Revitalizing, Re-Purposing & Adaptive Re-Use of Stranded Assets:
A Tool-Kit Outline for Implementation
Prepared by:
Thomas Daniel McCloskey, Esq.
Fox Rothschild LLP
P.O. Box 5231
Princeton, New Jersey 08543-5231
Office Mailing Address:
Princeton Pike Corporate Center
997 Lenox Drive, Building 3
Lawrenceville, New Jersey 08648-2311
Tel. (609) 896-4578
Fax (609) 896-1469
Email: TMcCloskey@foxrothschild.com
www.foxrothschild.com
© 2014 Fox Rothschild LLP
ACTIVE 29382298v1 02/08/2016
Revitalizing, Re-Purposing & Adaptive Re-Use of Stranded Assets:
A Tool-Kit Outline for Implementation
I. Front-End Analyses and Feasibility Studies:
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Commission/perform (as applicable) a State-wide, regional and/or local survey and
assessment of existing urban/suburban office parks, industrial parks, buildings (vacant,
about to be vacated or occupancy-stressed).
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Commission/perform trending analyses of:
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Local and regional demographics;
Local and regional school district enrollments & trends;
Commercial and retail tax base;
Building permits (all types);
Targeted – site specific local & regional use(s).
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Analyze tax base/tax mapping of host municipality.
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Analyze the fiscal impact of the stranded asset on the municipal budget of the host
municipality.
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Analyze the current zoning map, development and land use regulations of the host
municipality.
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Analyze the current Master Plan and any/all preceding or pending Master Plan Reexamination report(s) of the host municipality.
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Analyze the political structure of the host municipality (governing body, planning board,
zoning board, environmental commission, etc.).
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Evaluate potential redevelopment, re-purposing and adaptive re-use options for the targeted
site/structure (including mixed use possibilities).
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Commission/prepare a complete construction condition and status analysis of the targeted
structure (building, roof, elevators, electrical, plumbing, HVAC systems, parking, security,
etc.), including environmental constraints, power generation, possible building code
improvements or upgrades that may be necessary.
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Commission/perform all other investigations and studies pursuant to the requirements of the
Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq. (See “Decision Point”,
below).
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II. Design Philosophy - Political/Marketing Tools for Implementation &
“Best Practices”:
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Develop/implement programming to “begin the conversation” locally with all stake-holders
and interested parties.

“New Urbanism”: http://en.wikipedia.org/wiki/New_Urbanism.
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The Conceptual Adaptive Re-use Plan.
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The Charrettes: http://www.tndtownpaper.com/what_is_charrette.htm
http://www.charretteinstitute.org/
III. The Necessary Zoning, Development/Redevelopment Tools:

