Red Bank NJ 5-story apartments OK’d, but developer Saxum wants more

RED BANK – An approved apartment building to replace the former Visiting Nurses Association (VNA) building at 176 Riverside Ave. is going back before the planning board, and the developer is looking to make it bigger.  

The developer, Saxum Real Estate, is asking to expand the number of apartments from 210 units to 212 units and the number of parking spaces from 326 spaces to 420 spaces. It also plans on expanding its co-working office space from approximately 9,000 square feet to 10,700 square feet. 

The five-story apartment building was approved in December 2019. It included plans for a restaurant and a three-story parking garage in addition to the co-working office space. Thirty-two of the approved 210 apartments would be offered as affordable units, while the rest would go for market rates. 

Last July, Kenneth DeRoberts, a consultant with Government Strategy Group, asked the now-disbanded redevelopment agency to redesignate the area of the VNA building as an area in need of “redevelopment” and not just “rehabilitation.”

The former VNA building, which is slated to be replaced with apartments, in Red Bank, NJ Wednesday May 29, 2019.

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The area would have included the VNA building, a commercial office, a sewage pumping station, a boarded-up house, two vacant service stations and three parking lots. 

If the area was deemed in need of redevelopment, not just rehabilitation, Saxum would be eligible to seek a tax relief plan that would come in the form of payments in lieu of taxes, or PILOT.