West Orange Downtown Redevelopment: Fact and Fiction

West Orange Mayor John F. McKeon outlines the Downtown Redevelopment Project.

Category:

News & Politics

Tags:

• wo
• downtown
• redevelopment

[testarossa33]

This revitalization project is essential for WO. It is much needed. If downtown continues to deteriorate, crime and other problems will arise. Just look at Allentown, PA, its past and now its grim future.

[clarityneeded]

So which is fact and which is fiction? Did I hear right? The two gentlemen at Prism "have over 100 years of experience in real estate development"? That seems right up there with the "tens of thousands of visitors each year" to the Edison National Historic Site that's been temporarily closed for more than six years.

So what do we give up to get the much lower interest rates on the RABs? What's the difference between "managed risk" and "taxpayer guarantee"?

[minisamba2]

Mayor, please look at the vast amount of homes and condos on the Real Estate market in WO.

We all want a nicer downtown, but with larger, nicer homes available in more upscale locations at the same prices as these condos, what's the motivation for a buyer to purchase there?

And if they don't, what happens?

There are far too many what ifs in this whole consideration and no number of nicely produced videos touting "Priced to Sell" will convince me otherwise.

Too big a risk for me!

[dmrtoys]

There are a range of concerning issues with this project...Why should the town come to the aid of a private developer? Why doesnt the Mayor explain that only a small portion of the bond issuance even qualifies as municipal)? Most important: The aggressive sales assumptions upon which this project is based. If these assumptions are "off" does the project still make sense? WHAT IF WE DONT SELL 1 CONDO EVERY 4 DAYS FOR 3.5 YEARS STRAIGHT (INCLUDING WEEKENDS) AS PROJECTED?

[evaneliza]

The developer has agreed to contribute profits from the sale of units in the first phase back into the project to effect the completion the the first phase. Can you please expand on this concept as it seems quite circular. My understanding of condo projects is that banks typically will not extend a loan until such time as 50% of the units are under contract be sold. Upon reaching the 50% threshold the bank will commence a staggered closing. Can you elaborate?

[tdr07052]

I have lived in a number of areas across the country where the community was gripped by indecision about redevelopment of an area. This indecision paralyzed such places and only resulted in further deterioration. This is an exciting and necessary project. It is true, as the Mayor says, that where Main Street goes, so too does the rest of West Orange. We are only as strong as our weakest link. Redevelopment of downtown is essential to ensuring that West Orange remains a great place to live.

[dmrtoys]

The project assumes one condo sale every 4 days. I'm still looking for an answer to the question of "what if" - What if the sales are at a lower pace? What if the project only sells 1 condo every 8 days? There's a lot of focus on numbers, but the basic analysis of what happens if sales are slower than anticpated has not been addressed. It's absurd.

[asilivanch]

Thank you, Mayor McKeon, for posting this and encouraging financial transparency regarding this project. I hope this will help dispel fears about a revitalization that is much needed and makes sense.