Redevelopment continues to be a major driver of development, given the legal tools that encourage and facilitate infill and redevelopment. Redevelopment can be a catalyst for new development or an anchor to expand private investment in otherwise blighted areas. Redevelopment, however, continues to be misunderstood and not fully utilized by all parties. NP Law has decades of experience in redevelopment that includes an expertise in the nuances of the law and its many potential applications. NP Law understands the need to comply with legal procedures, but also can be creative with the tools that can make the difference for a project. The attorneys at NP Law have developed the redevelopment practice area through years of direct work with public and private entities, structuring simple deals for small residential projects, to amassing and aggregating multiple forms of financing for transformative brownfields redevelopment.
Redevelopment often serves as an umbrella allowing parties to access zoning, direct contracts, tax exemptions, bond financing, condemnation and a variety of other vehicles to overcome local blight conditions. NP Law is intimately familiar with the evolution of redevelopment laws and can help its clients navigate the changing landscape while being as creative as possible.
Among Our Services:
- Due diligence and review of redevelopment or rehabilitation criteria for a given area
- Review and comment on professional reports and analyses
- Preparation and coordination of legislation for local governments, including development of records of proceedings
- Attendance and presentation at meetings
- Preparation, negotiation and closing of all redevelopment and related financing documents
- City of Bayonne/Bayonne Crossing: Our attorneys assisted the City of Bayonne in a multi-public body financing through the New Jersey Environmental Infrastructure Trust (the “NJEIT”) of a portion of a redevelopment project consisting of the remediation of a former petroleum site and the construction of a 356,000 square foot “big box” retail project located in the City. The financing, secured by Payments In Lieu Of Taxes, a Letter of Credit during construction and guaranties of Hudson County and the City, involved ten different public entities, required over 80 public votes, 23 different public/government approvals and permits and endured multiple lawsuits, all during an economic recession. The financing was successful due to the close work of the City’s team with each of the public entities, the redeveloper and the NJEIT in creating solutions to questions never asked in prior financings. As a result, the City now boasts a regional retail power center that generates tax revenue, urban enterprise zone revenue and hundreds of full-time jobs.
- City of Bayonne/Royal Wine: We represented the City of Bayonne in the development of the new world headquarters of Royal Wine, a premier distributor, importer and manufacturer of premium wines and spirits. Royal Wine sought to expand its operations in the City and the City provided financial incentives through a tax exemption and the issuance of Redevelopment Area Bonds. We assisted the City in the structuring of payments in lieu of taxes and the issuance of the Redevelopment Area Bonds that were used to permanently finance the construction of the new headquarters in the City.
- Bayonne/Silklofts: The Maidenform factory in the City of Bayonne was once a symbol of its strong industrial history. At the height of its operations, the factory employed 1,300 employees. In 2009, a new owner decided to transform the closed factory into 85 luxury residential units. With the assistance of local property tax exemptions from the City of Bayonne, the owner was able to open the building to new residents in 2014. The project boasts exposed brick and high ceilings, studios, one-bedroom and two-bedroom units with a courtyard that includes a community pizza oven. Jong Nee worked with the City and the owner to negotiate the terms of a long term tax exemption to help lower the cost of operating the project and to make the project competitive with neighboring markets.
- OPUS/KTV: The former Ingersoll Rand site covers two municipalities on the western border of New Jersey. Since operations closed around 2000, the site has lain underutilized during environmental remediation. Despite multiple attempts to redevelop the site and site acquisition complications, Opus and KTV were able to combine their resources to assemble the full properties and undertake the redevelopment designation of the full site with the Town of Phillipsburg and the Township of Lopatcong. Jong Nee worked with the developer to secure the redevelopment designation and helped to negotiate and finalize the financial terms that would allow for the redevelopment of the site into a regional transportation hub.