SPRINGFIELD, NJ - The regularly held monthly Planning Board meeting included a special discussion on the Saks Fifth Avenue property along Millburn Avenue bordering Millburn.
A nearly two-decade long lawsuit has been dropped on this nine-acre property. Experts believe this property has the potential to generate sizable revenue for Springfield and increase home values in the area if properly developed.
Discussion ideas for developing the property included:
- A blend of retail and commercial space along Millburn Avenue with rental units above to be consistent with the surrounding area.
- A blend of condominium/townhouses and potentially senior living.
- Limited single-family houses extending beyond Baltusrol Avenue behind Tower Drive and Short Hills Road.
- A mandatory percentage of low-income housing, as required by State law.
The first steps to begin the planning process include seeking authorization from Springfield Township Committee to have its Town Planner, Bob Michaels, prepare an analysis and report, followed by discussing options with the property owner ARC (parent company of Stop 'n' Shop) would be necessary. One assumption is that they would want to sell the property as quickly as possible without any restrictions burdening a future buyer. Then, reach out to Millburn officials to get them on board with whatever plan is projected to go forward.
Millburn owns a 20-foot strip of land along Millburn Avenue. This parcel had been the cause of the legal battles over the lot.
Other options include investigating the possibility of having the parcel declared “an area in need of redevelopment” and exploring the use of tax incentives.
According to the tax records, the parcel currently is taxed at approximately $500,000 per year.