Rateables Anyone?
The proposed $500
million project in the Industrial Park has received a huge haircut. It appears that the new project proposed by
HKT is $50 million - $450 million less than their original dream. It seems that this developer is now getting a
bit closer to reality. The proposal
calls for housing, retail, one 12 story
office building, and multi-level parking decks on a 14 acre track formerly
occupied by a General Motors warehouse .
Leonia vehemently opposes this project.
It has filed a lawsuit contesting Englewood's revision of the zoning
ordinance that covers the redevelopment area, including the 14 acres north of
Route 4 and about 44 acres south of the highway. In the proposal, the developer HKT hopes to
erect a freestanding structure of 25,000 square feet of retail space. In our opinion, a 25,000 square feet
freestanding store is at least 10,000 square feet too large. A freestanding retail structure in that area
should be between 8,000 to 15,000 square feet maximum. Otherwise, it could hurt businesses located
in downtown Englewood. Regarding the 12
story office building, we are not holding our breath! Maybe far into the future it will be
possible. This new proposal by
developers HKT does not involve condemnation of any of any properties located
in the Industrial Park.
The billon dollar
question remains. Has this developer
secured the financing for this project, or is this just talk?
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