Rutherford industrial site slated for transformation.

New York City-based Tarragon Corporation and Lincoln Equities Group of Rutherford announced a joint venture to redevelop a former industrial site in Rutherford, N.J.

Lincoln Equities Group has owned the property, a brownfield site situated on the east side of Route 17, since 1999. The site has already been approved for one million s/f of new office space and a 216-room hotel. The Tarragon/Lincoln venture is in the planning stages for a mixed-use project at the property.

"In addition to the potential for office and hotel use, we are exploring other development possibilities for this site," said Lincoln Equities' executive vice president Joel Bergstein. "And the addition of a company with Tarragon's stature can only ensure that the site will be built in the most responsible manner. Our team is committed to redeveloping this abandoned industrial site, which has been completely remediated by our company. Once we determine the project's scope, we will proceed in such a way as to not impact Rutherford's unique fabric. Our goal is to provide the borough with a new community that meets all of Rutherford's fiscal and quality of life needs. And throughout the development process, we are committed to keeping the process completely open and transparent."

To determine the best use for the site, the Tarragon/Lincoln joint venture has initiated a significant outreach program to ascertain what type of development the community feels would enhance the borough. One of the issues consistently raised by this research was citizens' desire for property tax relief.

According to Tarragon's executive vice president of development Todd Scheffer, "We're excited to be working on the transformation of this underutilized site that will benefit the borough in many ways. We are focused on planning a project that will provide the borough with a significant new revenue stream that will be available to stabilize taxes."