Gramercy redevelopment agreement approved

The Redevelopment Agency last month unanimously adopted a resolution (6-0) approving a redevelopment agreement with R2-N2 Properties, which has approval to build a 45-unit complex on East Cherry Street.

The-Gramercy-elevation-150x150The resolution was adopted at the agency’s March 2 meeting. The redevelopment agreement was approved in principal but negotiations and final review are still in progress, according to Redevelopment Agency Executive Director Leonard Bier. Hopefully, he said, a final agreement will be ready by the agency’s next meeting, which is this Wednesday.

The Gramercy, a five-story, 45-unit development, got Planning Board approval in November. The plan includes razing the properties at 38-52 E. Cherry St.

Waldwick-based DMR Construction established Cherry Street Properties, LLC, to acquire the properties (Block 318, Lots 18-21 and 1.03) for the project and its R2-N2 Properties, Inc. submitted the application to the Planning Board.

 

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