Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Authorize the Mayor and Deputy Mayor/Director of Economic and Housing Development or his designee to enter into a contract for the private sale and redevelopment of a portion of Blocks 2556 and 2563 with Old Third Ward Redevelopment, LLC.
Entity Name: Old Third Ward Redevelopment, LLC.
Entity Address: Three East Stow Road, Marlton, NJ 08053
Sale Amount: $3,712,000.00
Cost Basis: ( ) $2.00 PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $14,639,200.00
Appraised Amount: $N/A
Contract Period: Both the First and Second Phases shall be completed within eighteen (18) months of Commencement of each Phase
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
(X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
1-55 Somerset Street/2556/1/CW
136-146 Spruce Street/2556/61/CW
28-82 Barclay Street/2556/62/CW
84-140 Barclay Street/2563/1/CW
135-145 Spruce Street/2563/75/CW
57-117.5 Somerset Street/2563/76/CW
Additional Information:
The redevelopment project will consist of a total of one hundred sixteen (116) units of deed restricted rental housing and two parks with a size equal to or greater than the square footage of the existing parks on the property.