The city council approved the sale of two Fair Street buildings to an Upper Montclair based development company on Tuesday evening.
8 Fair Street and 10-12 Fair Street will sold to Spectrum Development of New Jersey for a total of $225,000, according to the city records.
The original valuation of the properties, according to city documents are as follows: 8 Fair Street valued at $82,000 and 10-12 Fair Street valued at $93,000 making the total market value of both properties $175,000.
Two companies proposed prices for the properties, but the Upper Montclair based offered to pay $50,000 over the fair market value of the properties, according to the city. The other firm to offer a price was JCAL/Evans Development which presumably offered a lower price.
The development company has proposed to develop a six story mixed use building which will include residential and commercial space, according to the approved resolution. The company has said, according to the city, the development will be completed within two years, 24-months from the purchase date.
If the company fails to complete the proposed development within that period, the properties located within the 1st Ward Redevelopment Zone will be turned back over to the city.