Photo Courtesy of 161 Maplewood Investors, LLC. A concept rendering of the Maplewood Redevelopment Project planned for the bank building on Maplewood Avenue and the area behind it. These renderings are subject to change.
The proposal to build a 65-unit structure on Inwood Road with affordable housing units and retail space in the Bank of America building is currently in mediation as the developers and the township attempt to work out an agreement.
The development, which had previously gotten approval from the township committee, hit a snag when the Planning Board voted 7 to 1 against including a building at 11 Inwood Place in the Movie Theater Redevelopment Area in Maplewood Village.
The developers – real estate professionals Reed Kean and Octavio Mendes – own all the properties and maintain their current plan, which includes 13 affordable units and preserves the Bank of America building, will have to be changed if 11 Inwood is excluded and that would put the bank building in jeopardy.
On April 17, the parties made their most recent appearance before Judge Aldo Russo for a case management conference “The parties advised the Court that they are continuing negotiations,” said Reed Kean. “At this time, the Developer remains committed to preserving the Bank building and constructing an inclusionary development with a 20% set aside for Affordable Housing. The next case management conference is scheduled for May 8.”
Kean’s company, 161 Maplewood Investors LLC, is based in Maplewood and their design team was involved in the creation of the Clarus Building that replaced the post office on Maplewood Avenue. Kean said the architects and engineers working on the proposed development are largely the same.
“We love Maplewood and this will be a great addition to the town,” Kean said. “New people, new opportunities for local businesses, restaurants.”
Kean cited an Otteou report, which is a real estate market analysis, that estimated the development would bring $1.35 million annually in new spending for downtown merchants.
“Our intent is to maintain the bank facade. It’s been around 100 years. We want to have that untouched and have some type of retail component,” Kean said. Talks about utilizing the space are under way with one local restaurateur and another from outside the area, he added.
Mayor Vic DeLuca said that he is in favor of saving the bank building and 11 Inwood Place, adding that township residents were clear in their desire for 11 Inwood Place to remain.
“He can make it work,” DeLuca said of the developers. “Everybody has to compromise here. It’s really important we get affordable housing built and our goal is to save the bank and 11 Inwood.”
Eleven Inwood is a contributing building to the historic district in Maplewood and serves as a transition lot from the residential area to the commercial area, DeLuca said.
“It’s an important buffer,” DeLuca said. “We’ve asked them to be more creative with the building but so far they have refused to do so.”
Negotiations are ongoing and the township hopes to have an agreement before they go before the judge again.
Kean said those involved are working collaboratively towards a resolution.
The firm noted that in 2025 they filed an objection to the Township’s Housing Plan because they believed it lacked adequate affordable housing and ignored appropriate sites for inclusionary housing development. The Fair Share Housing Center (FSHC) also filed an objection. The FSHC is a New Jersey-based nonprofit advocacy group that fights for enforcement of the Mount Laurel Doctrine, which requires municipalities to provide their “fair share” of affordable housing.
The legal challenge resulted in a settlement with the township that was approved by the courts on Feb. 17. The settlement provided for a 65-unit inclusionary development incorporating both 161 Maplewood Ave., which is the former Bank building, and 11 Inwood Place.
Elements of the plan, including density, setbacks, step-backs, façade treatment, parking, affordable housing structure, and site configuration, were reviewed and agreed to during court-supervised negotiations.
Since then, the Maplewood Planning Board voted 7 to 1 against including 11 Inwood Place in the Movie Theater Redevelopment Area in Maplewood Village. Corinne Maulsby, vice chair of the Maplewood Historic Preservation Commission, was one of those who spoke out against including the parcel in the project.
She said at the meeting that Eleven Inwood Place is a contributing historic resource within the Maplewood Village Historic District, which is listed on both the New Jersey and National Registers of Historic Places. It is also a contributing property to the Maplewood Center Historic District Survey Area.
“The subject property contains a well-preserved 1908 American Foursquare house that is representative of the Village’s early development as a walkable, rail-oriented community. It also features a number of old-growth trees and shrubs that are notable in their own right and collectively form a vital part of the tree canopy along Woodland Road,” Maulsby said.
The project then went back into mediation but the principles of 161 Maplewood Investors want township residents to understand they will be liable if the township attempts to walk away from a binding court approved settlement.
They also say that the original 65-unit configuration was specifically designed to preserve the historic bank façade, while satisfying Maplewood’s Fourth Round affordable housing obligations. A reduced 50-unit project not only deviates from the negotiated agreement but also places the preservation of the bank building at significant risk, they say.
Delaying compliance through litigation does not eliminate the obligation — it simply shifts costs onto taxpayers, they say, citing a similar situation in Millburn, where the township spent tens of thousands in legal fees that could have been avoided if they followed the fair housing mandate.
No. 11 Inwood is not individually registered as a historic structure. It has been used as a commercial building, rented by the same architectural firm for 30 years. While it sits within a broader district that includes many properties, inclusion in a district does not automatically make a structure historically significant, they say.
The Township of Maplewood—not the developer—designated this area as “in need of redevelopment.” That designation occurred before 161 Maplewood Redevelopment LLC initiated its formal proposal.
The township allowed the Clarus building to be built with no affordable housing units. It was sold by the township for approximately $600,000. It now pays roughly $265,000 annually in taxes, the developers say.
More information from the developers is available at http://161maplewoodinvestors.com
Maplewood Township’s website is https://www.maplewoodnj.gov/
A look from another angle at the concept rendering of the Maplewood Redevelopment Project planned for the bank building on Maplewood Avenue and the area behind it on Inwood Place. These renderings are subject to change.
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