50 acres along Route 22 in Readington targeted for redevelopment. Here's what's proposed
READINGTON – A proposal to build 192 apartments and four single-family homes off eastbound Route 22 east of School Road will be heard by the township Planning Board next month.
As part of the township's affordable housing court settlement, Camelot of Readington Urban Renewal, of Highland Park, is proposing 192 apartments – 48 of which will be affordable units – on about 50 acres formerly occupied by the Whitehouse Diner, the Interstate Iron Works and The Gables Inn boarding house.
The apartments will be in 13 three-story buildings on the property, a consolidation of five lots fronting on the highway and extending back to the railroad tracks.
The four-single family homes will be built on a cul-de-sac at the end of a shortened Mullen Road.
The apartment community plans also call for a clubhouse building and a maintenance building.
Camelot of Readington Urban Renewal was designated as the property's redeveloper in April 2022 by the Township Committee.
In April, the Township Committee finalized a Payment in Lieu of Taxes (PILOT) agreement for the redevelopment of the property.
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The 30-year agreement calls for quarterly payments to the township based on gross rents in lieu of property taxes.
In years 1-12, the developer will pay 10% of gross revenue; in years 13-18, 12% of gross revenue; in years 19-24, 14% of gross revenue; and in years 25-30, 15% of gross revenue.
PILOTS are routinely used in New Jersey as a way to give incentives to developers to undertake redevelopment projects on land where little property taxes are being collected, either because the land is undeveloped or the businesses on the property are no longer operating.
The Planning Board hearing is set for Nov. 13.
Email: mdeak@mycentraljersey.com
Mike Deak is a reporter for mycentraljersey.com. To get unlimited access to his articles on Somerset and Hunterdon counties, please subscribe or activate your digital account today.
This article originally appeared on MyCentralJersey.com: Readington redevelopment plan includes 192 apartments along Route 22
