Summit at Belvidere
Manunka Chunk Road in Belvidere, NJ
A small group of investors, including Krame Development Company, acquired a significant portfolio of delinquent tax lien certificates. A 30+/- acre vacant and forested parcel of land was part of this portfolio, however, the property was zoned for several uses, none of which made economic sense. Not wanting to be involved in the Real Estate Development Business, especially with such a complex situation, the other investors sold their interest in this property to Krame Development. We immediately proceeded to facilitate the subdivision of an adjoining 23 acre parcel of land owned by a public utility company so we could acquire an additional 8 acres of land which provided access to the “land locked” 30 acre site. Once this was accomplished, we worked diligently with the local zoning board and planning board to get use variances and craft a new zoning ordinance that would allow for the development of a 245 unit age-restricted housing project. As market conditions changed, we again worked closely with numerous governmental agencies to increase the total number of housing units to 259 “Market Units”, consisting of 135 two-bedroom condominiums in 5 buildings and 124 townhouse units. The Summit at Belvidere was fully approved and ready to commence construction as soon as market conditions permitted. Unfortunately, market conditions for suburban locations like this one have not rebounded so we were once again required to re-think the highest and best use for this site. We successfully convinced numerous Governmental Agencies that the site was “in need of redevelopment” and such special designation has now been granted, affording the developer significant tax advantages. We are currently in the process of seeking new site plan approvals for 225 units of “workforce” housing appealing to empty-nesters and those seeking to downsize. The new project will consist of patio homes, townhouses and apartments and special discounts will be offered to civil servants, teachers, first responders and others who deserve decent housing but are priced-out of the market.
