Pfizer Property Plan a $100M Rateable, Developer Says

The former Pfizer property that a Clifton-based developer off Route 53 in Morris Plains could amount to a rateable estimated at $100 million after adding in mixed-use accomodations, the developer told borough officials last week.

The developer, M&M Realty Partners, proposed the concept to the planning board and borough council at their joint meeting last week to develop the property on the west side of Route 53 to add retail shops and residential units.

The meeting, just four days after the company purchased the property, was just the beginning of a long process.

"This is just the first step of what I think is going to be a process, it's going to take a while." Mayor Frank Druetzler said. "It's a concept, and we have to see whether we're comfortable with it or how we want to change it or not change it."

The concept overview calls for the demolition of the two existing buildings on that property across the street from Johnson & Johnson—the former Pfizer building at 182 and another vacant building at 170—to add in a mix of retail and housing units.

While Councilman George Coogan said the exact mix is undecided, the concept is to have shops along Route 53 with apartments above them, and then a block of townhouses and a block of condominiums.

The close proximity of the train station is a big draw to the developer, Coogan said, and they plan on having a shuttle bus to take residents to and from the property to the station.

The Pfizer building has been vacant for almost one year, and the other building has been empty for five years, borough officials said. Nothing else has occupied that property since.

While the plans are in the very beginning stages, Coogan said the developers plan to demolish the buildings in about four to six months.

In order to knock down the buildings, the planning board must approve it first. According to Druetzler, building 170 has already been approved, and the former Pfizer building still needs approval. The next planning board meeting will have an informational session about knocking that building down, he said.

While Coogan said the borough is "anxious to have something on that site because it's such a huge ratable," he said they will look at all perspectives—from the residents and devleloper—before any decisions are made.

"We're looking toward a fair deal on both sides," he said.

Druetzler said about 40 residents showed up to the joint meeting last week, and have already voiced some opinions about the new concept.

Some questions were asked about the population and how many children would be added to the schools.

From M&M's proposal, it's estimated that the project could increase the borough's population by about 20 to 25 percent, Coogan said.

But the numbers are just an estimate, he pointed out, because there haven't been a number of specific housing units assigned, and there haven't been any studies on the percentage of how many families with children would be attracted to the site.

Some residents were also concerned about noise when the buildings are knocked down. Druetzler said he doesn't believe it will impact the residents because they are far from the property, but he said they will still make sure when the time comes.

Flooding issues in the area were also brought up at the meeting, Druetzler said. Because the property is in a "flood plain" there will be extensive environmental work, such as increasing the detention basin and making additional wetlands for water storage.

As this process has now begun, Druetzler said council members will now digest all of the information and discuss the plan.

Coogan said M&M has not given the borough council a date as to when they're going to come up with a more specific plan.

"This proposal will change the character of what was there for many years," Druetzler said, "So we have to see how that will affect the community and the benefits of it."