At least two national organizations were prepared to help property owner fight eminent domain takeover.
RARITAN -- A developer hoping to build 306 luxury apartments on Third Street between First and Second avenues has reached an agreement to buy a two-family home, bringing the project one step closer to reality.
One of the last remaining property owners on a 3.3-acre tract of land agreed to sell Thursday. John Roglieri, who owns a two-family home at 8 Third St., and JMF Properties reached an agreement on a fair market price for his property, Roglieri said.
Borough officials were considering using eminent domain to take the property and Roglieri's fight to keep it had been taken up by at least two national organizations: Institute of Justice, a non-profit libertarian public interest law firm that specializes in opposing eminent domain, and Americans For Prosperity, a conservative political advocacy group.
"We just want to fix that property," Mayor Charles "Chuck" McMullin said prior to the agreement. "I used to live in the area 35 years ago and it doesn't look much different now than it did then. We want to redevelop the area, but we're only going to do something if it's in the best interest of the town."
If developed, monthly rents in the proposed apartment complex would range from $1,650 for studio apartments to $2,000 for one-bedroom apartments and $2,300 for two-bedroom units. There would be 15 studio units, 153 one-bedroom apartments and 138 two-bedroom units.
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The borough has hired the Hoboken-based firm, Phillips Preiss Grygiel, LLC, to conduct a study to see if the area qualifies for redevelopment, McMullin said, adding there is cleanup work that would need to be done before demolition could begin.
McMullin said a report is expected to be complete soon.
The area under consideration for new apartments would, if developed, raise the borough's tax revenues from $25,749 a year to $720,022 in the first year, according to a proposal by JMF Properties.
Roglieri, who said he has lived in the borough for the past 34 years, had balked at selling the property because he wanted to retire in it, according to a letter sent to the borough by the Institute for Justice. He purchased it 12 years ago.
McMullin said Roglieri is currently renting out the property.
JMF Properties came to the borough in January with a plan to build apartments on land located near train tracks that is zoned semi-industrial. Nearby buildings include an abandoned auto body shop, older houses and other closed commercial buildings.
The borough council had voted 4 to 1, with one abstention, to amend a previous resolution supporting the redevelopment so that it includes the possible use of eminent domain.
Dave Hutchinson may be reached at dhutchinson@njadvancemedia.com. Follow him on Twitter @DHutch_SL. Find NJ.com on Facebook.