Friday, April 14, 2006

Townhomes and Condos for Glen Ridge?

From the New York Times:

A Rare New Project for a Genteel Town

IN a remarkable development for this peaceful little town, there is development going on.

Under the boughs of the graceful old oaks and sycamores, illuminated by the glow of gaslights that line every street and lane, a boxy old commercial building is being transfigured. It will emerge later this year as an elegant condominium complex.

Nobody seems to remember when a multifamily development last happened in town. "Not in recent memory" is the best several officials had to offer. Michael Richman, one of the principals of the based Pegasus Group, which is behind the project, said jokingly that local planners seemed to be working with the "latest master plan from 1913." (Actually, Glen Ridge adopted a new plan in 1997.)

Still, the developers said they felt their proposal to create the Reserve at Glen Ridge, with 32 apartments and five town homes to be marketed at prices of $475,000 to $1.82 million, had been given a warm welcome by both officials and residents.
In this, the Reserve will be competing directly with a similar, albeit larger scale, project now under construction in downtown Montclair. The 101-unit Siena being built on the site of the former Hahne's department store is also expected to open for occupancy later this year, with condos priced similarly to those at the Reserve.
The views from homes at the Reserve will not entirely vanish into the night, either. The entire property is to be ringed with the traditional gaslights, Mr. Richman said.


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