The 119 properties being studied for potential redevelopment have a total assessed value of $30.733 million, generating property taxes last year of about $1.898 million. Collectively, the properties comprise about 57 acres.
City Council last month adopted a resolution to authorize a redevelopment study of the 119 properties. Now it’s up to the Planning Board to conduct the study.
In the meantime, I divided the 119 properties into three clusters to profile each with a closer look at current assessments and taxes. To be clear, these have not been designated redevelopment areas by the city, that would come a few more steps later in the process, if at all; these are my own calculations based on a review of property records and I grouped them together as I saw fit.
West Grand Avenue
The West Grand Avenue corridor by far has the most properties, with 92 of the 119 overall. The vast majority of those are residential, probably why so many people came out to the City Council meeting last month.
The West Grand Avenue cluster has the highest overall property assessment of the three clusters but the lowest average given the sheer number of properties. There’s a total assessment of $15,863,500 (average $172,429), about twice the total of the other two zones combined, with property taxes of $957,483 (average $10,407).
The Elizabeth Avenue corridor includes 17 properties, with probably the most balanced mix of industrial, residential or exempt lots. The properties are assessed at a total $7,496,700 assessment (average $40,982) and property taxes of $478,964 (average $28,174). The properties total almost 13 acres.
I grouped all the Elizabeth Avenue properties into one cluster but I suppose they could be split up into two or three areas, if one wanted. The properties stretch from the Wheatena section of Rahway River Park to the Linden border.
New Brunswick Avenue
There are nine properties within the New Brunswick Avenue redevelopment cluster that have a total assessment of $7,373,500 (average $819,278), with property taxes totaling $461,912 (average $51,324).
Much of the New Brunswick Avenue redevelopment cluster is comprised of industrial properties — which is why it’s the largest at 34 acres — or city-owned parcels, of which there are five.
The New Brunswick Avenue zone includes the two largest properties in the study but also the smallest, with a few small parcels owned by the city. The 26-acre Dri Print Foils is assessed for $3.146 million with property taxes of almost S201,000. The largest lot by assessment also is in this zone, at $4.025 million, a nearly 4-acre lot that’s part of Delco Plaza, which recently got approval to become a fitness center.