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ENGLEWOOD The Planning Board unanimously approved a 185-unit apartment building Thursday that will be built on the site of the former Lincoln School and the citys firehouse.
The project is the first major residential development in Englewood since the Towne Center apartments were built, according to Mayor Frank Huttle III. Towne Centre, on West Palisade Avenue, opened about seven years ago.
Huttle said the project will provide the engine for growth of the citys downtown, one of the goals identified in the citys recently-adopted master plan.
This is a new day for our city, Huttle said after the Planning Boards vote. It signals that Englewood is open for business, he said.
In April, the City Council designated Englewood Builders Urban Renewal Co., LLC as the redeveloper for the site on William Street. The city will receive $7.9 million for the property, which is about 2.5 acres.
Under its agreement with the city, for the first 15 years, Englewood Builders will make annual payments based on the amount of rent it takes in rather than pay property taxes. The company must pay the city 12 percent its gross rental income for the first five years. That amount goes up to 12.5 percent for the next five years, and then to 13 percent for the final five years.
The building will be five stories high and about 94,000 square feet. Construction cannot begin until the city finishes building its new firehouse, which will be on South Van Brunt Street between the Police Department and the ambulance corps building. That construction is scheduled to be completed by next fall.
Email: lueddeke@northjersey.com
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Englewood Planning Board approves 185-unit apartment building
