Hillsborough warehouse plan could yield $1.1 million in property tax revenue
HILLSBOROUGH – A fiscal analysis of a proposed 543,299-square-foot warehouse and office development on Homestead Road next to the Route 206 bypass found that the project could yield more than $1.1 million in property tax revenue per year, with $951,261 of that money going directly to the school district.
The proposal by Homestead Road LLC, of Boca Raton, Florida, owned by Boca Raton resident Eric Greif, to build two warehouses – one 368,995 square feet and the other 168,304 square feet – and a 6,000-square-foot office building on vacant land is scheduled to be heard by the township Planning Board on May 12.
A report on the financial impact of the construction by Art Bernard and Associates for the developer determined that the project when completed would have a market value of $62.47 million.
And because the development would not incur any direct costs to the school district, the report says, the property tax revenue would have "a net fiscal benefit" to the school district.
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The report also determined that the development would employ about 237 workers. The cost to supply municipal services would annually be $24,648, which means the municipality through property taxes would net $140,000. Somerset County would receive $247,730 in property tax revenue.
A traffic study for the developer prepared by Dolan and Dean Consulting Engineers concluded that that development "would generate minimal traffic increases, which will not create a negative impact on the local roadway network."
The traffic study also found that the site "is particularly well suited for the proposed development.”
The 88.45-acre property is owned by Mid-State Industrial Park, of Cranbury.
A part of the northern section of the property borders homes on White Meadow Road.
Royce Brook flows through the northern part of the lot.
The larger warehouse would have 60 loading docks, spaces for 150 trailers and 188 other parking spaces. The smaller warehouse would have 30 loading docks, parking for 62 trailers and 96 other parking spaces.
No variances are required for the project, though a design waiver is needed for the main driveway to the site off Homestead Road. The plan calls for a 30-foot-wide driveway, while the township allows 24 feet.
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: Hillsborough warehouse plan could yield $1.1M in property tax revenue
