Developers had plans for the largest undeveloped waterfront property north of Hoboken in the state of New Jersey. The borough of Edgewater has other plans.
"The owners of the former Hess Corp. terminal, who are proposing to build a large residential and retail complex on the River Road properties, are threatening to sue the [Edgewater] Borough Council over its decision this week to begin acquiring the land through eminent domain," reports Svetlana Shkolnikova
"The [Edgewater] council plans to use the space for the borough’s Department of Public Works, parking space and parkland," according to Shkolnikova. The council wants to spend $25 million to purchase the property through eminent domain.
The Maxal Group, a real estate and private equity firm, and EnviroFinance Group, a land reuse and redevelopment company, bought the property in 2014 and were hoping to pitch their development idea before the council at the end of the month. The "proposal for the 13.9-acre waterfront tract asks for permission to build 1,253 residential units, 44,650 square feet of retail space and 1,649 parking spaces spread among three high-rises ranging in height from 23 to 25 stories," according to Shkolnikova.
The article includes a lot more detail on the developing controversy.
FULL STORY: Hess land owners threaten to sue over eminent domain plan
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