Bancroft: Q&A on Woodmont Properties
On May 13, 2024, the Board of Commissioners designated Woodmont Properties of Fairfield NJ as the conditional redeveloper for 8.2 acres on the east (Cherry Hill) side of Hopkins Lane, commonly known as “Bancroft.”
The Borough intended that a charet in the Borough Hall on June 17 would provide residents and others with an opportunity to learn, directly from representatives of Woodmont, about their proposal. The information meeting was less than successful, for a variety of reasons. We therefore thought it might be helpful, especially for those who did not attend on June 17, to pose some questions to Woodmont Properties.
Q1. Rent
If the Bancroft development were in place today, what would be the likely range of monthly rents for 2-bedroom and 1-bedroom units?
ANSWER: Our estimate is that today’s monthly rents for the market-rate apartment flats would range from the high $2,000s for a 1-bedroom unit, to the high $3,000s for the largest 2-bedroom units. Monthly rent, after payment of the one-time amenity fee, allows every resident the use of the clubhouse facility and other amenities.
Q2. Affordable Units
Will all the affordable units be 3-bedroom units? Will there be any 3-bedroom units that are not affordable units? If so, what would be the likely range of monthly rents for those units, if the Bancroft development were in place today?
ANSWER: There are 18 affordable units to apply toward Haddonfield’s unmet affordable housing obligation. This obligation, and the unit mix for the affordable units, are proscribed by affordable housing regulations. Here, this yields 14 two-bedroom units and 4 three-bedroom units. There will be no market rate 3-bedroom units.
Q3. Rent vs Purchase
Some downsizing seniors have said they would be more interested in purchasing a unit than in renting one. Do any of your other properties offer a purchase option? Regardless, would you consider designating some of the Bancroft units – probably the 2-bedroom ones only – for purchase? And would you consider designating some or all of those units as age-restricted (55+)?
ANSWER: There is no for-sale component of this project. The rental apartments will offer a highly amenitized, more flexible, maintenance-free alternative to home ownership, which, in our experience, would be in high demand in Haddonfield and is so in other towns across the state. We believe this will hold particular appeal for seniors who are looking to downsize and free themselves of the headaches and costs of home maintenance and repairs.
Indeed, while the community will not be age-restricted, we anticipate based on the dynamics of this location, as well as on our experience with other similar communities that we have developed in NJ, that a large proportion of our residents will be 55+.
Q4. Universal Design
Will you commit to ensuring that the Bancroft development is barrier-free and fully accessible to those in wheelchairs? For example: Continuous, no-step paths from streets to elevators, no-step showers in all bathrooms, and grab-bars in all bathrooms from the outset?
ANSWER: Our communities are designed with accessibility in mind and constructed in accordance with the NJ and Federal ADA Accessibility code. Residences are designed to be ADA accessible for all elevator-serviced buildings.
With only a few exceptions in a handful of larger units with loft areas, units will offer one-floor living and all units will provide ample square footage for spacious bedrooms and other living spaces. All ADA-accessible routes will feature doorways wide enough to permit wheelchairs. Blocking for grab bars is installed in all units as part of the adaptability requirement. If a shower is used to meet the adaptable ADA residence requirement, it will be a roll-in shower.
Q5. Historic Buildings
What use do you propose for the historic building at the east edge of the property (known during its Bancroft days as “The Hospital”)?
ANSWER: Haddonfield and this property are rich in history, and we are excited to integrate the historic structures into our project as unique amenity spaces. We have experience in reviving, and integrating into our communities, historic structures and will do the same here.
We are evaluating potential uses and will be able to share more once the details around the community are more formalized. The rehabilitation of these buildings will be undertaken in a manner to preserve their historic character and ensure that they can be enjoyed for generations to come.
Q6. Community Input
Would you consider convening a Community Advisory Group, composed of Haddonfield residents and other interested parties, to provide you with comments, suggestions, recommendations, and feedback at various points as you develop detailed plans for the project?
ANSWER: Our goal in every redevelopment project is to solicit and receive community input. How that takes place and in what form will be a conversation with the Borough Commissioners. We started the process on June 17 with a well-attended community charet at Borough Hall. Of course, the Historic Preservation Commission and the Planning Board will be heavily involved along the way.
Q7. Historic Commission Approvals
Are you aware that the Haddonfield Historic Preservation Commission, which must review your plans and provide a recommendation to the Planning Board, has a reputation for being extremely vigilant in ensuring that applications comply fully with the requirements of the Historic District Ordinance and that failures to comply can result in significant extensions to the timeline for projects under consideration?
ANSWER: Yes, we are aware and look forward to interacting with the Commission.Fortunately, Woodmont has been part of several historical redevelopments and appreciates the process on both the local and state level. Don’t forget, the State Historic Preservation Office – a division of NJ DEP – will have a say here too.
Q8. School-Age Children
On page 27 of your proposal you state, with respect to the number of school-age children residing in the project: “This will be addressed in a Fiscal Impact Study as discussed in Section F.” However, you do not address that matter in Section F, on page 29. How many school-age children do you expect this project to generate? What is the basis for your calculation?
