Thursday, April 13, 2006

Hovnanian To Redevelop Sussex Zinc Mine

From the NJ Herald Online:

Franklin pursues downtown upswing

FRANKLIN — More than 50 years since businesses started closing down, Joe Bene can tell you exactly how a bustling Main Street once looked.

Ida's beauty parlor was over there, and Davenport's drug store was farther down the block. Mrs. Goldstein's five-and-dime was a popular spot, and Mrs. Bennett's Hershey Ice Cream shop was the place to get candy before seeing a show at Franklin Theatre.

Sitting inside Weiss Department Store, one of the few remaining businesses from the street's heyday, Bene last week summed up the current state of commerce in downtown Franklin: "All gone."
...
Franklin is one of several municipalities in Sussex County that have considered downtown redevelopment projects over the last few years, said Tammie Horsfield, president of the Sussex County Economic Development Partnership, which has been assisting Franklin officials in their search for potential Main Street developers.
...
Kistle said the current revitalization proposal has a better shot of going through, given a new addition to the project: Builder K. Hovnanian has agreed to purchase and redevelop the vacant zinc mine site, which is seen as the Main Street plan's centerpiece.

"It's like the start of everything," Kistle said. Hovnanian is expected to build a mixed residential and commercial development, while also preserving the site's historic Change House.


Aside from Hovnanian, which has yet to submit a formal application, BEBP Development Co. of East Rutherford is before the borough Zoning Board of Adjustment on its proposal to build 94 housing units on Mill Street near Main Street, said Jim Kilduff, the borough's planning and community development director.

17 Comments:

Blogger Metroplexual said...

I believe this will be an age restricted community. I will get back to you all on this.

4/13/2006 05:48:00 AM  
Blogger grim said...

Actually looks like multiple developments. Both Hovnanian and BEBP. Hovnanian is pushing forward hard with it's Four Seasons developments all across NJ.

grim

4/13/2006 06:40:00 AM  
Blogger Metroplexual said...

I heard about this 2 years ago. It was when Sussex went from about 1,000 age restricted proposed to over 5,000. I know the people in the article and this age restricted strategy for development is being applied in just about every town now. It often times is in what used to be industrial or commercial zones because age restricted housing is the new ratable with less negative externalities. Less need for police, less traffic, no school aged children. Only ambulance need goes up.

4/13/2006 08:26:00 AM  
Blogger Richie said...

Nobody bothers to think that all the empty-nesters with homes in town will sell their existing homes to familes with 3 kids and move into these age restricted units.

What does that mean? More kids in school, higher taxes, etc.

Let's not turn every "town" into a city by adding Ghettominiums.

4/13/2006 08:38:00 AM  
Blogger Metroplexual said...

Richie,

Exactly, capacity is being built out there. One analysis I saw speculated that a significant number of the buyers being from the same municipality. Cut off your nose to spite your face.

4/13/2006 08:49:00 AM  
Blogger Shailesh Gala said...

I still feel that there is significant supply / demand gap in NJ. New supply is not matching the demand due to increase in population.

I do agree that Adult only housing will help as their old houses become available, but I don't think there is large number of those being developed either. Also, I see that many of these Adult only houses are not selling fast either. In Bridgewater, Four Seasons is building Adult only Townhouses, that are not selling much at all. After all if the townhouse cost about $500K, is it really worth selling your old home and moving to townhome??? And, many old folks do not want to move very far away either, as they want to be close to their old family & friends as well.

I feel NJ policy in last few dacade has been to not allow any more not housing development for family with kids. This is very true of towns with good school district.

4/13/2006 09:15:00 AM  
Blogger grim said...

Shaliesh,

Watch your termnology. The demand for housing isn't the same as the demand to purchase homes.

If the demand for housing was truely high, then rents would have risen alongside home prices, they have not.

Thus, there is increased demand to purchase houses, not for housing.

How much of this purchasing demand was due to low rates, media induced mania, etc?

What happens when this artificial demand disappears?

There is a significant difference between the need for housing and the want for housing.

Rents are the key to understanding the need for housing.

Home prices are the key to understanding the want for housing.

grim

4/13/2006 10:07:00 AM  
Blogger grim said...

Forgot one last key, rental vacancies.

grim

4/13/2006 10:08:00 AM  
Anonymous mboy said...

My rent has been the same $1300 for 2nd floor of a 2 family (with use of 1/2 garage, laundry hookup, etc.) in West Paterson for past 4-5yrs.

I haven't look at rents in ages. Any pressure at all lately or has upward pressure on rent pricing still non-existent?

4/13/2006 11:48:00 AM  
Anonymous Anonymous said...

In terms of rents, there certainly has been some upward pressure recently given the relatively strong economy, but >nothing< approaching the rise in housing values over the past 5+ years.

I sold my condo last year and am renting nearby (Jersey City) for not much more per month than I would have paid years ago... to buy a comparable place would likely cost well over twice my monthly outlay once you included taxes, maintenance et al.

Steve

4/13/2006 02:36:00 PM  
Blogger buh bye brooklyn said...

What about any toxic issues related to the former zinc mine?

4/14/2006 09:07:00 AM  
Anonymous Anonymous said...

Very nice! I found a place where you can
make some nice extra cash secret shopping. Just go to the site below
I made over $900 last month having fun!
make extra money

4/18/2006 02:19:00 AM  
Anonymous Rick J said...

I have been following a site now for almost 2 years and I have found it to be both reliable and profitable. They post daily and their stock trades have been beating
the indexes easily.

Take a look at Wallstreetwinnersonline.com

RickJ

4/19/2006 12:10:00 AM  
Anonymous Anonymous said...

Very nice! I found a place where you can
make some nice extra cash secret shopping. Just go to the site below
and put in your zip to see what's available in your area.
I made over $900 last month having fun!
make extra money

4/20/2006 04:50:00 AM  
Anonymous Anonymous said...

Very nice! I found a place where you can
make some nice extra cash secret shopping. Just go to the site below
and put in your zip to see what's available in your area.
I made over $900 last month having fun!
make extra money

4/20/2006 05:17:00 AM  
Anonymous Anonymous said...

Blogged your blog and enjoyed the experience. Nice break from my own real estate work. Thanks. Visit my site if you have a chance.

4/24/2006 12:14:00 AM  
Anonymous Anonymous said...

Blogged your blog and enjoyed the experience. Nice break from my own real estate work. Thanks. Visit my site if you have a chance.

4/25/2006 12:18:00 PM  

Post a Comment

<< Home