How Have Some Local Governments Changed Their Approach to Development Since the Downturn?

Cecilia Lassiter was interviewed for Real Estate NJ’s April 2018 Roundtable column. This month’s question was “How have some local governments changed their approach to development since the downturn?”

Lassiter responded, “Municipalities have gotten more creative in their approach to development. This includes looking at redevelopment as an alternative. Redevelopment projects have been on the rise since the Great Recession, from communities with train stations. Some municipalities have adopted TOD redevelopment plans, which incentivize redevelopers to develop near train stations by including increased density and reduced parking requirements. Even municipalities that have not embraced redevelopment have nonetheless gotten creative by adopting overlay zones to encourage development, multiple uses and increased density, such as the borough of East Rutherford. According to the mayor of East Rutherford, the borough used the downturn as an opportunity to re-examine its zoning ordinance and optimize it. Additionally, many municipalities have stopped treating developers as the enemy, realizing that incentives, such as PILOTs, create a win-win situation by allowing redevelopers greater development opportunities to create desperately needed tax ratables.”