Terrence Murray, managing partner of Gateway Merchant Banking, pictured below, took questions from an audience of about 60 people at First Shiloh Baptist Church.
The development that will replace the abandoned Orange Memorial Hospital is envisioned as a new town square for the city.
“This is not just a real estate project,” said Terrence Murray, managing partner of Gateway Merchant Banking and a South Orange resident.
Gateway Merchant Banking, a real estate development firm, has gotten approval from the city to build more than 1,000 apartments at the site. The plan calls for multiple apartment buildings with 1,300 parking spaces, a new City Hall, 40,000 square feet of retail space, an acre and a half of public land plus a skating rink that will operate all year round.
Murray talked about the project and took questions from residents last week, Wednesday, Feb. 19, at First Shiloh Baptist Church in Orange.
Murray said there is a renaissance going on in Essex County with developments cropping up in places like Harrison and Brick Church, where 800 units are going up.
“And now it has come to Orange,” he said.
Murray said he was familiar with the property having driven by it many times and he pointed out that the previous owner had done nothing with the property for more than a decade.
“This is not a situation where we are taking ownership to sit on it,” Murray said, alluding to previous owners.
The new city hall will anchor the space and be a lure to business owners who can count on a substantial amount of foot traffic from tenants living in the buildings and people working or visiting City Hall.
“People getting coffee, picking up stuff,” Murray said. “Fifteen hundred people living there, think of the commerce and opportunity that goes along with that.”
The complex will be pedestrian friendly with an inner courtyard that will provide an acre and a half of public space. The site will be open to the public during daylight hours but will close at night.
“The open space will be a grassy area designed so people can relax, and hang out,” Murray said.
Among the details that emerged during the meeting, the complex will use the same color bricks as the hospital; they are hoping to turn one of the existing buildings into a restaurant; and there will be an ice/roller staking rink.
“Why in the world are we building an ice skating rink? We get that question a lot,” Murray said.
“West Orange has a zoo, South Orange has the Baird, Maplewood has Memorial Park next to the train station and village…we started to think about what towns don’t have.”
Murray said planners wanted a low cost amenity that would draw people to the area for an hour or two. In the warmer months, the ice skating rink will become a roller rink and there will be a place for performances and a cafe on site.
Councilwoman Quantavia l. Hilbert asked about the impact of traffic on nearby schools.
“What we see, time over time, projects like these don’t attract families with school age children,” Murray said, adding that more than 50 percent of the units are one bedrooms or studios.
Murray was also questioned about the impact on property values and taxes to which he assured audience members this would be good for both.
“The value of your home is going to go up because Orange is going to be that much more attractive,” Murray said. “You have a 10 acre abandoned site. It’s been abandoned for 20 years.”
The property is currently assessed at $300,000 but Murray questioned whether the previous owner has been paying any taxes on it. In response to a query about tax abatements, Murray said he is still in negotiations with the city over that possibility.
“We are going to pay millions of dollars in taxes. We will be a net benefit for the city. Nothing is being paid there right now,” Murray said. “Your property taxes will not go up because we are building.”
Murray said he hopes to break ground this year and it is projected to take seven years to complete the entire project that will include five multi-family buildings and two commercial buildings.
Murray said he has been working hard to find an urgent care facility for the location, an idea that more than one audience member said would be a good addition. Another resident suggested a cultural center would be a good addition.
After a resident expressed concerns about rats, Murray said all Dumpsters will be located inside buildings.
Another meeting is scheduled for 6 p.m. on Thursday, March 6, at St. Matthew A.M.E. Church, 336 Oakwood Ave.
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