Case Studies


Township of West Orange

The firm serves as redevelopment counsel in connection with a comprehensive mixed-use, residential and retail redevelopment project to be undertaken within the Township’s Historic Downtown Redevelopment Area, which includes the Edison Battery Factory site. The project will consist of 609 residential units, including 71 affordable units, 50,000 square feet of retail and amenity space and a parking garage. The firm was also recently successful in obtaining Local Finance Board approval to issue $41,000,000 in Redevelopment Area Bonds in order to undertake certain infrastructure improvements and other improvements at the project site. For more information on this project, please contact Glenn F. Scotland, Member.

 

City of Asbury Park – Waterfront Redevelopment

McManimon, Scotland and Baumann, LLC, as special redevelopment counsel for the City of Asbury Park, has worked with the development and lending community to increase private investment throughout the City of Asbury Park. Completed projects include a renovated department store that now houses 63 rental units and 10,000 square feet of retail and a series of smaller buildings in the City’s bustling Central Business District.

In 2010, the City executed a redevelopment agreement with Madison Asbury Retail, L.L.C. formalizing Madison Marquette’s role as a redeveloper of the City’s famed Boardwalk, Convention Hall and Stone Pony nightclub. Under this agreement, three of the Boardwalk Pavilions were renovated into first class retail and restaurant/night club space and the Stone Pony opened an expanded and state-of-the-art outdoor stage. Renovation and reconstruction of the remaining buildings will be covered in subsequent redevelopment agreements. The City also worked with the redeveloper to coordinate on-street and off-street parking and a schedule of a series of entertainment events throughout the year to draw visitors in all seasons.

The results have been positive, with an added benefit: the City’s revenues from beach and parking fees increased from $35,000 in 2003 to over $900,000 in the first nine months of 2010. As the economic cycle resets, the City remains committed to its redevelopment initiatives and will continue to work with existing and new developers to rebuild its historic waterfront.

For more information on this project, please contact Glenn F. Scotland, Member, at (973) 622-1800.

Town of Harrison – Harrison Commons

Our firm worked with the Town of Harrison, the County of Hudson and the Hudson County Improvement Authority to assist the Town in implementing its redevelopment plan. This project involved the initial phase of a multi-phased neighborhood in which a private developer was facing a series of site-specific challenges during a time when conventional financing was contracting. The challenges included unanticipated costs associated with environmental remediation, utility relocation and infrastructure to service the multi-phase project which needed to be financed before the initial phase was commenced.

Using two series of bonds secured by payments in lieu of taxes and special assessments, respectively, nearly $13 million in public subsidy was made available to the initial phase of the project. This level of public commitment required a coordinated security package be created to protect the interests of the Town without impacting the ability of the developers to obtain conventional financing. The result was the opening of a 275-unit building in September, 2011, with new revenues flowing to the Town and new residents inhabiting the first privately financed and owned project within the Town’s redevelopment area since 2004. In 2012, it is anticipated that the developers will begin phase II and Phase III of their project.

For more information on this project, please contact Glenn F. Scotland, Member, at (973) 622-1800.

City of Orange – Dr. Walter G. Alexander Village

McManimon, Scotland & Baumann, LLC represents the Housing Authority of the City of Orange and its nonprofit affiliate, the Orange Housing Development Corporation, in the development of a three-phase project known as the Dr. Walter G. Alexander Village redevelopment project, which provides high-quality, affordable housing opportunities to families in Orange, New Jersey. The first phase (consisting of four 3-story buildings with a total of 66 new units of affordable housing, a community center, and on-site parking) and the second phase (consisting of 48 age-restricted rental units with a garden area as well as on-site parking) are now complete. Development is complete on the third stage of the Dr. Walter G. Alexander Village, which consists of two new buildings: (i) a 3-story building containing 16 residential rental units, and (ii) a 4-story building containing 26 residential rental units and a 4,100 square feet community center.

McManimon, Scotland & Baumann assisted the housing authority in structuring the financing for the project, which financing consisted of several funding sources, including American Recovery and Reinvestment Act of 2009 funds, Housing Replacement Factor funds, low-income housing tax credit equity, and New Jersey Housing and Mortgage Finance Agency permanent and construction financing. McManimon, Scotland & Baumann also prepared the incorporation paperwork, bylaws and an application for 501(c)(3) status for the Orange Housing Development Corporation, which entity serves as the development corporation responsible for the demolition of the existing buildings and redevelopment of the entire area.

The Dr. Walter G. Alexander Village, Phases I and II, won the 2014 Excellence in Housing and Economic Development Award in the category of “Leading Housing Revitalization Award (Rental)”. This award is given to “the most outstanding housing and economic development projects and partnerships throughout New Jersey. The state award program celebrates the best in housing revitalization, public-private economic development partnerships, and supportive housing developments that strengthen the vitality of our communities, contribute to economic growth, and demonstrate the potential to have a lasting impact.”  For more information on this project, please contact Glenn F. Scotland.

For more information on this project, please contact Glenn F. Scotland, Member, at (973) 622-1800.

City of Asbury Park – The Asbury

MSB represented the City of Asbury Park as special redevelopment counsel in connection with the $46 million redevelopment and adaptive reuse of a former Salvation Army residential facility into The Asbury, a chic 110-room boutique hotel, Asbury Park’s first hotel in 50 years,

The Asbury was named the Best New Hotel in the country by USA Today in 2016. It features an outdoor swimming pool, bars, event facilities and a vibrant rooftop space which hosts an outdoor cinema at night. In addition to bringing new life to a vacant, dilapidated structure, The Asbury now generates approximately triple the previous revenues to local government through payments in lieu of taxes under a long-term tax exemption agreement, while the hotel use results in low demand for municipal services. The securitization of a special assessment on the property funded the construction of public infrastructure in connection with the project, at no cost to the public. The Asbury is one of the latest projects undertaken by affiliates of waterfront master developer Asbury Partners, LLC, which recently received redevelopment, planning, tax exemption and special assessment approvals for the construction of a sixteen-story mixed-use project at the nearby former C-8 site. Dubbed 1101 Ocean, the project will combine a 54-room hotel and 130 condominiums with retail and amenity space.

For more information on this project, please contact Glenn Scotland, Member, at (973) 622-1800.