Tuesday, December 1, 2015

Development Costs Add Up

 Two Landmark projects on East Second Street will add 32 apartments to the downtown mix. Eighty senior apartments are rising a few blocks away on Roosevelt Avenue. Sleepy Hollow Developers received Planning Board approval of 212 apartments, and a new proposal for South Second Street could add 90 more units.

At $2,130 per unit for sewer hookups, the tally must be thrilling for the Plainfield Municipal Utilities Authority, which recently launched a count of all new housing units to make sure the revenue stream flows over to PMUA headquarters at 127 Roosevelt Avenue.

Add the cost of environmental remediation for sites such as the five acres slated for mixed-use development on South Second Street and installation of sprinklers replacing fire escapes in rehabbed buildings and pretty soon you're talking about real money.

It's something to keep in mind when balancing what the city wants from developers with what they face in doing business here. Maybe they face similar expenses in other municipalities, I don't know, because I have not done a town-by-town comparison. Certainly they have investigated the costs and factored them in to their decisions to do projects here.

Most of the upcoming negotiations on financial agreements will take place in closed session, but the resultant documents will go before the City Council for approval. Let us hope for fairness all around in the outcome.

--Bernice

1 comment:

  1. Hi Bernice,
    After years of stagnation it is nice to see some new building and quality projects coming to Plainfield. This should have started 10 years ago, but it is nice that Plainfield is finally moving forward. I like living here and love my town and my friends here. I hope this continues and partisan politics don't get in the way.

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