Huge Valley Bank redevelopment finally going to Wayne board. Here's the builder's pitch
WAYNE — The Planning Board will hear an application next month for construction of 473 housing units at a site now occupied by the headquarters of Valley National Bank.
The project, which was subject to months of bitter negotiations, is part of the township's overall effort to create enough opportunities for affordable housing. Under a settlement between officials and the developer, 71 units will be for low-income residents.
The nine-member board is scheduled to consider the proposal at its meeting on April 25.
The units will be stretched out across two lots — totaling 17 acres — on the west side of Valley Road. They will include 409 apartments in a 4½-story building, and on a separate lot, 64 town homes in 12 buildings.
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The project will have 942 parking spots and a two-story clubhouse, with a fitness room, a swimming pool and other amenities.
The builder, Virginia-based AvalonBay Communities Inc., will redevelop two more bank-owned lots across the street, at 1460 Valley Road. That portion of the project is going to feature a commercial use, but it is not contained in the current plan.
AvalonBay owns 21 residential complexes in New Jersey, including nearby properties in Bloomfield, Bloomingdale and Boonton.
Redevelopment of the bank headquarters is the second major housing project spawned by prolonged negotiations to reach board review in the past year.
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The first project, which calls for construction of 105 town homes on farmland owned by Rock Ledge Greenhouses & Landscaping Inc. on Hamburg Turnpike, is set to have its sixth hearing on March 28. That complex, by Matawan-based Hovnanian Enterprises Inc., will include 21 low-income units.
Meanwhile, the bank is proceeding this spring with construction of its new headquarters in the center of Morristown.
Philip DeVencentis is a local reporter for NorthJersey.com. For unlimited access to the most important news from your local community, please subscribe or activate your digital account today.
Email: devencentis@northjersey.com
This article originally appeared on NorthJersey.com: After bitter negotiations, Wayne housing project ready for next step
