Summit at Belvidere (Manunka Chunk Road Belvidere, NJ)«Back to Sample Projects
A small group of investors, including Krame Development Company, acquired a significant portfolio of delinquent tax lien certificates. A 30+/- acre vacant and forested parcel of land was part of this portfolio, however, the property was zoned for several uses, none of which made economic sense. Not wanting to be involved in the Real Estate Development Business, especially with such a complex situation, the other investors sold their interest in this property to Krame Development. We immediately proceeded to facilitate the subdivision of an adjoining 23 acre parcel of land owned by a public utility company so we could acquire an additional 8 acres of land which provided access to our “land locked” 30 acre site. Once this was accomplished, we worked diligently with the local zoning board and planning board to get use variances and craft a new zoning ordinance that would allow for the development of a 245 unit age-restricted housing project. As market conditions changed, we again worked closely with numerous governmental agencies to increase the total number of housing units to 259, consisting of 135 two-bedroom condominiums in 5 buildings and 124 townhouse units. Recognizing that a significant glut of age-restricted housing was proposed or currently existed in New Jersey, we spent approximately two years working with the community and governmental agencies to further modify the zoning ordinance to allow for a market rate, non-age-restricted development to be built. The Summit at Belvidere is fully approved and ready to commence construction as soon as market conditions permit.