Earlier this week, Mayor Victor DeLuca announced the sale of the former police station property at 125 Dunnell Road.
The property was sold to J.G. Petrucci Co. of Asbury, NJ for $1.75 million dollars. Tuesday night, the Township Committee approved the "redevelopment and property disposition agreement" with Petrucci. The agreement requires that Petrucci develop the site as 50 rental units of multi-family housing within the strictures of the Redevelopment Plan for the site approved by the Planning Board and adopted by the town in 2009.
The deal with Petrucci for redevelopment and purchase of the property includes a $140,000 credit from the town for affordable housing and up to $500,000 for asbestos removal and demolition.
Maplewood, Short Hills, South Orange, Summit, and Millburn real estate and homes for sale in New Jersey - Robert Northfield, Realtor
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