Developers present plans for Rutherford's Highland.

Tarragon Corporation and Lincoln Equities Group--along with Beyer Blinder Belle Architects and Dr. David Listokin, of the Edward J. Bloustein School of Planning and Public Policy,--have presented comprehensive site plans and fiscal impact findings to attendees of a March 6 meeting held to provide interested borough leaders with specifics on plans for the Highland Cross Redevelopment Area.

The Tarragon/Lincoln team also presented its plans to the Borough's residents at a meeting held on March 13.

By presenting preliminary site plans and research pertaining to the impact that this new mixed-use development will have on the Rutherford community the Tarragon/Lincoln team is further continuing its open and transparent dialogue with community leaders and residents.

"Our goal is to bring Rutherford a new mixed-use community that will provide tremendous benefits to existing and new residents of this well-regarded community," said Tarragon's executive vice president of development Todd Scheffer.

"Our plans for the Highland Cross site have been thoroughly examined by Dr. Listokin and the financial impact of each element of this new community has been studied and planned for. We are eager to hear what the community thinks of our proposed plans and we look forward to continuing this open dialogue with the Borough's leaders and residents."

Plans for the Highland Cross Redevelopment Area, which the development team is seeking to expand to a total of 52 acres, include 3,400 residential units (including townhouses, apartments, and affordable housing units,) 350,000 s/f of retail space (including a supermarket,) a 250-room hotel and placeholders for well-designed public parks and community facilities that all of Rutherford can enjoy. The project will he built on a phased development schedule over a 10-year period.

After paying for all of the costs and expenses that this new community will generate--including capital improvements necessary due to the addition of some public school children--fiscal impact findings show that the redevelopment project will provide the Borough with a revenue surplus currently estimated at $6.6 million per year. In 2005, the taxpayers of Rutherford paid more than $46 million in taxes; if this project were in place, their burden would have been reduced by $6.6 million or 14% of the total tax levy. The limited impact of potential new public school children has been studied and projected and findings show that there will be a manageable increase in enrollment at Rutherford's blue-ribbon schools.

Prior to presenting its full plans, the Tarragon/Lincoln team conducted polls and met with community leaders to determine the best use for the site. The team is committed to re-envisioning the site, which is currently approved for large-scale commercial use, into a mixed-use residential and retail project that will not affect Rutherford's Borough Core. The new community will provide much-needed housing options, retailers that will complement Downtown Rutherford's existing shops and community facilities for the residents.

"Our plans for this mixed-use community on the Highland Cross site reflect and address the concerns outlined in the Borough's Vision Statement: 2025, which points out the need for new housing options, as well as recreation opportunities," said Lincoln Equities Group's executive vice president Joel Bergstein. "In addition to creating a valuable new real estate tax revenue stream for the Borough, we are hopeful that Rutherford's leaders and residents will see the benefit in all that we have planned for this new community, including the various recreational and public amenities. Our goal is to address all of Rutherford's financial and quality of life needs, both in the present and future."

This project has been conceived to provide the Borough with new amenities, housing options, retailers and community spaces.