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Developer seeks Teaneck extension, proposes redesign to make 48-unit project financeable
Summary
Solomon Builders asked Teaneck council for a second-year extension to a redevelopment agreement for a 48-unit project, proposing a redesign (same footprint) to lower costs and preserve seven affordable units; the council asked for compliance materials, milestones and will consider the extension at its full meeting on the 27th.
Developer representatives told Teaneck council members on Tuesday that rising construction costs and financing hurdles have made the town-approved 48-unit project financially infeasible in its approved form, and asked for a second-year extension of the redevelopment agreement while proposing a redesign that would keep the building’s footprint and the number of affordable units unchanged.
Jason Tubal, attorney for Solomon Builders, introduced a team that included architect Jack Raker of Minowasco and developer Jonathan Bogle and said the group is seeking time to rework interior and some exterior details so lenders will finance the project. "Construction costs went up," Tubal said, and the original design, he added, “is just too expensive of a build.”
The firm’s plan would not increase building height or the total number of units, Tubal said; it would alter unit layouts, expand some market-rate unit sizes and shrink some terraces and amenities to reduce costs. Architect Jack Raker said eliminating an inefficient garage ramp and reconfiguring parking will increase parking counts and improve efficiency; he described smaller, market-sized private terraces and moving an amenity terrace into an interior courtyard.
Developer Jonathan Bogle told the council he has tried multiple financing approaches for about two years and has "well over half" of the required equity but still needs partners or firm lender commitments. "The banks … said, 'Look, the numbers just don't work,'" Bogle said, recounting feedback from prospective partners. He said the project could reach lenders’ return thresholds with the revised pro forma and a modest increase in unit sizes: the team described about 48 total units (roughly 41 market-rate units made up of seven two-bedroom/den units and 34 three-bedroom units) and seven affordable units the team said the state requires and will retain.
Council members pressed for concrete milestones, asking when the town will see demonstrable "skin in the game" such as demolition, footings or permit activity. Tubal and staff agreed that the redevelopment agreement and attached exhibits will likely need amendment and that a compliance chart, elevations and site-plan materials should be provided so the township can verify the redesign remains within redevelopment-plan bulk standards. The team said they believe the revised plan complies with the redevelopment plan and that no zoning relief is required.
Bogle proposed a conditional, phased extension tied to milestones so council members can monitor progress rather than approving another open-ended year. He said banks typically want a start date before issuing firm commitments and that he will pursue parallel paths: advancing design/zoning work while seeking equity partners and progressively stronger lender quotes. "I'm going to work as hard as I can," he said, and offered to meet regularly with township staff and council members to provide updates.
No formal vote was taken at the meeting. Council members asked that the developer supply a compliance chart, revised exhibits for the redevelopment agreement, elevations and a timeline of milestones. Jack Raker said he could have elevations finished by month’s end for review; the council’s next full meeting is on the 27th, when the extension would be considered by the full council.
