The Vestry: Fully absorbed Finished Value is $18,000,000
Case Study: 147 – 155 Bloomfield Avenue, Montclair, New Jersey
Ground up Development / Mixed Use Urban Infill / Land Repurpose
Mount Carmel Holy Church was formerly on Bloomfield Avenue in the Township of Montclair in the State of New Jersey. The structure had a 7,000 SF footprint and was built in the mid 70’s to function as a house of worship. The lot is about 24,000 SF. There was no historical significance.
Before approaching the Trustees we did a full Development Feasibility on the site. Review of tax records indicated the site was purchased for a little under $300,000; our feasibility provided a “by right” Development Land Value of about $3,000,000.
Recognize opportunity … define, support and present available exponential value increase … and drive the opportunity to fruition.
Our presentation to Reverend Griffith and the Board of Trustees outlined a very simple strategy…sell the property, replace it locally with a similar site that did not have development capability and receive more than $2,000,000 in un-earned equity. All parishioners would be retained, and the ongoing, possibly expanded mission of the church would be fully funded.
TWG was awarded the listing and discussions with township were initiated attempting to reclassify the site as an “area in need of rehabilitation” ultimately leading to a re-zoning to Redevelopment Area. This substantially increased the allowable units per acre and the value of the site.
We received multiple offers. Mount Carmel is now in a new location of similar stature, having retained their parishioner base and a very healthy monetary influx. The Vestry achieved full absorption during the Fall of 2020.
Our Seller Client replaced the church locally and enjoyed an extremely healthy seven figure equity out … positioning them to secure and redefine extension of the “mission”.