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SHG Closes on Property – No Application for Development Has Been Filed
Late last week SHG Franklin Lakes, LLC (“SHG”) closed on the 88 acre property which had been owned by Cigna, located on Parsons Pond Road (off of Old Mill Road).
The next step for the development of the property will be for SHG to file an application for development of the property consistent with settlements with the Borough and Fair Share Housing Center (“FSHC”). SHG has not yet filed an application, nor has it indicated when it will do so. The settlements and the rezoning of the property would permit the following:
- The construction of 495 multi-family housing units by SHG, which would include 62 units of affordable housing;
- The construction of 70,000 square feet of retail and office development by SHG; and
- The transfer of 3.5 acres of property by SHG to the Borough for the construction of a 71 unit 100% affordable housing project (see below).
Borough Moving Forward with 100% Affordable Project
As part of its settlement with SHG and the FSHC, SHG is conveying, at no cost to the Borough, 3.5 acres of its property to the Borough for the Borough to construct a 71 unit 100% affordable housing project. The Borough has chosen a developer, RPM Development Group (“RPM”), to design and build the 100% affordable housing project. RPM will be presenting a preliminary subdivision and site plan application before the Franklin Lakes Planning Board for the Borough’s 71 unit 100% affordable housing project in the coming months. RPM will also be applying for financing for the project through the New Jersey Housing and Mortgage Finance Agency tax credit program.
Borough Joins Coalition in Filing Federal Lawsuit Challenging Affordable Housing Law
Last week, as detailed in the press release issued by the 28 municipalities (including Franklin Lakes) known as the “Local Leaders for Responsible Planning coalition” (“the LLRP municipalities”), the LLRP municipalities filed a federal lawsuit challenging last year’s amendments to the Fair Housing Act. The lawsuit seeks “to stop the unfair, outdated, and unworkable affordable housing mandate being forced on suburban towns by Trenton.” This lawsuit is in addition to the lawsuit previously filed by the LLRP municipalities in State court, which continues.
Mayor and Council Settles Fourth Round Affordable Housing Obligation
On January 21, the Mayor and Council adopted a resolution committing to a “present and prospective need” for affordable housing of 463 units to meet its “fourth round obligation” in accordance with the recent amendments to the Fair Housing Act. The 463 units represented a reduction in the number of units (497) calculated by the New Jersey Department of Community Affairs and was based on a report property by the Borough Planner. Shortly thereafter, the Fair Share Housing Center and the New Jersey Builder’s Association filed separate challenges to the Borough’s reduction in the number of fourth round units.
Following a settlement conference with the Court, the parties settled on a present and prospective need for affordable housing of 480 units to meet the Borough’s fourth round obligation. Importantly, this obligation will be adjusted based on lack of developable land.
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