Vose & Taylor
The project includes a 5-story, mixed-use redevelopment project, that will bring 110 units of housing, approximately, 11,000 sf of retail and a maximum 10,000 sf of second floor commercial space to the heart of South Orange Village. The developer will provide a minimum of 121 residential parking spaces and construct a garage that provides at least 70 public parking spaces.
The Redevelopment Area, formerly known as the Blockbuster site, is located along the northern border of South Orange Avenue and between Vose Avenue, Scotland Road, and Taylor Place. Situated along a primary commercial thoroughfare in the heart of South Orange Village, the occupies a highly visible, notable location relative to the Village’s other assets in the downtown area.
- By the Numbers:
- $1.3M Public Land Acquisition Payment
- $700,000 Public Improvement Contribution
- Annual Service Charge/Payment in Lieu of Taxes: 10% of Annual Gross Revenue
- Tax Exemption: Term 25 Years
- Years 1 to 10 - 10%
- Years 11 to 20 - 12.5%
- Years 21 to 25 - 15%
- Community Benefits: Include a Public Improvement Contribution for purposes of funding off-site capital improvements and associated costs, and an agreement for the Village to lease commercial space at a rate of $1.00 per annum for a minimum term of 25 years at the end of which the Village will have right-of-first-refusal for a 5-year lease at market rate rent with option for one 5-year extension.
Current Phase: Construction
Estimated Project Duration:
- Parking Lot Completion: Estimated August 2022
- Building Completion: Estimated Spring 2023
Developer: Hub Realty
Special Conditions: Taylor Place municipal parking lot to be closed during construction Phase 1 (through August 2022). Periodic road and sidewalk closures throughout construction.