Site Search of New Jersey

Site Search of New Jersey

SITE SEARCH OF NEW JERSEY

(Licensed Real Estate Broker)

P.O. Box 7052; Princeton, N.J. 08543

(609) 731-4111 (phone);

FOR SALE: PRIME 55+ DEVELOPMENT OPPORTUNITY;

HAMILTON TOWNSHIP; MERCER COUNTY, N.J.; 08619 (2/2016)

LOCATION:Klockner Road; between Hamilton Avenue and Whitehorse-Mercerville Road and just East of Route 295; (Block 1922; Lots 26& 34).

PERTINENT INFORMATION:

-The site consists of 3-lots encompassing 61.14 acres featuring 830’+ of frontage along Klockner Road situated in the heart of Mercer County.

-The property is serviced by all public utilities.

-A new traffic light at the intersection of Estates Blvd. and Klockner Road will provide direct access into the site.

-The property is presently Farm Land Assessed and will be subject to Rollback Taxes.

ZONING:REO-5 with a zoning overlay for ‘Planned Retirement Development’.

PENDING APPROVAL:

-During July of 2007 a contract purchaser; Premier Homes, was granted a Preliminary Approval for the construction of 298 age-restricted multi-family or condo units (265 market-rate units and 33 COAH units). The project was referred to as ‘Brandywine Woods’. The approved project encompassed the subject property along with Lot 27.

- The Plan consisted of 29 three-story buildings; 25-buildings with 10-units/ea. featuring first-floor parking and 4-buildings with 12-units/ea. including units on the first-floor. All units included 2-bedrooms.

-The Preliminary Approval expires on 6/30/2016.

PURCHASE PRICE: Call For Details.

FOR FURTHER INFORMATION; PLEASE CONTACT:

MARK OLINSKY @ (609 731-4111

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ADDITIONAL RELEVANT INFORMATION

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  1. Wetlands:

- A Wetlands Delineation (LOI) for the property was obtained during 2006. We believe that the LOI has now expired, but are attempting to confirm with NJDEPE.

-The LOI confirmed that approx. 41.5 acres of the tract are wetlands. Therefore, as the approved plan displays, the actual building envelope consists of approx. 23 acres of contiguous uplands.

-As a result, the plan featured approx. 64% of open-space/recreation.

  1. Amenities:

-The approved plan featured an amenity package consisting of a 9,000 SF clubhouse; a pool, tennis and bocce courts and walking trails.

  1. Property Access:

-The Township Masterplan illustrates that Estates Blvd. would be extended thru this property to Cypress Lane. This was proven to NOT be feasible during the approval process due to the fact significant wetlands would need to be disturbed.

-The approved plan does provide for a new traffic light and interchange improvements to be paid for by the developer of this property at the intersection of Klockner Road and Estates Blvd.

-In addition to the traffic light, the developer would need to improve the intersection to allow for access from the light to this project, Lot 27 and the adjacent Gershen hi-rise apartment complex.

-This project would also feature a second means of access along Klockner Road; 700’ west of the new traffic light at Agnes Lane.

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  1. Open Environmental Issues:

-It seems from the testimony rendered during the approval process that there may be 2 open environmental issues associated with the property:

(a). The need to check for UST’s…the Sellers maintain there are none.

(b). Two areas of suspected fill materials need to be investigated. The areas are situated around the existing dirt road within the property.

- These AOCs’ are assumed to be very minor in nature.

  1. Approved Units: The Preliminary Approval provided for a combination of both condo and multi-family units. The condo units ranged in size between 1,521-1,536 SF and the multi-family units ranged between 865 SF -1,109 SF.
  1. Senior Overlay (see attached): allows for 6-units/acre.
  1. Available Documentation: A tremendous amount of work has been completed relating to this property that would have value when updated to a potential purchaser. A partial list of such documentation has been attached hereto.
  1. Potential of Market-Rate Housing: Although Hamilton Township has a large outstanding COAH obligation they have, to date, resisted overtures of converting this property to a market-rate job even with a huge COAH contribution.

The property is well suited for such a conversion as it is situated in very close proximity to shopping, schools and mass-transit.

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