Real Estate & Property Law

Pennsauken Problems

By Alan Ackerman

Philly.com

Grochowski maintains that the Pennsauken location gives the township an advantage.

"There's only so much waterfront property. And everyone wants to be on the water," Grochowski said. "And we have the light-rail line stopping at the 36th Street station, which could be a transit center."

Of the redevelopment zone's 350 acres, the township and Vineland Construction own a combined 160. The remainder will have to be purchased through negotiations with property owners including the Hess and Texaco oil companies, or taken through eminent domain, Grochowski said.
 

Pennsauken has desired to redevelop its industrial waterfront for decades.  It already owns a large portion of the area, and likely has access to most of the remaining required parcels.  However, the problems with this economy are such that although there may be demand for the condo development, the financing is much less likely.  It is surprising that the community does not step up and aid in obtaining municipal bonding.

One becomes very skeptical when recognizing that this proposed project has been ongoing for over two decades.  One can only wish Pennsauken the best in the much needed redevelopment program; however, one must also be concerned that the valuable properties on the river-front will be expropriated without payment of fair market value.   The effects of this condemnation will only diminish the values of the properties needed by Pennsauken. 
 

Full post as published by National Eminent Domain Blog on February 25, 2010 (boomark / email).