wish to construct a 2-story building with retail on floor one and office space above. The developer would be responsible for finding suitable tenants and leasing/managing the property.
Two (2) proposals were received today. Submitters were:
Langan Development
200 Riverfront Boulevard
Elmwood Park, NJ
https://www.riverdrive.com/overview.html
Initial ground lease fees = $75K per year
Tantum Realty LLC
66 York Street
Jersey City, NJ
https://www.facebook.com/pages/Tantum-Realty-LLC/434182256712388
Initial ground lease fees = $30K per year
VOR staff members will shortly begin the process of reviewing each proposal to ensure conformity to established criteria and then forwarding compliant proposals to the Village Manager and Council for review
