Kaplan Companies and Helmetta Borough Council Sign Redevelopment Agreement

HIGHLAND PARK, N.J. January 16, 2006 Officials with Kaplan Companies and the Borough of Helmetta have executed a redevelopment agreement for the former snuff mill property on Main Street. Company officials look forward to submitting plans this spring for the construction of Heritage at Helmetta, comprising a mix of senior housing and ground-floor retail on a 32-acre parcel.

We are extremely excited about this project; Kaplan Companies will bring a beautiful project to Helmetta, said Borough Mayor Nancy Martin. We look forward to working with the company to breathe new life into the redevelopment area.

Jason Kaplan, president of Kaplan Companies, noted he is pleased his company was able to negotiate an agreement with the current property owner, Helmetta Lenape, LLC of Bridgewater, to sell the property. The agreement avoided litigation that could have taken years to resolve, thus stalling the redevelopment project, he said.

Heritage at Helmetta will include approximately 235 units of age-restricted housing located in two-story brick townhouses and four-story condominium buildings. There will also be 10,000 square feet of retail space, designed as a traditional Main Street. (See attached rendering.)

The project will also feature public facilities on the site, including two ball courts. Residents of the age-restricted housing will also enjoy a private clubhouse, with a full range of amenities.

The redevelopment area comprises five parcels of property on Main Street where borough founder George W. Helme built his snuff and tobacco empire in the 1880s. The buildings have been closed since 1993 and have fallen into disrepair. The area now attracts vandals, borough officials said, noting they are eager for the redevelopment project to begin.

This redevelopment project is expected to generate $1 million in tax revenue each year for Helmetta, which is a huge thumbs up for such a small town, said Helmetta Councilman Peter Karczewski, council representative to the Helmetta Redevelopment Committee. A good 95 percent of the people in this town are thrilled about this project.

The councilman said the borough chose senior housing for the site to ensure the redevelopment project would not be a burden on the local school district, which is facing an enrollment boom.

Karczewski noted the buildings on the redevelopment site have significance in the boroughs history. Thus, he said, they will be marked in this new construction with an appropriate monument or other form of honor.

Council President Vincent Asciolla agreed Heritage at Helmetta is a positive direction for the entire community, adding that senior housing is an ideal use for the property.