From the Red Bank Hub:
Analyst: Residences will benefit downtown
A residential development proposed for West Front Street would add tax revenues to borough coffers and could bring $1.5 million to the downtown shopping area, according to an economic analysis of the project.
Richard Reading, economic analyst and consultant, testified on the economic impact of a proposed 27-unit residential development at the Borough Zoning Board of Adjustment hearing last week.
Reading discussed his fiscal impact analysis of the application by West Front Street Partners to build residential units on the site currently occupied by a nursing home owned by Meridian Health Care Systems.
…
Reading told the board 24 of the proposed units would be sold as market-rate units for about $700,000 each, and three of the units will be designated affordable housing units, in accordance with the New Jersey Council on Affordable Housing (COAH) guidelines and will be sold for about $102,490 each.He said that the entire project would house approximately 56 people, including, according to his projections, four school-age children.
52 adults and 4 children? Something is wacky in Red Bank.
A residential development proposed for West Front Street would add tax revenues to borough coffers and could bring $1.5 million to the downtown shopping area, according to an economic analysis of the project.
and
56 people, including, according to his projections, four school-age children.
Somebody explain to silly me how, is bringing 56 people, would bring 1.5 millions to the downtown shopping area – do they really expect every one of those 56 people to spend 30K/year in downtown shopping??? including 4 school kids??
My wife and I have been in Red Bank for a little over a year now. Hardly experts on the area or the workings of the local politics, so I can only report what we see going on. First and foremost, the parking garage project is well under way and the “artists conception” about the building next door to it (what I THINK this article is referring to) has a big sign on it saying, FULLY LEASED.
My assumption is that the lower floor of this new complex is going to be shops and professional offices with residential above it.
Now here’s my spin on it- there are several projects going on in Red Bank right now. A super-luxury ($1M+) apartments were just finished a few weeks ago. There is an older (1960s) high-rise with several apartments for sale (and have been for some time.) There is prime street-level retail vaccancies and several stores have closed up shop over the last 12 months.
I realize turnover is inevitable and some of these shops we never understood how they stayed in business (now we know, they didn’t…) But how can this new project be expected to serve as a haven for retail and residential at a time when obviously there are existing vacancies in an already pricey town!?
Whoops – forgive me for modifying my comments above: I was mistaken.
So this FURTHER goes toward my point- there is already ANOTHER project going on literally 1/4 mile away from the project this article speaks of (the nursing home is getting torn down, the one across from teh park.) This article completely misses the fact that a brand new parking garage is going to be built right up the street with even MORE retail space and even MORE residential luxury condos for purchase. Amazing!
Cirrus,
I sold in Red Bank in 2005. The rents downtown rivaled 5th Ave.. Do miss the restaurants!!! Have those new condos, down by marine park, sold???