Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment/Transfer and Assignment
Purpose: Assignment of Redevelopment rights from Springfield Avenue Market Place, LLC current owner of 66-80 South Orange Avenue, Block 235, Lots 1-10, 53, 54, and 56 (Central Ward) to Prince Orange South Holdings, LLC, c/o Snipes Companies, LLC, 395 Franklin Street, Bloomfield, New Jersey 07003 for the purpose of developing a new project of approximately Sixty (60) residential rental apartments along with associated parking.
Entity Name: Prince Orange South Holding, LLC, c/o Snipes Companies, LLC
Entity Address: 395 Franklin Street, Bloomfield, New Jersey 07003
Sale Amount: $N/A
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $N/A
Appraised Amount: $ N/A
Contract Period: Start and end dates
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( X ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
66-80 South Orange Avenue/Block 235, Lot 1 (merged lots 1-10, 53, 54 and 56)/ Central Ward
Additional Information:
Resolution No. 7RDE(AS) 100604; land sale agreement for development of Springfield Market Place
Resolution No. 7RCR(AS) 031605; revised provisions to land sale agreement
Resolution No. 7R3-A(S3) 102108; amendment to transfer of redevelopment rights
Redevelopment rights to 66-80 South Orange Avenue, Block 235, Lots 1-10, 53, 54, and 56 are currently held by Springfield Avenue Marketplace, LLC; however Springfield Avenue Marketplace seeks to assign redevelopment rights to Prince Orange South Holdings, LLC. In 2008, Springfield Avenue Marketplace, LLC was p...
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