Golden Triangle plan approved Toll Bros. gets OK for retail, housing on Route 18 property BY VINCENT TODARO Staff Writer The East Brunswick Planning Board has granted approvals for Toll Brothers to build the residential and retail components of the Golden Triangle redevelopment. The Cornerstone at East Brunswick will be located on Route 18 where Sam's Club and other stores now operate, and is slated to ultimately include 402 residential units and more than 180,000 square feet of retail space, according to plans that were unanimously approved in an informal vote of the Planning Board March 12. The board was set to vote on a formal resolution of approval last night. Board Chairman Shawn Taylor said the plans are very similar to those first proposed by the developer, with one difference being that the office space component has been eliminated, leaving a mix of residential and retail construction, in addition to the commuter parking deck that is being built on a portion the site. The parking deck, considered phase one of the redevelopment project, is being funded by the township at a cost of about $32 million. The six-story, 1,681-space parking deck will be operated by the township and will replace the existing Transportation and Commerce Center park-and-ride. The retail and residential components are considered phases two and three of the redevelopment. Phase two, which received preliminary and final approvals from the board last week, includes 17,065 square feet of retail and restaurant space. This will involve two restaurant pads along a boulevard entrance to the development. The third and final phase, which received preliminary approval last week but still requires final approval, includes 168,700 square feet of retail space and the 402 residential units. About 50 of the housing units would be located above the retail space in one building. The bulk of the housing would be included in residential buildings behind that retail/residential structure. The housing units would have one or two bedrooms each. The buildings would be linked by recreational facilities such as a clubhouse and swimming pool, and parking would wrap around the buildings in close proximity to the units. The construction will replace the three existing businesses on the site, Sam's Club, Jason's Furniture and the Route 18 Market. The property comprises just over 31 acres, and is bound by Route 18, Tices Lane, Old Bridge Turnpike and a Comfort Suites Inn. The redevelopment plan has been perhaps the single-most controversial topic in East Brunswick political circles since Toll Brothers purchased the property from the township for $30 million in 2004. The builder, which is paying the purchase price in increments through 2011, also agreed to give the town $5 million toward the construction of a community center, which is under construction at Heavenly Farms. Critics of the plan have pointed to the fact that the housing element was nearly doubled in density during early negotiations between the builder and the township, and the initially proposed age restrictions removed. But Taylor noted that almost no members of the public spoke up about the building plans over the course of three Planning Board hearings, which began in December. Discussion on the issue has continued, however, at Township Council meetings, as the council recently agreed to amend the redevelopment plan and give Toll Brothers more time to start construction due to the slow real state market. Councilman David Stahl has raised the concern that, should the plan not materialize as stated or come about later than planned, the township will be without the new tax ratables and thus face a revenue shortfall when Toll Brothers stops making payments to the township on the purchase price. Stahl, who initially supported the redevelopment agreement but in recent years has criticized the administration's handling of the project, said this week he is still concerned about a gap between when the payments end and when the bulk of the new tax ratables kick in. Even in the original agreement, Toll Brothers was given until 2015 to "substantially complete" the residential units, meaning the tax ratables will build up slowly, he said. "It takes time to sell 402 units," Stahl said. Stahl said he is pleased that the two restaurant pads are expected to be built fairly soon, but he believes they will produce less than $100,000 per year in tax revenue for the township. He said the residential component, and not the retail, would be the bigger tax ratable, though that depends on how many school-age children move in. Stahl said the hope on Toll Brothers' part is that the restaurants will draw in other businesses interested in leasing space. "I think in 2011 the town will have a shortfall," he said. A call to Toll Brothers seeking information on when it plans to construct the new buildings was not returned by press time this week. Mayor William Neary has said that the redevelopment plan and the agreement with Toll Brothers have already helped the township avoid employee layoffs and reductions in municipal services. He said the sale to Toll Brothers allowed the town to produce additional revenue by turning over an underused commercial property. Taylor said he is hopeful that the development plans will have a positive impact on the town. "I am cautiously optimistic this will be a great project for the residents of East Brunswick," Taylor said. "It's providing a fantastic amount of tax relief." He said he was glad to see Toll Brothers, by and large, stick to the original plan when the company applied for its building approvals at the end of last year. Taylor said he has been Planning Board chairman long enough to see lot of packed meetings, but that hardly anyone from the public attended the three hearings on Toll Brothers' plans. He said most of the public criticism has come from people who attend council meetings and "complain about everything." Toll Brothers has acknowledged that the plans may be changed or that the project will not be fully built out, depending on market conditions. The company's vice president of real estate development, Robert Fuller, has said that the firm may ultimately build a large retail center with no residential component. Speaking to the Planning Board in December, Fuller described the idea as a contingency plan, to be considered in the event that the housing market does not bounce back. Taylor is hoping that the contingency plan will not be necessary. "It is my hope that the economy turns around and the housing market rebounds, and we see this built out to its promise," Taylor said.