Reported in: bit.ly/NJBizMinno
Dave Minno is working on his third large project in our town. Maplewood is winning awards today–but we worry that these projects weaken the magic that has proven so valuable to us from the beginning. Is it really time for these changes, or have we lost our way? Does our leadership know?
Memorial Park Police Station: Town sold park-side land for about $1 million, minus demolition costs in 2012. Dave designed 50 units and a convenient private parking lot. 25% reduction in taxes in 2013 when developer filed an appeal. Developer sold it for $20 million in April 2015.
PSE&G Site, Springfield Avenue: bought by Joe Forgione in 2013. Dave designed a 235 unit residential complex. JMF immediately sold the project to Avalon Bay, an $18 billion REIT that buys projects from developers. That sale closed earlier this year.
Village Post Office site: After selling PSE&G site, Joe Forgione moved on to the Post Office site as preferred developer. Dave Minno has designed this project too! Our profit when we sell it: about $1 million, or less if the demolition bill goes up. When do you think this one will be sold?