ANSWER: Remember, under the Redevelopment Plan all market-rate homes will be only one and two bedrooms. The only three-bedroom homes on the site will be four affordable homes as required by state regulations (at least 20% of the affordable homes must be three- bedroom).
Using fresh data from Woodmont communities in Hopewell and West Windsor – two excellent school districts – we expect 24 to 25 school-age children. Of that approximately 15 to 17 will come out of the 18 affordable homes, and the balance will come from the market-rate apartment homes.
Using data from the Rutgers University Center for Real Estate White Paper titled School-Age Children in Rental Units in New Jersey: Results from a Survey of Developers and Property Managers, dated July 2018 by Morris A. Davis, we would expect 22 to 23 school age children with a similar affordable-to-market rate mix.
In short, the wild and misguided “scare numbers” that have been circulating of 75 to 100 children are far higher than any data-driven estimate.
Q9. Time to Complete
On page 28 of your proposal, you estimate that it will take you two years to receive approval to commence construction and an additional two years to complete the project, from the commencement of construction – a total of four years. Correct?
ANSWER: Four years is likely a conservative outside date; we see a path to beat the two- year approval schedule and we can build this project in about 18 months.
Q10. Traffic
How much vehicular traffic do you expect that this project will generate? What is the basis for your calculation? How does your estimate compare with levels of vehicular traffic that existed when the Bancroft organization was fully functional on the site?
ANSWER: Our community will not have a noticeable impact on local traffic and, given its walkable location, we expect many residents will walk to their destination whenever possible, whether to access the train or any of Haddonfield’s many wonderful restaurants and shops.
Per the Institute of Traffic of Engineers, the proposed community will generate approximately 60 total trips in the AM peak hour (12 inbound and 48 outbound) and approximately 71 total trips in the PM peak hour (46 inbound and 25 outbound).
Of course, a full traffic study will be prepared and testified to during the site plan approval process.
Q11. Architectural Style
In what ways will you customize the “Woodmont style” (i.e. the typical external appearance of your developments) to suit Haddonfield’s historic and architectural environment and the community’s sensibilities?
ANSWER: Every town and every project is different. Communities we have constructed in other towns have been designed to respond to their specific contexts. As just a few examples, our red-brick buildings in historic Morristown differ from our modern loft building in Red Bank that differ from our garden-style buildings in more suburban locations.
This community will be designed to harmonize with Haddonfield’s historic architecture. We will continue to study the heritage of Haddonfield and bring forth designs that capture both the specific community heritage of Haddonfield, and foster aspirations for its future. Throughout the design process, we would seek to incorporate community viewpoints and perspectives through collaboration with the Borough, its residents, and other stakeholders. We don’t have a rendering to share of these buildings not only because their overall form is still to be determined but their architecture as well. This will be a clean-sheet design that will be created and refined through the above process.
Q12. Environmental Factors
What effects, if any, will your project have on the 300-foot riparian zone along the Cooper River? Conversely, what effects, if any, will the 300-foot riparian zone have on your project?
ANSWER: This project will adhere to the NJDEP regulations governing the 300-foot riparian zone along the Cooper River. We will be removing most existing paved areas in this buffer, which will result in a substantial net reduction in impervious and an increase in vegetated area. As we return this area to nature, we are proposing a mulch walking path open to the public that will meander through this bucolic viewshed.
In addition, the extensive stormwater management measures that we will institute will enhance the quality and reduce the overall flow of water from the property to the Cooper River.
Q13. Property Taxes
Woodmont has proposed to make periodic payments to the municipality in lieu of property taxes. What is a PILOT (Payment In Lieu of Taxes), and why is it an appropriate mechanism for the Bancroft redevelopment project?
ANSWER: Under New Jersey law PILOTs come in different forms, but the PILOT being considered at Bancroft is what is known as a long-term tax abatement. Under the existing ad valorem tax methodology, taxpayers pay real estate taxes based upon a percentage of the assessed value.
Under the State statutory PILOT rules set forth in NJSA 40A:20-1 et seq., the property owner pays a percentage of gross income to the town so that the town directly shares in the success of the project as rents increase over time. The percentage typically varies from 10% to 15%, so every time the landowner receives $1, ten to fifteen cents goes to the town. The term of the PILOT is typically 25 to 30 years, with the project converting to ad valorem taxation upon expiration of the PILOT term.
Many municipalities around the State are employing PILOTs to assist them in meeting their affordable housing requirements and in encouraging redevelopment of under-utilized properties to increase their tax base. Importantly, municipalities cannot simply issue a PILOT – pursuant to State law, a town must first conclude that the site is an “area in need of redevelopment” and the redeveloper must then demonstrate a need for the program through a financial showing.
At Bancroft, development of the affordable homes, the requirement to refurbish dilapidated historic buildings, and the possible need for off-site improvements on top of the already high construction and financing costs of the project will drive a showing of need.