The Planning Board will investigate five industrial properties near Madden Field to determine if they qualify for redevelopment under state law.

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.City Council approved a resolution (AR-82-23) during its regular meeting on Monday night directing the Planning Board to “undertake preliminary investigation” of five “Leesville area properties” to determine if they qualify as a “condemnation area in need of redevelopment.” The governing body passed another resolution (AR-83-23) awarding an $8,500 contract to Heyer Gruel & Associates for professional planning services related to the study of the properties. There were no questions or comments  about the resolutions from council members or the public.

The five properties are all located within Block 300 of the city’s tax map and total about 3 acres. Combined, they are assessed for $2,111,500, generating property taxes of $150,993:

• Lot 6, 815 Martin St. – $365,300 tax assessment, $26,123 taxes
• Lot 7, 827 Martin St. – $558,900, $39,967
• Lot 8, 505 Capobianco Plaza – $586,500, $41,491
• Lot 9, 519 Capobianco Plaza – $406,600, $29,076
• Lot 10, 880 Elston St. – $194,200, $13,887

Like most of the neighborhood, the five properties are all zoned industrial and were built in the late 1960s. Seagis Property Group purchased the five properties in June 2008 for a combined $4.7 million. One property (505 Capobianco Plaza) that was purchased for less than $1 million was sold in July 2009 for $1.8 million, according to property records.

The Conshohocken, Pa-based warehouse and distribution real estate group also owns three other properties along Elston Street in addition to four of the five that will be studied. The firm won a tax appeal for 880 Elston St. (Block 300, Lot 10) in 2015 and again in 2016.

The state’s Local Redevelopment and Housing Law (N.J.S.A. 40:12A-1) allows towns to determine whether certain parcels of land constitute areas in “need of redevelopment.” A similar process was undertaken some 30 years ago for downtown redevelopment.

More recently, City Council has directed the Planning Board and hired Heyer Gruel to conduct redevelopment investigations of a series of properties on Esterbrook Avenue, where a senior housing development has been proposed; several Hamilton Street area properties, which eventually were included within the Arts District Redevelopment Plan; and, an industrial area near Hart Street. The Red Bank-based firm also developed the city’s downtown strategic plan.

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