Two new 14-story towers might be coming to West New York after all.
In March, Jersey Digs first reported that renderings had been posted on the website of Secaucus-based National Realty Investment Advisors (NRIA), advertising plans for two new high-rise buildings at 508 51st Street and 511-513 52nd Street, each of which would include 162 apartments. Located just west of the Bergenline Avenue corridor, the three tracts that make up the site were owned by the West New York Parking Authority and have been used for years as public parking lots. At the time, NRIA’s NR Living site stated that in regards to the 508 51st Street development, “we are purchasing the property directly from the City of West New York” and that “the council favors it to include a 15 to 20-year tax abatement.”
However, two weeks later, The Jersey Journal wrote that all of NRIA’s online posts regarding the two projects had been removed and that “when asked about the possible sale, Parking Authority Executive Director Amiris Perez and other city officials seemed stunned, claiming they have not negotiated the sale of the properties and know nothing about NR Living’s plans.”
Then, in September, the West New York Board of Commissioners voted to dissolve the Parking Authority, according to Hudson County View. Now, plans for the two 14-story towers at 508 51st Street and 511-513 52nd Street have once again resurfaced.
The Board of Commissioners is scheduled to vote on whether to grant final approval to two ordinances regarding the project during its meeting this Wednesday, December 18.
One of the ordinances calls for transferring the ownership of subdivided portions of the three parcels from the municipal government to Culver Urban Renewal Redevelopment, LLC, though the amount that the properties would be sold for is not listed. The other ordinance would allow for a financial agreement and 30-year tax abatement between the Town of West New York and the developer to be executed.
The latter ordinance states that in its current form, the plan calls for the development to be built in two phases, with the building along 52nd Street making up Phase I and the building on the 51st Street side making up Phase II. Each of the 14-story, 158,000-square-foot buildings would consist of 156 one-bedroom and two-bedroom “market residential units,” along with “building amenities such as a gym, rooftop seating and community room.” Between the two buildings, a parking deck that would include 495 spaces for members of the public is also in the works. The municipal government is expected to retain the title to the property that will include the public parking deck.
The ordinance regarding the financial agreement also states in part that “the Town acknowledges that Culver Urban Renewal Redevelopment, LLC, by effectuating the redevelopment of the Phase 1 Project, will significantly limit its profits due to the extraordinary costs to be borne by the entity, which will provide significant and long-term benefits to the Town,” adding that the company applied for a long-term tax exemption and that “the Mayor recommended that the application be approved.”
Instead of real estate taxes, the developer “is expected to pay an annual service charge based on 10% of annual gross revenues for the entire 30-year term,” according to the financial agreement ordinance. This charge is expected to roughly amount to $400,000 each year, while one $7,000,290 “payment in lieu of parking” is also envisioned.
Both ordinances were passed on first reading during a meeting on November 26 and do not make any mention of “affordable housing.” Culver Urban Renewal Redevelopment, LLC’s Culver Development subsidiary was designated as the official redeveloper of the site back in the beginning of 2018, though at the time, there were plans for a 175-room hotel and 156-unit apartment building along with a restaurant. The New Jersey Division of Revenue and Enterprise Services’ database does not list a firm with the name Culver Urban Renewal Redevelopment, LLC, but a similarly named company called Culver Urban Renewal Redevelopment II, LLC was just incorporated on December 12.
If these two 14-story buildings are ultimately built as they are currently proposed, they would be the tallest buildings in the immediate vicinity. A smaller but similar project, NRIA’s Bergenline Station Apartments, is currently under construction a few blocks away.
Note to readers: The dates that matters are scheduled to be discussed by the West New York Board of Commissioners and other governing bodies are subject to change.
