Woodmont has been selected as the developer for the Bancroft site along Kings Highway. Pictured from left to right are Woodmont associates Stephen Santola, Eric Witmondt, Lewis Zlotnick and David Trager.
The Haddonfield commissioners approved a resolution designating Woodmont as the conditional redeveloper for the Bancroft site along Kings Highway.
The 8.2-acre land is on the east side of Hopkins Lane. Commissioner Frank Troy voted no, while Commissioner Kevin Roche and Mayor Colleen Bianco Bezich voted yes at its May 13 work session meeting.
Woodmont is based in Fairfield and was one of nine request for proposals submitted for the site in May 2023.
Stephen Santola, executive vice president and general counsel at Woodmont, shared that their proposal includes turning the former school site into 120 luxury rental apartment homes, 18 of which would be affordable.
The space is anticipated to have a clubhouse that would include a fitness center, a golf simulator and other amenities associated with modern day luxury communities.
“We know the Bancroft site has a long history, we felt like this would be a great challenge for us to see if we could partner up with Haddonfield,” Santola said.
According to a press release, “the team has completed numerous major residential and mixed-use redevelopment projects in municipalities throughout the region such as Morristown, Saddle River, Cranford, Red Bank and Metuchen.”
A public presentation of the project will take place on June 17, where the community will also have an opportunity to provide feedback.
Budget
The commissioners approved a resolution introducing the 2024 municipal budget. The tax rate has increased from 0.5887 last year to 0.6269 this year. This is estimated to be around a $200 increase per the average assessed home from the prior year.
Roche attributed some of the increase to costs that go up on a year-to-year basis. For instance, the salary and wages for the police department increased around $100,000 annually due to promotions; insurance went up to around $90,000; and the library tax has increased around $60,000.
The commissioner noted that on the flip side, they had also seen the general fund balance increase, in part thanks to the parking meters.
“I know we’ve received some feedback, mixed feedback with tongue and cheek, but the incremental hours on a gross basis can equate to $350 to $450,000. So it’s something that is not insignificant.”
Borough administrator Sharon McCullough acknowledged the borough also seen some significant grant increases, which includes $5 million from the state and $500,000 from the federal government to fund the new police building, as well as $54,000 from a firefighter grant to fund new protective gear for all the remaining gear that needed to be replaced.
In other news
The commissioners proclaimed May to be Mental Health Awareness Month and Jewish American Heritage Month. May 19 to 25 is EMS week.
The next meeting will be on Tuesday, May 28.
