Early next month, according to Mayor Alberto Santos, the word is that the NJMC - which has zoning jurisdiction over that land - is poised to hold a public hearing on a newly completed conceptual redevelopment plan with recommended permitted uses for the tract.
Acting on the belief that it made more sense - from a marketing and ratables standpoint - to assemble the three properties as one package, Santos
said Kearny pitched the idea to the two other property owners who, he
said, went along.
"And the New Jersey Meadowlands Commission
agreed with us," Santos
And so, in October, the NJMC
found that the three contiguous properties met sufficient criteria for declaring them as an area in need of redevelopment.
said, the owners are awaiting the NJMC's
redevelopment plan for the area which Santos
hoping will propose such uses for the properties as "warehousing, manufacturing and possibly retail."
Once that redevelopment plan is adopted, Santos
said that Kearny and the owners of the two other properties "have agreed on going with a joint RFP (Request For Proposals) for the more than 200 acres - which will be the largest parcel offered for development in the state."
Asked if that meant there would be a move to consolidate ownership of the individual parcels into one large property, Santos
said: "No, we would still keep separate ownerships.
And owners would look to derive whatever profits may come from future sales or leases, he
If the redevelopment plan goes according to the mayor's expectations, Santos
"hoping for 1 million square feet of Class A warehousing development" as a possible outcome.
Asked to project a ratable figure from the project, however, Santos
said: "There are too many unknowns at this point to make revenue assumptions."
said that the town has already "been approached by (prospective) warehouse developers" such as the Rockefeller Group of Mt. Olive and the Morris Group of Rutherford
, both of whom responded to a prior RFP issued by the HCIA.
Still unclear is how soon these properties would be declared environmentally clean before any development activity could begin, particularly for Standard Chlorine, which, Santos
noted, because of its designation as a Superfund site, could be "two to three years" away from final clearance by regulatory agencies.
When that hurdle is overcome, Santos
said, developers should find the location attractive since "it's only eight miles from Manhattan, and, with the state building a new Wittpenn (Rt. 7) Bridge and revamping the Charlotte Circle in Jersey City, there will be quick access to Port Newark via Rt. 1&9 and the Turnpike."
Although the land is in South Kearny, which has been vulnerable to flooding conditions, Santos
said that the HCIA has been raising the elevation of the Koppers site since acquiring the property from Hudson County.