While the post office redevelopment has been stealing the spotlight, another major redevelopment project in Maplewood has been moving along.
The Township Committee will soon be deliberating on a financial agreement and a redevelopment agreement for the development of the PSE&G site at Boyden Avenue and Springfield Avenue. Avalon Bay Communities, Inc., a large, publicly traded company that develops and manages properties on both coasts, took over the project and property in October when Parke Place LLC decided to sell the site, which it purchased from PSE&G, after learning that environmental contamination would cost more to remediate than originally anticipated.
Parke Place received site plan approval from the Planning Board to develop the parcel into 235 market-rate rental units with an attached multi-level parking garage for residents. Avalon Bay will follow the same basic plan, but will return to the Planning Board to request some minor modifications such as balconies.
“We are very close and we hope to have on the agenda for Feb. 17 [an ordinance for] the proposed financial agreement for that site with Avalon Bay. That will then be returnable on March 3 [for a second reading and final passage] at which time there will also be for your consideration the redevelopment agreement which will be passed by resolution,” reported Township Counsel Roger Desiderio at the Feb. 3 Township Committee meeting.
The agreements also call for six affordable housing units, a $340,000 contribution to the Township’s Affordable Housing Trust Fund, a $100,000 contribution to the Maplewood Community Pool, and $10,000 toward improvements to and maintenance of a traffic island on Boyden Avenue.
The town is also considering granting a 30-year PILOT — or payment in lieu of taxes — for the site. The PILOT would be 10 percent of rental income, with annual escalations in payments.
After Township Committee approval and site plan modifications, Desiderio said that environmental cleanup is the only roadblock. “As soon as they finish the environmental issue they are going to get started,” said Desiderio. “It’s moving forward really quickly.”