Developers Propose Transformative Project in North Jersey

Size does matter, at least in Pompton Lakes.

Vasken Setrakian proposed a $120 million project at 198-222 Wanaque Avenue in the New Jersey borough, NorthJersey.com reported. The development would be the largest in the history of the borough and would have Pompton Lakes’ highest property tax bill.

Setrakian was identified by the website as the owner of the property and a representative of the developer, named only as Pompton Plaza Associates. The website of New Jersey-based Alexander Anderson Real Estate Group identifies Setrakian as vice president of its capital group, but a message to the address listed for him bounced back.

A receptionist at the firm said she was not familiar with Setrakian. She transferred the call to Omar Sharif, the vice president of residential, who said he knew nothing of the matter and abruptly hung up.

The development would add 380 residential units, 570 parking spaces and 16,000 square feet of retail. MHS Architecture would design the project, which would include two buildings separated by an 8,000-square-foot pedestrian plaza.

A shorter, multi-level building in front would be dwarfed by a 200-foot tall building with retail space, parking spots and 13 stories of apartments. Most of the units would be one-bedrooms and 30 would be affordable.

Setrakian told the publication that the project would put the borough “on everybody’s radar.” Not everyone in Pompton Lakes views that as a positive.

“The height is tough. I’m not going to lie,” Mayor Michael Serra told NorthJersey.com, though he seemed to think it was good, bold and shocking, all at once. Pompton Lakes, in Passaic County, is 3 square miles and has about 11,000 residents. It was founded in 1682.

Setrakian said the development team has already made changes to reduce the visual and traffic impacts of the project, such as shifting height to the rear and cutting down the size of the taller building.

He said the project would be dropped if it doesn’t garner support from officials and residents. But that goes without saying: The project’s height requires a rezoning.

New Jersey localities tend to like development that provides more tax revenue than it consumes. Generally, that is commercial development, because it does not add children to the local school system. But Setrakian said the project would not pencil out without the apartments.

However, the high percentage of one-bedroom units would minimize the impact on schools.

Representatives of the developer made a preliminary presentation to the borough’s Redevelopment Agency last month. A formal proposal is expected to follow.

— Holden Walter-Warner