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A new 55+ community may be coming to Florham Park in New Jersey.

On June 13, representatives from the Pennsylvania-based construction company Toll Brothers and Emerson Electric Company presented plans for a new age-restricted development to the Florham Park, New Jersey Borough Council.

The 55-acre property is located at 50-60 Hanover Road, and its current combined assessed value is $16.8 million. The proposed plans include 182 villa-style houses and 93 townhomes, totaling 275 residences distributed at approximately five units per acre. There are also plans for 162 visitor parking spots.

The community will be geared towards retirees, and according to Shawn Braitling of Toll Brothers, children under 18 will not be allowed to live there. Toll Brothers has completed construction on 198 townhomes at a nearby location, with 40 affordable units.

The prices for these new homes will range from about $900,000 to over $1 million. The floor plans show that these two-and-a-half-story residences will have from 2,300 to 2,800 square feet of living space, including basements.

On-site amenities will include a private, 5,000-square-foot clubhouse with bocce and tennis courts, a swimming pool, and an exercise facility. Braitling also told the council that the company will construct a buffer between the property and Crescent Road, which borders the property. He also said the owner will maintain all of the roads within the community, and that it’s probable that there will be a condominium association to govern the development.

Although the community will not have any affordable housing, the company is open to including some if they are asked to do so. A consultant at the meeting suggested that the developers contribute to the Borough’s housing fund as an alternative.

About the Area

Florham Park is Morris County, about 30 miles outside of the Big Apple. Its population is around 12,600, and it has two universities, three public schools, and a large training facility for the New York Jets football team.

Florham Park is considered an affluent area, with good schools and involved community members. The Toll Brothers site is located in between Pinch Brook Golf Course and Cedar Hill Country Club, with nearby attractions like the Livingston Mall and Fairleigh Dickinson University.

Past History and Redevelopment

Toll Brothers is not the first company to show interest in this property. It was the headquarters of Automatic Switch Company (ASCO) Power Technologies until 2016, and it went on the market in June of 2017. A year later Erickson Living proposed plans for a continuing care community with 800 independent units, but this didn’t come to fruition.

On June 14, Marlene Rawson, the Planning Board Secretary, said that no plans for the property had been submitted to the Board of Adjustment or the Planning Board. As for now, planning board members, attorneys, and other local representatives including Florham Park Mayor Mark Taylor are discussing the best ways to redevelop the site. According to Braitling’s estimates, the community could generate close to three million dollars in property tax revenues.

Del Webb Florham Park

Less than five miles away from the Toll Brothers site is Del Webb Florham Park, which broke ground last year. Plans call for 242 new condo, attached, and single-family homes, priced in the mid $600s. These elegant homes come in a total of 11 floor plans, with the largest model being 2,421 square feet. Options on some include lofts, porches, and luxury bathrooms.

Homeowners will be able to enjoy a large clubhouse on the property, which will have resort-style amenities like indoor and outdoor pools, a modern fitness center, tennis and pickleball courts, natural space, and gardening plots. There will even be an on-site lifestyle director, who will keep the residents’ schedules full of activities, events, and interesting group meetings.

Can you spot the $207,744 difference between these identical homes?

Financing is the difference!

Get the details in The 62+ Loan Homebuyers Guide.

55places Mortgage is a joint venture between Mutual of Omaha Mortgage and 55places.com.
Details here.

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