Redevelopment Advocacy

As the saying goes, "If you’re not growing, you’re dying." New Jersey municipalities should heed these wise words, especially as they relate to development and redevelopment. After all, positive growth is critical to the health of our economy; it creates jobs and provides homes for businesses and families. Without development and redevelopment, the burden of increasing local government expenditures falls on existing residents and businesses. And let’s face it: New Jersey municipalities are in constant competition with each other. The ones that grow, WIN, by benefiting from the highest real estate values.

 

Redevelopment can help municipalities by:

 • Lowering Taxes

 • Reducing Municipal Costs

 • Providing a Monetary Surplus to Our Schools

 • Offering a Mixed Housing Stock and More Choice

• Making Neighborhoods Safer

• Creating "Place"

 Despite these benefits, redevelopment can be a complicated process

For the developer

Redevelopment can involve greater uncertainty than greenfield development. For example, aging infrastructure may need to be repaired or environmental contamination may require remediation. Furthermore, developers accustomed to building suburban single-family homes may not be entirely familiar or comfortable providing "new" products such as high density or mixed-use projects.

For the property owner

Redevelopment can be a trying experience as well. When redevelopment areas are formally established, properties can become subject to the powers of eminent domain. It is therefore vital for property owners to know and understand their rights as well as the fair market value of their property.

For the municipality

Balancing developers’ needs for predictability and cost containment and landowners’ needs for a plan that offers expediency and transparency can be a daunting task. Redevelopment is never one-size-fits-all and must be carefully managed to benefit all constituencies including the greater populace.