WAYNE — The former headquarters of Toys R Us has “strong potential” to become a shopping mall, but innovations in public transportation would make it more attractive to prospective renters, according to a new study.
The 127-page report released this month says the Geoffrey Way property, which includes a 621,000-square-foot complex overlooking the Point View Reservoir, is also suitable for flexible spaces, a modern use for advertising sites.
The study through Medford Lakes-based BRS Inc. was funded through a $50,000 grant, which was awarded to Passaic County last year through the New Jersey Economic Development Authority.
The county then partnered with the landlord, the township and William Paterson University to hire the plan development representative to conduct the months-long investigation.
Previously: Is the old Toys R Us in Wayne the next “metroburb”? Ideas for a 621,000-square-foot complex
BRS analyzed market expansion and real estate data, such as business energy patterns in six counties. His team also surveyed the public as part of an online survey, and found “significant interest” in remodeling the 182. 2-acre property.
The survey asked what uses would likely attract other people to the site.
The maximum responses were food and recreation, and the minimum responses were education and comforts for seniors.
“Regardless of end use,” the report says, “respondents said public access to land would gain advantages for the citizens of Wayne Township. “
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The assets were purchased for bankruptcy for $19 million through Point View Wayne Properties, a limited liability company, in March 2019. The owner’s lead agent is also the president of Dobco Inc. , a developer whose offices are now located there.
For several months now, the municipality has been negotiating with the owner of the premises the long-term structure of the apartments on the site.
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This project, which was not tested as a component of the BRS study, would have 1,360 units, of which 272 would be for low-income households.
But other considerations, the precise location of the apartment buildings and their proximity to homes on Ridge Place and Woodhaven Drive, have hampered progress in ongoing talks.
“Where housing is headed is the biggest problem,” said Mayor Christopher Vergano.
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On the effects of the BRS study, he added: “I think all those things would affect ownership. The conclusions make sense. “
The review opposed the reuse of offices.
“High inflation and the increasing likelihood of recession” over the next two years “are moderating expectations for space demand,” the report said.
But demand for flexible space “remains strong,” the BRS study concludes. Such use of the assets would benefit from hybrid operating arrangements and the “relatively low” stock in the county of this type of real estate.
Experiential retail options, such as arcades, movie theaters, and restaurants, show “promising trends,” especially for those under 35, an age organization that accounts for forty-five percent of the market area’s population.
However, the site is far from bus terminals and exercise stations.
A round-trip service to and from those stops would access the property, the BRS study concluded. The nearest passenger exercise depot, Mountain View-Wayne Station on Erie Avenue, is 10. 2 km away.
Philip DeVencentis is a local journalist from NorthJersey. com. To receive unlimited or maximum vital news from your local community, subscribe or activate your virtual account today.
Email: devencentis@northjersey. com