Update on Parsippany Road High-Rise
Posted in: Development, Featured, View All Entries by admin on May 17, 2011
Yesterday the Parsippany Planning Board met, heard additional presentations from the property-owner as well as testimony from members of the public who attended to voice their concern about the proposed project. After more than three hours of testimony, the Planning Board opted to “digest” information presented and testimony from the public and instead make their final recommendation about the rehabilitation zone at their next scheduled meeting — Monday, June 6th at 7pm.
The Project
Although not yet an official re-development proposal, the building as presented would stand at 65 ft high and six stories as compared to the current limit of 35 ft and only two stories. Additionally, with 50 condominiums in the proposal development, the density would be 39 dwellings per acre, as compared with the currently permitted 12 dwellings per acre. Many neighbors in and around the proposed development site on 272 Parsippany Road expressed concerns about traffic, aesthetic concerns, loss of privacy (especially for residents in Colonial Heights), and potential implications for drainage and water runoff since many trees will be removed for the project.
Tax Relief?
Additionally, though some including the Mayor and the property-owner made the case that the development would help bring in more rateables and ease the burden on tax payers, after closer consideration — it actually seems that even in a best case scenario the project would either break even or lose money. Based on the planners projections, the proposed project would bring in an estimated $266,000 in annual tax revenue. However, with an estimated 8 school age children (at $14,000 per child) and about $5,000 per household for township services (like police, recycling, etc), the town would actually be losing ~$96,000 per year. Not exactly a relief for tax payers.
Next Steps
Following the June 6th meeting, the Planning Board’s recommendation will be forwarded to the Township Council who will make a final determination about various elements like height and density. We’ll keep you posted on future meetings that will decide the fate of this project — and potentially set a precedent for dozens of new development sites in the future.