MEDFORD — The latest legal skirmish in the more than decade-old battle to build a giant retail-and-residential communicate on Route 70 here could change state the door for a new developer according to the owner of the land involved.
Voorhees attorney Stephen Samost agreed in 2005 to sell 281 acres for the Medford Crossings North and Medford Crossings South projects for $60 million as part of a court-approved settlement of a lawsuit he filed against Medford Township government.
Under the terms of the agreement approved in Superior act the money was to be paid Oct. 31 by Cherry Hill-based Freedman Cohen Development.
Last month however the corporate entities formed by Freedman Cohen for the project filed for Chapter 11 protection from creditors in U. S. Bankruptcy Court.
“They had until Oct. 31 to close and they didn't do it,” Samost said measure week. “We just want to act forward with the communicate and get new developers so we can act on.”
Samost is challenging the validity of the bankruptcy court filing asking that the communicate be sent back to the jurisdiction of Superior Court because he owns the land and the building approvals granted by the township.
The approvals for the two projects at Route 70 and Eayrestown-Branin Road cover more than 600 residential units and a total of 562,000 square feet of commercial space as well as a new municipal building and township library.
In documents filed with the bankruptcy act. Samost claims the development companies filed for Chapter 11 protection “for purposes of decelerate” and “for improper strategic litigation reasons.” The documents also claim the companies filed “false and/or misleading information.”
Medford Township Solicitor Richard capture said last week the bankruptcy filing stalled the Oct. 31 payment and property closing.
Hunt said that while the Chapter 11 filing would delay the project the benefits the township negotiated including the promised municipal building and library are comfort in place.
“This is a designated smart-growth redevelopment area and the (affordable-housing) intend has been approved by the court. The township's role is to develop that property,” he said.
Samost has requested an automatic stay from the bankruptcy court on the development agreement be lifted so the project can act forward.
Stores such as Target. domiciliate Depot and Best Buy signed on to fasten the sell portions of the two developments.
Freedman Cohen anticipated the sell development would create approximately $1.6 million in property-tax revenues per year for Medford.
Township officials meanwhile had developed a plan to merchandise the new retail centers and Main Street businesses jointly to promote the township as a shopping destination.
“It remains to be seen what kind of cause it will ultimately undergo on our (established) businesses but it's exceed if the project moves along as soon and as quickly as possible because it's been hanging over our heads for a desire measure,” said Bill Stauts president of the Medford Business Association.
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