Redevelopment Presentation 8.20.2024

This document outlines the Meer Tract Redevelopment Plan for Blocks 5105, Lots 14.01, 53, 55, 58, 59, 61 in Demarest. The plan proposes a comprehensive mixed-use development on 45.3 acres, featuring up to 500 residential units (including 72 affordable and 74 senior units), a minimum of 10,000 square feet of commercial space, and an industrial building up to 320,000 square feet. This initiative aims to address court-ordered affordable housing requirements and significant local revenue generation. Key benefits for the Borough include the provision of affordable housing at no direct cost, the creation of over 6 acres of increased open space, and the introduction of senior housing options. Financially, the proposal includes a land sale generating $6.7 million and minimum annual PILOT payments of $1.9 million, significantly enhancing local revenue. The plan also serves to mitigate potential large Borough expenditures for self-development and avoid further litigation that could lead to even greater housing density. The presentation details various aspects of the plan, including permitted uses, site design parameters, bulk and design standards (e.g., building height, setbacks), and additional regulations covering parking, pedestrian/bicycle infrastructure, landscaping, and sustainability. It incorporates revisions based on Planning Board recommendations to enhance clarity and adjust certain regulations, such as those pertaining to home occupations, outdoor storage, and helipad usage. A public hearing for this Redevelopment Plan was held on August 20, 2024.