Evaluate and develop a “Building Program” that comprises the desired/determined mixed use
array(s) and components (e.g., residential, office, conference center, hotel, retail,
medical/wellness/clinic, medical office, educational facilities, laboratory/research, adult
daycare, child daycare, surgi-center, assisted living, fitness center, open space, recreation,
others).
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Commission/prepare a Job Analysis & Projections - Interim and at Full Build-Out.
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Commission/prepare a transportation & accessibility analysis, including traffic engineering
impact studies as a prelude to the development application.
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Commission/prepare an Economic Impact Study (at projected full build-out).
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Formulate/prepare the following site specific analyses, exhibits, etc. in contemplation of
formulating (i) the necessary re-zoning, and (ii) the actual Redevelopment Plan, to iniclude:
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General history of the site;
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General overview of the uses to be permitted under the Redevelopment Plan;
o
General overview of the Project including re-use of the existing infrastructure,
pedestrian and bicycle paths, walking trail, the possible future uses contemplated in
subsequent phases of development, specifically noting any age restricted housing
that may be proposed will be deed-restricted when developed;
o
General overview of the proposed mixed uses contemplated for the existing building,
if/as permitted under the need re-zoning and Redevelopment Plan;
o
General overview of possible public areas inside the building;
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
o
General overview of commitments (if any or as applicable) to maintain the outside
façade of the building, and any possible modifications to the interior walls for energy
efficiency;
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General overview of any and all other energy efficiencies contemplated;
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Possible interior renderings being contemplated for the public areas;
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Estimate and plot the development/construction time-line, as well as length of time
to attain full capacity;
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General overview related to the operation of the overall facility;
o
General overview of the existing site and infrastructure, parking, how traffic
circulates on-site, the former operations and capacity as it relates to the roadways
and parking structures, the uniqueness of the historically designed circulation and
parking layout, modifications proposed (including any adjustments to intersections
for safety purposes);
o
General overview of the current utilities and contemplated use of existing stormwater systems, any infrastructures modifications or upgrades contemplated
(including pavement re-surfacing, re-striping, new lighting, landscape clean-up),
environmental features (including environmentally sensitive areas involving on-site
streams, steep slopes, wetlands, stream buffers and ponds, areas restricting
activities, woodlands), landscaping features, use of any helipads, other recreational
structures or improvements, any upgrades contemplated for them), signage;
o
General overview of any contemplated phasing of each permitted mixed use;
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General overview of any contemplated New Construction.
The “Decision Point”:
o
Development of a new zone under the NJ Municipal Land Use Law (MLUL), N.J.S.A.
40:55D-1, et seq.; or, more likely pursuit of
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Redevelopment under the NJ Local Redevelopment and Housing Law (LRHL),
N.J.S.A. 40A:12A-1. et seq. – with designation of target site “as an area in need of
rehabilitation” and/or “as an area in need of redevelopment”.

If the latter, then:
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Commission/assist with/prepare the proposed Redevelopment Plan including:
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Purposes of and Statutory Basis for the Redevelopment Plan;
o
Plan Overview;
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o
Assessment/description of any significant relationship of the Redevelopment Plan to:
 The Master Plans of contiguous municipalities;
 The Master Plan of the County in which the municipality is located;
 The State Development and Redevelopment Plan adopted pursuant to the
“State Planning Act”;
o
Area Boundaries and Locational Context;
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Existing Conditions;
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Environmental Constraints;
o
Overall Land Use Plan;
o
Re-Use of the Existing Building(s);
o
Any New Indoor and Outdoor Facilities (Athletic, Health Club, Medical, Residential,
Retail, Data Center or storage, Theater(s), Banquet Halls, Hotel/Conference Centers,
etc.);
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Circulation, Open Space, Landscaping and Utility Plans;
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Solid Waste Disposal Plan;
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Land Use and Development Standards:
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Re-Use of the Existing Building – Permitted Uses
Accessory Uses
Allowable Floor Area and Yield by Use
Preservation of Existing Building Façade and Interior Features (including any
of historical/cultural significance)
Parking and Loading
Solid Waste Disposal
Signage
Lighting
Landscaping
New Construction – Permitted Uses
Accessory Uses
Parking
Solid Waste Disposal
Signage
Lighting
Utilities and Storm-water Management
Landscaping/Buffering
New Residential Construction (all of the above, including all necessary bulk
requirements, regulations and restrictions);
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IV.
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Redevelopment Phasing;
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Master Plan Consistency Review;
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Redevelopment Plan Actions;
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Designation of the Redeveloper;
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Lot Consolidation;
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Preliminary and Final Major Subdivision Approval;
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Preliminary and Final Major Site Plan Approval (with Variances and Waivers, as
required).
The Redevelopment Implementation Instruments:
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Formulate/prepare the proposed Redevelopment Agreement.
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Formulate/prepare any proposed Affordable Housing Agreement needed.
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Formulate/prepare the “Financial Agreement” (for any desired PILOT).

Formulate/prepare an “Application for Tax Abatement/Exemption – Long Term Tax
Exemption Law”, N.J.S.A. 40A:20-1, et seq. (acceptance of annual service charges in lieu of
real property taxes (PILOT) with the NJ-DCA.

Formation of the Redeveloper as an urban renewal entity (duly formed in accordance with
the Exemption Law and approved by the NJ DCA).
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Formulate/prepare the Project Budget:
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Land Acquisition
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Site Improvement Hard Costs
o
Building Hard Costs
Formulate/prepare any required Guaranty Agreement.
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