Bellmawr Council is set to vote on a Resolution at their meeting on September 28 appointing Big Timber Junction, LLC as a new re-developer.
SJO reached out to Borough Administrator, Josh Tregear, for clarification on this appointment and Tregear provided the following response via email:
In short, Big Timber Junction will replace Bellmawr Waterfront Development as the Borough’s designated re-developer. Big Timber Junction will be owned and managed by the same principals who own and manage BWD – namely, Charles Gallub, Mike Esposito, John Contrevo, Ed Esposito, and Haines and Kibblehouse, Inc. The only thing changing is the name of the LLC named as the “Redeveloper” under the Redevelopment Law.
In large-scale commercial real estate projects, it is generally desirable for the developer to be a “Single Purpose” real estate entity, or “SPE” for short. The use of an “SPE” is considered “best practice” in commercial real estate development. Partners, lenders, large end users and also public entities often require that the developer establish an “SPE” to serve as the developer. An SPE is an entity that is formed for the sole purpose of developing a particular site – and that site only. In the Borough’s case, the site is the entire BWD site- Phases I, II and III. There are end users that the Redeveloper wishes to approach and engage in discussions about coming to our redevelopment site. Letters of Intent (“LOI’s”), should be issued to end users, in the name of the SPE Redeveloper. However, Bellmawr Waterfront Development, LLC (“BWD”) will remain the “permittee” under all of the NJ-DEP remediation permits, and BWD will remain bound to the contracts that require BWD to complete all of the remediation work- just as BWD is now bound.
Click the image below to view this and all of the September’s Resolutions in detail: