PHILLIPSBURG, N.J. - Phillipsburg Mayor Harry Wyant Jr. is
optimistic that the 208 vacant acres of the Ingersoll-Rand brownfield property
will be developed into retail space sometime this year.
Wyant, speaking after Tuesday's Phillipsburg Town Council
reorganization meeting, said talks are occurring with interested developers for
the property that the town purchased for $1 from Conshohocken, Pa.-based
Preferred Unlimited Inc. in December 2011.
Preferred Unlimited bought the property more than a decade
ago for $16 million with its own plan to redevelop the site, which never came
to fruition.
Phillipsburg, as part of that transaction, forgave more than
$274,000 in back property taxes Preferred Unlimited owed.
Since then, the town has struggled to get developers
interested in the real estate parcels which surround Center, Green and
Roseberry streets.
Neighboring Lopatcong Township, which owns about 100 acres
of former Ingersoll-Rand property, is expected to have developers working to
convert its portion of the property sometime this year.
"We have people that are interested in it," Wyant
said. "There's nothing I can say about it until we nail it down, but I am
very optimistic."\
In other business, incumbent Phillipsburg councilmen Todd
Tersigni, Randy Piazza, Sr. and Bernie Fey, Jr. were sworn in for another
four-year term during the town's Tuesday reorganization.
Tersigni, who previously served as council vice-president,
was named and sworn in as council president for 2014.
Source: WFMZ.com
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