Toys R Us is attempting a nationwide comeback, but the site of its former headquarters in New Jersey is stuck in stalled talks about its future.
Ongoing discussions about multifamily development for 1 Geoffrey Way in Wayne are stalled, NorthJersey.com reported. The township and property owner, Dobco, already agreed to some specifics regarding housing, but a final deal has yet to be reached.
Under the agreement, the residential component of the site will include 1,360 units, including 20 percent set aside for affordable housing. But the precise location of those apartments, particularly their proximity to single-family homes nearby, have created a hiccup.
“Where the housing is going to go is the biggest issue,” Mayor Christopher Vergano told the outlet. Vergano didn’t respond to a request from The Real Deal to elaborate on those concerns.
Point View Wayne Properties purchased the site out of bankruptcy in March 2019 for $19 million. The principal agent of the company is Dobco’s president, forging the link to the developer.
While housing talks for the 182-acre site are quieting, momentum for additional elements is gaining.
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BRS in a report this month cited the “strong potential” of the former headquarters to be transformed into a retail hub, a popular redevelopment option for many of Toys R Us’ retail stores. The report also floated flex space as a possibility for the site, which includes a 621,000-square-foot office complex; the study advised against traditional office use.
The public has expressed support for dining and recreation, while fomenting opposition to education or senior citizen amenities.
One concern for the site – regardless of the redeveloped form that comes of it — is accessibility. The study noted its isolation from public transportation, like rail stations and bus stops. The closest commuter train depot is more than six miles away.
Since it is New Jersey, car traffic could be part of the concern for the site, particularly in relation to the housing element.
— Holden Walter-Warner