FLEMINGTON – The redevelopment of the borough could move into high gear.
The borough council is due to vote on Monday to ask the land use council to investigate whether Liberty Village should be designated as a redevelopment area.
And on Tuesday, the land use planning council is due to begin public hearings on a plan to build 100 apartments in a redevelopment project on the old Agway site at the corner of North Main Street and Walter Foran Boulevard.
The new Liberty Village council resolution clarifies a similar resolution passed last year by specifying exactly which properties are included in the study.
The draft resolution calls on the land use planning board to determine whether the property, the country’s premier mall and once a popular shopping destination, meets the criteria for the redevelopment designation.
Under state law, the designation would make redevelopment more feasible and could qualify the project as financial grants or other incentive programs in the state. The designation would also give the borough more control over what is built on the site.
Namdar Realty Group purchased the 168,836 square foot Liberty Village from the Simon Group in 2019. Namdar had previously offered to pay the cost of the redevelopment study, but this is not permitted by state law.
Namdar Realty Group, of Great Neck, New York, is a privately held commercial real estate investment firm, owning and managing over 51 million square feet of commercial real estate across the United States. Founded in 1999, Namdar began with a single acquisition of a small retail store on Long Island.
The company has since grown into one of the fastest growing private real estate investment firms in the country and continues to grow at an unprecedented rate, averaging over 20 acquisitions per year over the past four years, mainly large shopping malls, shopping centers, offices and medical buildings.
The company now has malls from Bangor, Maine, to Clovis, California.
In the other project, Captiva Development, of Saddle Brook, offers two residential buildings with 61 apartments in one building and 39 apartments in the second building. The Captiva Main Street project includes 61 two-bedroom apartments, 36 one-bedroom apartments and three three-bedroom apartments.
The plan provides for 129 parking spaces in a garage and 64 surface spaces.
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Mike Deak is a reporter for mycentraljersey.com. To get unlimited access to his Somerset and Hunterdon Counties articles, please subscribe or activate your digital account today.