South Orange Patch – New Owner for Former Beifus Site
Posted by Marcia Worth (Editor) ,
South Orange Commons III, LLC (“South Orange Commons III”) purchased the long-vacant property at 9 West South Orange Avenue. The closing took place on June 2, 2011. South Orange Commons is an entity owned by Edward E. Ayuso II, Mark L. Berger, and an affiliate of Stamford, Connecticut-based Soundview Real Estate Partners.
South Orange Commons III will seek approvals to develop the site. The planned project will be very similar to what was approved by the South Orange Planning Board in 2005 – a mixed-use complex with an approximately 100,000 square-foot building. The building will have approximately 9,800 square feet of ground-floor retail space, three upper floors with 57 high-end residential units, and 97 surface parking spaces.
Reflecting on his recent closing, Ayuso commented, “This purchase complements our other real estate investments in South Orange. We are confident our planned development will create anchor retail and very attractive housing within a new ratable for the community. It’s a win-win for everyone.”
Ayuso and his partners have invested and been active in South Orange since 2003, when they purchased 40 residential rental units on Church Street and converted them to condominiums, Village Station East and Village Station West.
In 2007, this same development group purchased the 66-unit art deco apartment building at 10 N. Ridgewood Road along with the retail property at 109 West South Orange Avenue, home to Ridge Tire. They have spent the last four years investing over $2 million transforming the residential building into luxury rentals and, more recently, giving the Ridge Tire location both an interior and exterior face lift.
“Main Street South Orange is very pleased that this prime property in our downtown, key to the revitalization of West South Orange Avenue, finally has been purchased for redevelopment. This will be the spark that ignites future progress in this prominent gateway to our downtown,” said Carole Anzalone-Newman, Executive Director of Main Street South Orange.
In the November 2009 South Orange long-range Downtown Vision Plan, the opportunity for the West South Orange Avenue area was summarized:
Overall, West South Orange Avenue is very clearly an opportunity area to reinforce and extend the best aspects of the Downtown Core; mixed-uses, active streets, and a variety of activities. With the redevelopment potential that is available in three key sites on this section of the street, a substantial change in the form and use of the street could be accomplished in the very near term, if market conditions allow it, and definitely within the long term.
Click here to view the article on the South Orange Patch website.
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