A blog about living in Aberdeen, New Jersey.

Thursday, October 14, 2010

Main Street Developer Shuffles Units to Meet Code But Barely Reduces Total

The Independent offers detailed reporting on a 4 September 2010 revised submission to the Matawan Borough Planning/Zoning Board regarding a developers plan for the old C-Town site on Main Street. I would point out the developer will nearly double the number of 2-bedroom units and roughly halve the total 1-bedrooms to meet borough code, but there is no change to the height of the planned three-story edifice and only a 7% cut in total units, neither of which will assuage public concerns about the project's size. And lest you feel there is any sacrifice involved in reducing the number of units to make the place "smaller," I would point out that this shuffling of units is actually ever so slightly in their favor, according to my math.* 

* Based on average apartment prices, the net change in gross monthly revenue resulting from all this shuffling of units yields a net increase of $27/month* under the new plan. In other words, this change has made them money, if only a pittance. There appears to be no sacrifice on the residential side of the equation.

Ignoring the 3 three-bedroom apartments, which are the same in each plan, I came up with the following comparison of the old versus new plans:
OLD PLAN: 12 two-bedrooms @ $1423/mo plus 27 one-bedrooms @ $1065/mo = $45,831.
NEW PLAN: 21 two-bedrooms @ $1423/mo plus 15 one-bedrooms @ $1065/mo = $45,858.
NET CHANGE: + $27/mo


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