CRANFORD, NJ – The Cranford Township Committee accepted a bid from Garden Communities/Birchwood Developers Associates, LLC to develop the Birchwood property at last week’s meeting.
The committee originally purchased the Birchwood property for $18 million with a density of 360 units.
“The bid we accepted is for $18.5 million for 225 units resulting in no debt to be carried by the taxpayers and a residential project we will all be proud of in Cranford,” a statement released by the township committee reads.
According to the statement, the density of the project was reduced from 360 units to 225 units with the elimination of a singular building and a multi-story parking garage.
“In its place will be a beautiful, aesthetically pleasing building that is consistent with the goals and objectives set forth by the township committee,” the statement reads.
The next step requires the Planning Board to prepare a redevelopment plan for the property. The township will negotiate and carry out a purchase and sale agreement, a redevelopment agreement, and consider whether a PILOT (payment in lieu of taxes) is appropriate or not.
“We expect that may be completed within six months, and upon receipt of site plan approval from the Planning Board, Birchwood Developers Associates will close on the property,” the statement reads.