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Former Verona Inn Site For Sale
There’s going to be even more real estate change coming to the eastern side of Verona: The former site of the Verona Inn has been put up for sale.
The property is actually two lots–one commercial and one residential–that form something of a crescent running from Bloomfield Avenue behind the Annin Flag building to Douglas Place. The front lot, 141 Bloomfield Avenue (marked 18 in yellow on the map below), is zoned Extended Town Center, while the back, which is technically 33 Douglas Place (52 on the map), is zoned for single-family homes. Totaling 1.8 acres, they were listed in late April for $2.2 million.
Jonathan D. Stravitz, the senior director of Manhattan-based Concordis Real Estate Advisors and listing broker, says that there has been substantial interest in the site. “It’s not every day that something becomes available on Bloomfield Avenue,” he said. The lots have 100 feet of frontage on the avenue. The old Verona Inn operated on the site from 1947 to 2009; a new restaurant by that name opened in the center of Verona in March 2012.
The listing comes as several other pieces of property in the area are undergoing change: The former Annin Flag factory is going to be redeveloped as loft apartments, while the owner of 176 and 200 Bloomfield Avenue across the street is seeking approval for a mixed-use development there despite substantial opposition.
In addition, the Town Council has asked for a study to see if Annin Flag and the adjoining south-side properties should be declared an area in need of redevelopment. That could open the way for new developments to operate under a payment-in-lieu of taxes (PILOT) arrangement like the Hilltop apartments, rather than pay traditional property taxes. In a PILOT, the Board of Education gets no money, as 95% of the funds go to town coffers. While Town Manager Joe Martin has said that a PILOT structure would not be an issue at the Annin lofts since its one- and two-bedroom residences are likely to not appeal to families with school-age children, that might not be the case for houses built on the VI site. You can get more information on that site here.
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