FANWOOD, NJ -- Carano Square LLC (326 Route 22 West, Suite 16B, Green Brook) has been designated by the Borough of Fanwood as redeveloper of property in the Old South Avenue Redevelopment Area on Dec. 16, 2019.
Carano Square is the owner of several Fanwood properties, including the former A&P site. Redevelopment law requires that redevelopment within a Redevelopment Area occur under an agreement between the municipality and the developer. A designation provides the process for the negotiation of the Redevelopment Agreement.
Carano Square has been designated for a period not to exceed 120 days at which time an agreement would need to be approved by the Fanwood Borough Council.
For the designation, the applicant provided a concept plan for development. The concept complies with the existing zoning and would include a four-story, multi-family residential development of approximately 140 units with internal parking, numerous amenities and a significant stand-alone restaurant with a rooftop element as permitted by the Redevelopment Plan.
According to Fanwood's Director of Economic Development Liz Jeffery, the project would be done in two phases. The plans are concept only at this time and will not be formal until a site plan application is filed with the Fanwood Planning Board and the appropriate public hearings are held. This would likely be late spring/early summer 2020.
Until a site plan is filed, things can change, and changes must be in accordance with the redevelopment agreement. It sets benchmarks, defaults and remedies, according to Jeffery.
Related: A&P Fanwood Closes (Nov. 17, 2015)
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