Category: Taxes & Economy By Frank Rubacky Jan 10
A more efficient design and utilization of the 1.4 acre Fairfield St Parking Lot can be both a revenue generator and create a more attractive village streetscape around the South side of the Plaza. Subdividing, and subsequent sale of, a small parcel (around 4K/sf) adjacent to Watchung Booksellers would realize over $200-250K and create a new, ongoing ratable of around $600K. Full utilization of the remaining parking lot land can create about 8-10 new spaces. While I am in the minority against installing a traffic light, the revenue would pay for the initiative - if that is what the neighborhood wants.