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Fund helps finance reservoir deal.

The Township of Weehawken received a New Jersey Environmental Infrastructure Trust loan of $8.7 million to help buy the largest privately owned, remaining undeveloped property in the city and preserve it for public use.

The New Jersey Green Acres program, part of the New Jersey Department of Environmental Protection, also contributed $2 million, while Weehawken and Union City contributed $168,000 each to buy the 14.4-acre reservoir site.

NAI James E. Hanson represented United Water New Jersey Inc. in the $11-million sale of the site, which was zoned for high-density residential use. The company had not used the property since 1996.

United Water received four offers on the property from developers that hoped to build multi family projects on the site. Negotiations were just beginning when, in the summer of 2010, the Township of Weehawken expressed a strong interest in preserving the site.

The property will be transformed into a passive public park, with a walking and running trail. Portions of the reservoir will continue to function as a water storage facility, and United Water will retain an easement to construct and maintain a 10-milliongallon underground water storage tank located beneath the future park.

"This is a true reflection of Governor Christie's commitment to preserve land through the Green Acres Program through the New Jersey Environmental Infrastructure Trust," NJDEP commissioner Bob Martin said.
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Title Annotation:TRANSACTIONS
Publication:Real Estate Weekly
Date:Feb 1, 2012
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