The Redevelopment Agency received a $350,000 judgment against the developers of Riverwalk.
City Administrator and Redevelopment Director Peter Pelissier briefed commissioners at last month’s Redevelopment Agency meeting. The chance of collecting the judgment is the issue, he said, adding that the LLC is out of business but one of the principals of the firm has been located.
The city and county did some paving and drainage work on Essex and Johnson streets and planned to pursue the developer in court for reimbursement.
Parsippany-based Diversified Communities built 86 townhouses for the Essex Street development off East Milton Avenue and while many sold for more than $400,000, about 19 units remained unsold after the housing market collapsed and ultimately went into foreclosure. At one point, Diversified had looked into a plan to build about another 40 units on the adjacent Kings Inn motel property.
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why was there no bond in place?
Are there any unsold units? I'm sure the city could take two or three of the units and sell them for the $350K they're owed….Same comment applies to Carriage City, which seems to also owe the city some $$$….AMAZING how if you're a homeowner they list your house for tax sale if you're late on your taxes, but these companies get away with not paying for years…..!!