Fanwood Downtown Developer Extends Plans to Corner Property

The developer who purchased the Sovereign Bank property in Fanwood last year has now also acquired the property on the corner of South and Martine avenues.

During the council's May redevelopment meeting Wednesday, Diane Dabulas reported that Elite Properties purchased the property and its site plans from Jeffrey Realty, and now intends to make it their first phase of construction. Elite purchased the Sovereign Bank site last fall. Both sites will feature mixed-use buildings that include retail and residential space.

"It's certainly getting very exciting," said Dabulas, who is of Rogus McCarthy LLC, the firm overseeing Fanwood's downtown redevelopment.

The plans for the building on the corner will include a first floor of retail space and 16 residential units above and will extend all the way up to Fanwood Bagel and Deli. A pedestrian connection will separate the two buildings. Mayor Colleen Mahr noted that the parking lot there is often used by patrons of the bagel shop, but is actually owned by the corner property owners.

After beginning work on that property, Elite then plans to begin work on a piece on the other side of downtown along LaGrande Avenue. There they hope to construct residential properties similar to those already planned for the corner of Lagrande Avenue and Second Street. Elite will then complete work on the Sovereign Bank site.

"The concept is that they'll move ahead with redevelopment agreements and site plans on the Jeffrey Realty piece and simultaneously be working on redevelopment agreements for the rest of the property on South Avenue and the piece along LaGrande," Dabulas said.

Dabulas said that hopefully by the end of the summer all of the agreements for the project will have been addressed by the council and the planning board.

As far as the Landmark developers who are working on the other residential properties at the corner of LaGrande and Second Street, Dabulas said they are waiting for final approval from the DEP before they can start site plan approvals and construction, which could happen before winter. Those properties will be condos sold off in sections.