CRANFORD, NJ — Mayor Patrick Giblin announced that the township has reached a settlement with Hartz Mountain to develop their site at 750 Walnut Ave. at a density far less than the original application to build 900 units.
The settlement came after more than a year of negotiations and will result in the 30-acre site being split with 240,000 square feet of flex space commercial development on 15 acres and 250 units being built on the remaining 15 acres. The residential component will have 212 market-rate units and 38 affordable units. The township expects that Hartz will request a 30-year Payment in Lieu of Taxes agreement, but only for the residential site, and the commercial portion will pay conventional property taxes. In a PILOT agreement, the property owner or developer makes an annual payment to the municipality on the site that has increased in value because of development. A PILOT agreement does not mean the developer is relieved of payment to the township.
In addition, Hartz Mountain and the township of Cranford have mutually agreed to dismiss all pending litigation between them. The settlement will go to the courts for final approval in April 2021.