Note the story below and the part that every dollar raised by
commercial real estate taxes means one less dollar that is need from
residential taxes. Something this plan and this city just doesn't
get. By the way, the Golden Corral, which is mentioned in the story,
was the restaurant that backed out of Hojo's. I hear Market in the
Middle is going in there.
Banks, hotel, restaurants set to build
Posted by the Asbury Park Press on 04/11/07
BY NICK PETRUNCIO
FREEHOLD BUREAU
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FREEHOLD TOWNSHIP Five restaurants, eight banks and a 106-room
hotel are all on the horizon here, destined to change the township's
commercial landscape.
P.F. Chang's China Bistro and The Cheesecake Factory are going into
the Freehold Raceway Mall addition, according to Township
Committeeman Raymond Kershaw. Township Administrator Thomas Antus was
careful to note that while P.F. Chang's has signed a contract with
mall officials, The Cheesecake Factory has not and is in negotiations.
Construction on the 100,000-square-foot mall addition, which includes
space for two restaurants, is under way. Mall officials are calling
it an "outdoor lifestyle center" intended to evoke a "Main Street"
atmosphere. The center will be a strip along the J.C. Penney side of
the mall occupied by 13 to 15 stores, a two-story bookstore with a
cafe, a promenade and an area for community events, in addition to
the restaurants.
The addition will have two entrances accessible to the mall itself
from the outside, and there also will be access to the existing mall
from inside the bookstore, but not from the retail stores or
restaurants.
Most construction work is expected to be completed by November.
Meanwhile, construction of two of the other restaurants, Golden
Corral and Longhorn Steakhouse, is expected to begin before
summertime, Kershaw said. Those will be in the Freehold Marketplace
shopping complex on Route 537.
A Hampton Inn with a detached restaurant will go between a Ford
dealership and T.G.I. Friday's on Route 9 South, Kershaw said.
Kershaw expects construction to start by the end of the year.
Among the banks planning to build are Chase, Ocean First, Jersey
Community and Valley National. Locations include the Freehold
Marketplace and along Route 9. At Routes 9 and 33 near the Jersey
Freeze shop, a developer wants to build a bank, with an Olive Garden
restaurant just over the boundary in Freehold, according to Antus. He
added that the developer will have to present plans to both
municipalities.
Freehold Planning Board Chairman Matt Weismantel said no plans have
been submitted to the borough.
"Apparently, banking is very lucrative. They seem to be popping up
everywhere," Antus said.
Tax revenue and jobs
"Busy town," Kershaw said. "They're all good ratables, and they're
good for employment."
Antus said the township cannot estimate the new ratables' value until
after the buildings are constructed and assessed. He also had no way
to calculate how many jobs would be created.
However, he did say that "every tax dollar generated by commercial
(taxes) is one less that has to be generated by residential (taxes)."
The 38-square-mile township of 36,300 residents is 95.5 percent fully
developed, or "built out," residentially, according to Antus. For
commercial capacity, Antus did not have exact figures available, but
said the township is nearing capacity. He guessed at a figure of
around 80 percent.
"Built out" is a development term that means there is no more
property within a certain zoning classification on which to build.
At the Freehold Marketplace, shoppers expressed favorable opinions
about the expansion.
"I think it's a good thing," said Julie Florez, 40, of Freehold.
Florez said local restaurants get crowded Thursday through Saturday
and the additional ones will improve the chance of getting a table.
"It's kind of exciting to have a Cheesecake Factory because I like
it," said Jessica Vega, 20, of Freehold, who knows people who travel
to one in Edison.
"You don't have to go all the way to Route 9 just for a restaurant,"
said Jet Gorenca, 20, of Jackson.
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