Hoffman LaRoche Redevelopment

Hoffman LaRoche Redevelopment in Nutley NJ

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The first proposed redevelopment scheme, named “Tech Led,” incorporates light industrial, a tech campus, and residential.

Genitempo said that this would take the longest to market and sell. Plans suggest that Scheme 1 can take more than 25 years to reach full absorption.

According to proposed plans, it would include 613 residential units, which would include six- to- eight stories of high-end condos and age-restricted townhouses. It would also include First Avenue retail, which would take up about 80,000 to 150,000 gross square feet.

The second scheme, named “Hybrid,” is “middle ground,” according to Genitempo. The scheme consists of light industrial, Continuing Care Retirement Communities, a tech campus and residential.

The CCRC is proposed for the Clifton side, according to Genitempo. About 332 CCRC units and 589 residential units are proposed in the report. Commercial and retail is proposed to cover 215,000 gross square feet.

Scheme 2 can take up to 20 to 25 years to reach full absorption.

The third scheme, called “Scheme 4,” focuses on less biotech and pharmaceutical. The CCRC also switches to the southside of Kingsland Avenue, and age-restricting apartments and high rises are also proposed.

Scheme 4 is the only scheme to include converted condos. Plans predict 798 residential units and 312 CCRC units.

Scheme 4 would take 15 to 20 years to reach full absorption.

The committee ruled out a “Scheme 3.” Genitempo said that that plan was “very heavy on residential” and included a more significant number of rental units and condo units than Scheme 4.

“Since schemes have been released to the public, people say there’s an awful lot of residential there,” Petracco said of the report. “We’re trying to strike a balance.”

“From the onset, everyone should totally understand that our first preference was to make a clone of Roche,” Tucci said. “The concepts are here, the ideas are here, but this board has not made any [final decisions].”

 

School impact

 

The Perkins Eastman report details the estimated number of school children by scheme.

According to estimates, Scheme 1 would result in 93 students; Scheme 2, 89 students; and Scheme 4, 137 students. Estimates do not include age-restricted housing or CCRC.

Tucci said that Cambridge Heights is not included in the estimates.

 

Tax impact

 

Revenue and Finance Commissioner Thomas Evans said that he was concerned about “showing numbers” regarding tax impact, “given schemes associated are suggesting 15 to 25 years” from now.

Scheme 1 estimates $23.9 million in tax revenue. Of that total, $13.9 is predicted for Nutley. Scheme 2 predicts $23.3 million, with $12.4 million in Nutley. Scheme 4 predicts $22.9 million, with $14.1 million in Nutley, according to plans.

“What’s going to happen, based upon plans for taxes, is just not appropriate now to do that,” Evans told the Sun on Monday.

The commissioner also made it clear that Roche owns the property, not Nutley and Clifton.

“[Roche] is marketing the property, and they’re going to look for a buyer,” Evans said. “We’ve worked very closely to make sure that Roche understands both from the Nutley side and Clifton side what is most desirable for the townships.”

Five buildings will remain on site, according to Evans.

“These [schemes] are just speculations, and they don’t bear any reality as to what the future would be because it’s premature,” Evans said.

“What’s important is we work with Roche, we exercise the options that we have to influence as a governing body, as a community and work towards the best possible outcome,” Evans said.

Evans said that an idea that would protect the existing business community and something that would not hurt Franklin Avenue, Centre Street or Washington Avenue would work well for the township.

“We’re making certain that whatever the future holds, it promotes sustainability [for] the community,” Evans said.

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