Mayor Huttle Announces Ambitious Redevelopment Project for Long-Stalled Lincoln School Site

30 April 2014 417 views No Comment

Dear Residents,

I have attached below a Press Release on the redevelopment of the Lincoln School and Firehouse Site. I was pleased to announce this historic development at last night’s City Council meeting. For those of you who may not have been there, I hope this is informative.

Regards,

Mayor Frank Huttle

Mayor Huttle Announces Ambitious Redevelopment Project for Long-Stalled Lincoln School Site

(ENGLEWOOD) – Englewood Mayor Frank Huttle III is pleased to announce the execution of an ambitious agreement for a redevelopment project at the former Lincoln School site, a project that has struggled to get off the ground for many years because of the flailing economy.

“For seven years, the city struggled to successfully find a way to redevelop the Lincoln School site,” said Huttle. “That’s why I’m all the more proud that the current council and I have been able to work together to find a sustainable vision and create a project that the city can be proud of.”

Huttle noted that when he first became mayor, the council attempted to sell the Lincoln School property in the grips of the Great Recession when the real estate market had crashed, for a gross sale of less than $3 million, which would have yielded the city a return of closer to $2 million after costs. Huttle successfully fought to hold off on the sale until real estate values rebounded, believing it wise to also make sure that one of the largest parcels of land available for redevelopment in the city was included in the new master plan.

“I am pleased to announce that last night the city entered into a redevelopment agreement for a purchase price of $7.9 million, close to four times more than what we would have yielded during the recession. More importantly, two leading developers – Sterling Properties and BNE – have worked with the city to achieve a product that we can all be proud of. By applying business disciplines and working together with two top developers, we managed to create housing that fits into the fabric of our community and is fully integrated into the recently adopted Master Plan,” added Huttle.

This new development will be the springboard for a comprehensive economic expansion of Englewood’s downtown. With 186 one- and two-bedroom apartments units, the complex is designed to bring a residential feel to the center of Englewood’s downtown to complement the city’s many other amenities, including restaurants, shops and the Bergen Performing Arts Center. The $50 million project is situated across from scenic McKay Park and creatively designed so that the parking garage is situated within the complex and generally not visible to passersby.

Huttle hopes to follow up the project with the creation of 12 housing units for young adults with special needs, as well as additional senior housing, so that every resident will have the opportunity – whether it be a young adult heading into their first apartment or a senior citizen wanting to age in place – to remain in Englewood.

“Englewood is a diverse community and it’s that diversity that gave us the strength to weather the national economic storm probably better than many other towns, putting us soundly on the road to recovery,” concluded Huttle.

Huttle noted that Englewood is proud to be “Bergen County’s downtown” with the leading regional performing arts center in North Jersey and 1.2 million square feet of retail and commercial space that is nearly fully occupied at 95 percent.

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