PARSIPPANY — Official documents obtained by Parsippany Focus show that RD Realty, LLC., purchased the property on Waterview Boulevard, for a sum of $7.5 million from Bellemead Development Corporation. The property consists of approximately 26.64 acres. (Click here for copy of deed)
The Township of Parsippany-Troy Hills paid $3.5 million for a total of 10.63 acres of land. RD Realty, LLC, retained the remainder of the property or 16.01 acres for the remainder of $4.0 million. Parsippany paid approximately $320,910 per acre, while RD Realty paid $250,000 per acre for the prime portion of the property, facing Route 46 and Waterview Boulevard. (Click here for Parsippany’s Deed)
Parsippany paid $70,910 per acre more than RD Realty.
If Parsippany and RD Realty equally split the purchase price by the amount of land split, Parsippany should have paid only approximately $3.0 million and RD Realty should have paid $4.5 million.
“The Intervale neighborhood will never be the same. $3.5 million for a buffer zone at taxpayers expense not a good outcome. This is also a misuse of the open space funds. It smells of a kickback to RD developer for all the trouble they went through. Never forget the Council voted No Rezone, and the promise was 26+ acres of open space, not the 10 acre buffer zone, that will benefit the waterview mall more than the immediate neighborhood,” stated Nicolas Homyak.
In 2014 the Township of Parsippany-Troy Hills applied to the Morris County Open Space Trust Fund for a grant of $3.5 million to purchase the 10+buffer zone.
In November 2014, Freeholder Director Thomas Mastrangelo wrote, “It is with regret that I must inform you that Parsippany Troy-Hills Township’s Waterview project application has not been selected by the Morris County Board of Chosen Freeholders to receive a grant from the 2014 Open Space Trust Fund. Our decision was based upon a recommendation submitted by the Open Space Trust Fund Committee, a body formed by the Freeholders to evaluate applications submitted by municipalities and/or charitable conservancies.”
Parsippany Focus reported that the Morris County Open Space Committee voted 12-1 against Parsippany’s Waterview application.
The purchase from Bellemead Development Corporation was finalized on May 11, 2017 according to the deed filed in the Morris County Records.
The purchase included the property on the Township of Parsippany-Troy Hills Tax Map, Block 421, Lot 29, also known at 10 Waterview Boulevard.
On June 22, a deed was filed and a transfer of ownership was transferred to the Township of Parsippany-Troy Hills for the Lot 29.04, Block 421, for the amount of $3,500,000.
