By Joshua Burd
A developer has acquired a long-contested parcel in New Milford, following years of approvals and litigation that will now give way to a new supermarket and apartments in the borough.
Representing the seller, brokers with NAI James E. Hanson said Thursday that a subsidiary of S. Hekemian & Co. Inc. had completed its purchase of the 13.6-acre tract. Suez Water North America sold the property, which is bounded by Main Street, River Road and Madison Avenue.
Hekemian will use the land to build a new Inserra ShopRite with a bank branch, while a portion of the site will be used to develop a new sports fields for New Milford High School. At the same time, Inserra’s current store at 841 River Road in New Milford has been slated for redevelopment into a new multifamily community that includes 20 percent affordable housing.
NAI Hanson’s Andrew Somple and Greg James handled the sale on behalf of the Hackensack-based real estate services firm, noting that the sale marks the completion of a multiyear approval process that included compromises from the buyer, seller and borough officials. The borough council rezoned the tract earlier this year, following a legal battle that included a builder’s remedy lawsuit tied New Milford’s affordable housing obligations.
“This deal marks the next chapter for this once undevelopable tract of land,” Somple said. “The complexity of the deal meant that the experience of the NAI Hanson team was invaluable in closing the deal in a mutually beneficial manner for both our client and the buyer.
“We were honored to be selected to work on this deal to facilitate the purchase by a user that could not only realize a profit from a development project on the land but also make a significant contribution to the local community.”
The development site is located directly on Main Street and provides easy access to the Oradell and River Edge stops on NJ Transit’s Pascack Valley Line.